www.iva.co.uk

Hi,

Since entering into IVA last October things have been fine, but I had my hours dropped at work, I have since found another job. I only earn an average of £63.00 per week, which was about the same as my first job, but do not have to pay out for much petrol, as I do not have to travel far. I informed IP that my hours were dropped but did not have to change our payments. I have recently filled in an application form to go to college to get an NVQ in Hairdressing which has always been my dream job, and I have finally found somewhere to take mature students. Obviously I would not be earning while doing the course which is for a year. This would make things very tight for our IVA payments, does anyone know how this would go down with regards to our IVA. Obvioulsy once I am qualified I will be earning a lot more than I am now only doing a part time cleaning Job which would be beneficial to the IVA. Also th cost of the course is £200.00 which I do not just have stashed away.

Hey hillsy,

Do you have have an interlocking IVA with your husband?

If so you would need to speak to your IP to see if the payments can be reduced for the year as most IPs can do this if it is below 15% without calling a creditors meeting.

An expert will be along to help you soon, good luck in following your dream. Viki X

Hi yes we do have a joint IVA. I am quite excited about the course and I do not want to have to turn it down due to my situation. I have had a regret since I was sixteen that I had to give up an apprenticeship in Hairdressing due to a severe skin complaint. Now at the age of 41 I have that chance again.

Paula

You might feel that a new career is more important to you altogether, and may be more so than the completion of your IVA. Do you have any assets which would be at risk under bankruptcy proceedings if this was an acceptable alternative?

Hi Melanie,

No We do not have any assests. I never wanted to go down the Bankcruptcy route I was too nervous about it. We are living in private rented accommodation and would not want to give up our home or any future plans to buy a property in the future. I was under the impression that Bankruptcy would make things more difficult for us, am I wrong.

Paula

Bankruptcy does bring certain restrictions, and your credit rating will be impaired for six years, but may ex-bankrupts manage to buy their own homes, and you can apply for a mortgage as soon as you are discharged - which happens usually after the first year.

Thanks Melanie for your advice. I will give it some thought. As my hubby gets bonus every three months would this have to be handed over during the Bankruptcy. The other thing I thought would our IP allow us to use the bonus money instead of handing 50% over, while I am not earning, so that we could continue with the IVA.

The OR will probably write to your husband's employers and advise that bonuses are to paid directly to themselves. If I were your IP, I would certaintly allow your husband's bonuses to be used to supplement your lack of income, but you will need to check with your own IP as to what their policy is on this matter.