Hey Ria thank you so much for a very informative video. Sometimes I feel very overwhelmed because everyone around me seems to be ok with their finances ( now I know this isn’t the case) and don’t worry about buying Christmas presents etc. I literally live month to month and it is hard! Thank you so much. You really did make me feel a bit better x
Oh I’m so pleased it helped you don’t worry everybody is not ok with there finances it just seems like it I think so many people are struggling at the moment thank you so much for your comment xxx
Hi Rita - thank you very much for your video. If you have no assets, is it better to declare bankruptcy as opposed to doing an iva? I’m being recommended to go down the iva by stepchange the debt charity, but it sounds like bankruptcy is a better option because it only last a year.
I think bankruptcy is a better option but you do have to pay a lot to go bankrupt I’m not sure how much it is now but 100 percent a better option hope this helps xx
I was in a iva this was my last year but i incurred so much debt from covid years and im only way out was going bankrupt, if you dont have assets its worth looking into it.
Do they limit you on what you can spend, they have said that I would pay £110 a month, now this is great as I would be paying £250 a month for just one credit card. But my question is if they say £110 does that mean that lets say they note that I would be £140 better off for that one card would they look to take that also.? Also I have a car on finance and I worry that they may take my car back. I pay my car finance each month at £400 a month with no issues, I struggle with the interest on my credit cards, but after my wage I have like £90 left once I have paid all my credit cards. Be great for your thoughts, Do they limit you to spending or saving, as essentially I would be saving if I am only paying £110 a month on my IVA.
No love you can spend what you want but for the three months that they want bank statements for one a year be careful for thouse 3 months and if you save put it in a different account and don’t tell them but don’t ever link the two accounts and you will get to keep your car if you can prove you can afford to but when you have finished paying for your car they will say you can pay more and then put the 400 pounds you put towards your car every month to your Iva so think about that too I really hope this help as long as your smart with it it’s a brilliant thing to do to sort out your finances if you need and more advice let me know xxx
My Iva is £422 a month then they are adding an additional £6752 I’m really struggling I’m not sure if I should terminate or continue I have 16 months left but it’s causing me to become very Ill
If I was you I would terminate it if you only have 16 months left they will probably right it off love you can’t pay all that that’s ridiculous hope this helps my love xx
Apologies I have a question if I have been on it for 4 years and terminate it does it come off my records in 2 years or will it take another 6 years if I terminate it now? And do I need to pay the £6752 they are charging me for there services?
This video is great, good to know we can try and save, what accounts could you suggest to save money for emergency purposes 😊securely with out being taken from us?
@riasuzanne5541 Thank you, it really was great to find your channel going through theses tough times, very down to earth and real talk, inspiring!! love and light 💙
Oh love bless you please don’t worry yo much it’s really not as bad as you think it’s going to be you just have to be a bit clever believe me any bank is fine just don’t tell the Iva company about it to be honest they’re not to bothered as long as they get their money bankrupt is a lot harder hun xxx
I didn’t apply on line I went to the court and did it hun but once you are declared bankrupt the offichel resevers contact you to see if you have anything they can take if you haven’t that’s it love hope this helps xxx
Hi ria thanks for the information and just a quick one if the iva monthly payments goes up due to extra disposable income will they reduced the length of an iva or you still have to pay for 5 years ? My iva payment they said will be 120 a month which is £7200 in 5 years time do i only have to pay until i clear this amount of £7200 ?? Or i will be paying more if i have left with extra income ?
