Questions and Info relating to Property Issues inc, Charging Orders and Repossession

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Bypet3250
#207684 I am cosidering an iva. I am up to date and coping with some of my debt and i wandered if it were possible to include some but not all of your debt in an iva? can i leave out hp on a car?
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ByJaneClack
#207687 Generally HP payments continue through the IVA until completion of the HP and then the amount paid to the HP will be thrown into the pot, as it were, for the benefit of the creditors.

IPs have found when putting forward proposals that creditors are not keen on HP payments which are higher than the amount being paid into the IVA nor if a car has just been purchased on finance. Basically any IVA provider- who charges no upfront fee and who know what they are up to - would be able to advise whether it was worth trying.

An IVA proposal is your proposal - you can include whatever debt you like - however, creditors are canny creatures and they are not keen on some creditors being prioritized and being paid in full whilst asking them to take only a dividend.

Basically a debt advisory company would need to look at your situation in full and advise from then as there are many permutations - NDL, CCS and Payplan can advise free of charge! IVAs cannot be done independently and have to be done through an Insolvency Practitioner.
Bypet3250
#207746 Thanks for the reply.
is it adviseable/possible to exclude my wifes earnings from the income/expenditure form so as to leave her out of it completely?

my problem is a falling income for the next 3 - 4 months. i can cope with my debt apart from 3 credit card companies. should i be talking to them about a payment plan in the short term or do i go through one of the mentioned agencies?
thanks again for your advise.
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ByJaneClack
#207747 Most creditors will ask for a full household income and expenditure if a VA is being proposed and I have seen in proposals that a non working spouse with children over four seek gainful employment. They cannot ask to see payslips etc and there is no way your spouse should have to pay anything to your IVA but they would expect her to make a reasonable contribution to the household if she worked.

You could try to negotiate with the creditors individually - explain your situation and show them a budget sheet but that would show full payments to other creditors and they would regard those people as being preferentialized.

Asking for help from a free debt advisory service does not commit you to working with them and is confidential so try that!
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