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potatohead
New Member

3 Posts

Posted - 04 Dec 2018 :  18:10:22  Show Profile  Reply with Quote
Hi,

I am 38 with a good job earning around 30k a year. I have around £42k worth of personal, unsecured debt, and an additional 18k owing to my mum.
I am struggling to make payments, using credit to pay credit. I have no assets (other than a car worth about 2k which I need for my job which is driving based)
I will have about £250 surplus to pay creditors in either an IVA or IPA.
My main issue is I need to pay my mum back regulary so an IVA seems the only option where I can do that. I owe her about 16k and the IVA budget shet suggests around £100 a month might be accepted for that debt level.
Also, I would have occasional overtime which seems like it might relieve the pressure a bit, whereas in an IPA from BR, all this would be swallowed..
However, my job isnít 100% secure and if the IVA fails then...

Any thoughts? Just thought I may have missed something here.

Thanks

potatohead
New Member

3 Posts

Posted - 04 Dec 2018 :  18:55:02  Show Profile  Reply with Quote
also, will the IP allow payments to a family member each month or at the end of the 5 years?
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IVA Adviser
IVA Expert



767 Posts

Posted - 05 Dec 2018 :  09:04:36  Show Profile  Reply with Quote
Hi again potatohead.

I'm afraid that your mum would receive no special treatment in an IVA.

Your contribution is based upon your total income minus your reasonable expenditure.

Repayments to your mum would not be seen as being additional reasonable expenditure usually. It's technically just a debt repayment, no different to paying back a credit card or overdraft.

So (based upon my answer to your other question) an increase in income after the IVA begins might create some additional ability to make repayments to your mother. Otherwise, you may simply not be able to afford to make regular significant repayments to her.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?Š      
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