What will happen if my IVA is rejected?

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Lauren1995

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Joined: Sun Jul 07, 2019 7:42 pm
Post by Lauren1995 » Thu Jul 25, 2019 2:28 pm
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Thu Jul 25, 2019 2:22 pmFoggy wrote:
The £1148 figure is take home pay. Assuming that you have the usual clauses you can earn an extra £114 without paying in extra to the IVA ans anything over that you will split 50/50 with the IVA. It will be in your proposal -- sometimes ( as in my case) you don't get the 10% disregard and the lot is split 50/50.
Why would they just add the PayPal credit onto the Iva. It’s £914
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Jessie91

Posts: 258
Joined: Fri Jul 19, 2019 12:47 pm
Post by Jessie91 » Thu Jul 25, 2019 2:31 pm
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Yeah seems a small debt but maybe as it’s classed as credit or finance they may add it on to help your monthly payments be affordable I’m unsure. But least that’s included in your monthly payments now which could be easier for you.
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Lauren1995

Posts: 125
Joined: Sun Jul 07, 2019 7:42 pm
Post by Lauren1995 » Thu Jul 25, 2019 2:34 pm
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Thu Jul 25, 2019 2:31 pmJessie91 wrote:
Yeah seems a small debt but maybe as it’s classed as credit or finance they may add it on to help your monthly payments be affordable I’m unsure. But least that’s included in your monthly payments now which could be easier for you.
I’m worrying now it will effect my Iva :/
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Jessie91

Posts: 258
Joined: Fri Jul 19, 2019 12:47 pm
Post by Jessie91 » Thu Jul 25, 2019 2:38 pm
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Now I’ve been accepted IF I have any spare pennies every month am I allowed to save in a jar (for example plastic jar/tin placed at home) for a rainy day or a day out/little break away or are we not allowed to do that? And want to know why I’ve withdrawn it and where’s that money gone? If that makes sense
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Jessie91

Posts: 258
Joined: Fri Jul 19, 2019 12:47 pm
Post by Jessie91 » Thu Jul 25, 2019 2:40 pm
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I don’t think it will as CF have said there just add it on. I think if they had worries they would of stated that in the call surely not leave you hanging and worrying. You have been accepted can’t see why one extra little debt would affect that when your major creditor took the yes vote.
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Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom
Post by Foggy » Thu Jul 25, 2019 2:48 pm
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Thu Jul 25, 2019 2:28 pmLauren1995 wrote:

Why would they just add the PayPal credit onto the Iva. It’s £914
ALL unsecured debt MUST be included in an IVA and the IP has discretion to add in forgotten debts up to, I believe, 10% of the debt total without having to fo back to the creditors.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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