Samboo
New User
Does anyone here own a horse and have an IVA looking into one as my debt for loans is chaotic im after advice on what happened did people have to sell there horse or able to keep it
ANYONE HAVE AN IVA AND A HORSE
- Thread starter Samboo
- Start date
I'm Dun
Well-Known Member
I cant see you being able to pay for livery etc. An ex got an IVA and it was pretty tight financially. IVAs are not the way to go. Please get some advice from here before you do anything
debt advice
debt advice
jkitten
Well-Known Member
Sorry to hear you're struggling! As well as here I would look for advice on the Debt board over at the MoneySavingExpert forums. Lots of very knowledgeable people there who will be able to support and advise you in a level of detail we might not be able to manage here: https://forums.moneysavingexpert.com/categories/debt-free-wannabe
Samboo
New User
I did apply amd sign and make a first payment of 108 is it to late to change it
ycbm
Einstein would be proud of my Insanity...
I put this on your other thread.
I'm going to be very hard on you here Samboo, and I'm sorry about that, but I think it needs to be said. You are looking to get people and companies to whom/which you owe money to accept less than you owe them, spread over a longer time than you originally agreed to pay them. I'm very, very, sorry, but that isn't morally compatible with continuing to pay for a healthy horse.
Can you loan the horse out while you clear your debts?
I'm going to be very hard on you here Samboo, and I'm sorry about that, but I think it needs to be said. You are looking to get people and companies to whom/which you owe money to accept less than you owe them, spread over a longer time than you originally agreed to pay them. I'm very, very, sorry, but that isn't morally compatible with continuing to pay for a healthy horse.
Can you loan the horse out while you clear your debts?
AmyMay
Situation normal
If you’ve already signed up and haven’t been instructed to sell your assets then there’s no reason to suppose you have to sell your horse.
Ratface
Well-Known Member
Reduce your horse-related costs. Basic field kept, barefoot, DIY livery, scrap competing, travel by bicycle, part loan, sell and then find equine volunteering opportunities to keep your involvement with horses alive.
Sandstone1
Well-Known Member
There may soon be a lot of people in situations like this.
Melody Grey
Well-Known Member
Get advice- I know someone with an IVA who kept her horse and car, though I don’t know how this worked or whether it’s a normal situation. The horse does have COPD though so arguably could be ‘worth’ nothing in financial terms?
I'm Dun
Well-Known Member
Join the group and ask for their advice. I am far from being an expert, but I know the people on there are and will go out of their way to help you. IVAs are not recommended for a multitude of reasons, the main one I think is that nothing gets paid off your debt really, it goes in fees. Theres other reasons too. They will help you find the best way through this.
I'm Dun
Well-Known Member
And much worse, this is just the very tip of the iceberg.
Samboo
New User
Can you pojnt me in direction of which forum it is
paddy555
Well-Known Member
it is unclear if you are in an IVA or not. This is done through an Insolvency Practitioner. If you are under an IVA then your query about changing it should be addressed to your IP but don't forget your creditors will have had to agree to the terms of the IVA.
Your horse is an asset and you should make your IP aware and they will then advise you in your particular case.
this site (below) gives a lot of info. and points to consider if you are not already under an IVA. Do remember that this not just someone taking your debts away or sorting it out for you. It is in a way but they charge an awful lot in fees and there may be better ways.
https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/individual-voluntary-arrangements/
I'm Dun
Well-Known Member
I'm Dun
Well-Known Member
If OP has made the first payment then the IVA is set up and running. Having witnessed someone having one set up I was horrified. They basically asked what he felt he could easily pay and then wrote his expenses and budget around that. The creditors will get less than a tenth of what he repays.
Sandstone1
Well-Known Member
It is easy to be judgemental but sadly with the way prices are rising a lot more people will be finding themselves in this situation soon. We should all be thinking more along the lines of "There but for the grace of God go I" Having just been grocery shopping I am shocked at how much prices are rising and this is just the beginning.
ycbm
Einstein would be proud of my Insanity...
I'm sorry you think it's judgemental, but I'm afraid it's an optional luxury to pay to keep a healthy horse. There are other people on the other end of this who won't get the money that has been promised to them.
It's a different thing altogether if the horse is old or ill.
.
Sandstone1
Well-Known Member
The Op does not say if the horse is old or ill or healthy. Your post does come across as judgemental to me at least. You do not know the circumstances.
maya2008
Well-Known Member
Could you get a part loaner or two to help with the horse’s costs?
HuskyFluff
Well-Known Member
A friend has an IVA and kept her horse. To be honest it would have destroyed her if she'd had to lose him. Don't know if it was relevant to the situation but although he's priceless to her, he has no value - can't be ridden and high maintenance.
little_critter
Well-Known Member
I would think the creditors are more interested in what it costs to keep the horse rather than the value that could be gathered if it were sold. The horse may well be worthless but it still costs money to feed, shoe, livery etc.
