www.iva.co.uk

Hi

I have a couple of debts to friends & family, I was wondering if it was possible to add them as creditors so that they get some return then I'll pay back the rest post iva?

Thanks guys!

Hello,

Yes, they should be added as they are unsecured debts. They will get the same dividend as the rest.

What you do post IVA completion is down to you.

As Harpic says "yes" you can add them as creditors as long as you provide suitable proof of their loan. I owed both my Son & daughter sums of money, for which I provided copies of their bank statements as proof. They subsequently became creditors and as well as recieving a dividend, also receive a copy of my IVA documentation (proposal etc).

Let us hope they vote yes!

Good luck puppy - hope you get sorted and of course remember that we are here for any questions or support you may need.

Thanks for the replies.

I'm really torn between BR & IVA. I'd definitely be subject to an IPA if I chose the BR route which is fine, just wondered if anyone knows if the same rules apply re: overtime / pay rises?

One of my main reasons for choosing an iva was the ability to rebuild my credit history sooner for a mortgage, but I'm now wondering if this is actually the case.

Thanks again.

I believe the BR allowances etc are more strict than those in an IVA. You may well have to pay across the whole of any overtime but I do stand to be corrected on that one.

Regardless of whether you do IVA or BR, both will remain on your credit file for six years from the date of acceptance.

Hi Puppy - what a cute name!!!

We have a sister site dedicated to BR which may be able to help answer some of your questions:

http://www.bankruptcyhelp.org.uk/forum/

In an IVA and BR your credit file is shot for six years and a few banks seem to classify them as the same thing.

Thanks BOL!

I've had a look on there & think I'd be happier with IVA overall. I feel happier with being able to do overtime when I need extra money, otherwise the whole thing makes me feel too trapped & panicky!!

I've worked out my total debt & IVA fees, am I right in thinking that my monthly payments can't exceed this / 60, no matter what my disposable income? I don't have my own home anymore so there's no equity issue.

No that is not correct puppy. Your payments will be based upon your disposable income and not necessarily limited to 1/60 of your debts plus costs. However if your disposable income works out as more than this I would have to question whether an IVA would be the right solution for you.