Jenko109
Well-Known Member
When I was a teenager, my parents went through bankruptcy while we had a pony.
To add more clarity, mum had gone back to college for two years in order to get a better job. The income of my dad alone was not enough to pay the debts and they grew considerably over them two years to the point of being unmanageable.
Although mum had now secured a much better job, the debts were now so large that paying them off wasnt achievable.
We had recently got a pony (on lwvtb which was paid off over the course of about 18 months or so. I think he was about £700). The livery was £10 a week and I worked a weekend day to contribute to his costs.
Morally right to get a pony while undergoing a bankruptcy? Perhaps not. But IMO lenders also need to take some responsibility. They were happy to continue to lend when they knew it wasnt affordable. It could not have been clearer that we were in financial difficulty when those debts were obtained, but they were happy to lend anyway with high interest rates. It was a mess.
The bankruptcy did not affect the pony.
To add more clarity, mum had gone back to college for two years in order to get a better job. The income of my dad alone was not enough to pay the debts and they grew considerably over them two years to the point of being unmanageable.
Although mum had now secured a much better job, the debts were now so large that paying them off wasnt achievable.
We had recently got a pony (on lwvtb which was paid off over the course of about 18 months or so. I think he was about £700). The livery was £10 a week and I worked a weekend day to contribute to his costs.
Morally right to get a pony while undergoing a bankruptcy? Perhaps not. But IMO lenders also need to take some responsibility. They were happy to continue to lend when they knew it wasnt affordable. It could not have been clearer that we were in financial difficulty when those debts were obtained, but they were happy to lend anyway with high interest rates. It was a mess.
The bankruptcy did not affect the pony.
HuskyFluff
Well-Known Member
This is interesting - when I was looking into bankruptcy a couple of years ago I was told that the horse would be considered an asset and have to be sold. Rules might have tightened up in the last few years I suppose, unless you bought the pony after the bankruptcy proceedings had commenced.
Tiddlypom
Carries on creakily
Whilst I agree with this, if any of us find ourselves in such a situation then surely disposable assets should be sold to raise funds towards paying creditors back? I'd not expect to keep a newish car, for instance. Running an old banger which would enable me to continue to get to work and thus keep earning would hopefully be viewed more leniently.
If creditors don't get repaid, then that might nudge them closer to becoming insolvent themselves.
A horse is a luxury item, however you look at it, if finances are pushed so hard that you can no longer pay basic everyday bills.
Sandstone1
Well-Known Member
But we do not know the full story and its not for us to judge.
Tiddlypom
Carries on creakily
No, we don't know the full story.
This could happen to any of us.
I hadn't heard of an IVA before this thread came up. Having looked into them now, they are not something to be entered into lightly. According to the citizen's advice bureau, the average charge that the debtor has to pay to have one set up (in addition to their debts) is £5k
. An IVA can only be set up by a professional accountant or a lawyer.
https://www.citizensadvice.org.uk/d...ost-of-an-individual-voluntary-arrangement-2/
OP, I hope that things are soon on a more even keel for you.
This could happen to any of us.
I hadn't heard of an IVA before this thread came up. Having looked into them now, they are not something to be entered into lightly. According to the citizen's advice bureau, the average charge that the debtor has to pay to have one set up (in addition to their debts) is £5k
. An IVA can only be set up by a professional accountant or a lawyer.https://www.citizensadvice.org.uk/d...ost-of-an-individual-voluntary-arrangement-2/
OP, I hope that things are soon on a more even keel for you.
AShetlandBitMeOnce
Well-Known Member
You don't know exactly but you have to also look at both sides of the coin - YCBM's message may be hard to swallow, but if one of the creditors posted on here saying 'a customer owes me £5000 and they have agreed to pay back £40pm through an IVA as they have little income, yet they are still keeping a horse. Me and my wife have just had a baby and are facing losing the house' you would be writing a very different response to that that you have written on this thread. There are two sides to every story.
I wish you all the best OP with making steps forward out of your situation, although have nothing useful to add that hasn't already been said.
Sandstone1
Well-Known Member
Yes, there are two sides to every story which is why it pays not to judge without the facts. All I know is it looks like things are going to get very tough for a lot of people and there may well be quite a few people who have to decide if they can keep their horses.
I'm Dun
Well-Known Member
You would be allowed to keep your new car with an IVA
Jenko109
Well-Known Member
That's a fair point.
I dont know the ins and outs as was quite young, however I imagine as the pony was not kept at home, it would have been impossible for them to locate him or even know of his existence? And a £700 pony wouldnt have been worth chasing I suppose.