ANYONE HAVE AN IVA AND A HORSE

[HuskyFluff]

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.

That would be a VERY unusual situation. Generally, IVAs are used to pay off credit cards/loans/utility bills/mortgage payments - the sort of thing it's far too easy to get into arrears with and that you're already paying a monthly contribution for, that your income no longer covers

 

[Samboo]

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?

Ive spoke with them yesterday and she doesnt have to be sold because she isnt worth much to them unless i was housing a grand national winner then they would so pleased to say i wont have to sell her

 

[twiggy2]

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.

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.

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.

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 am on the I you owe a lot of money the horse has to go way of thinking, why should those that are owed have to go without because those that owe them choose to keep a very expensive luxury item?
Its not always money that is owed by lenders but if often goods that have been purchased on hp or similar.
Not paying money back costs all of us as prices rise to cover monies lost.

 

[Samboo]

I am on the I you owe a lot of money the horse has to go way of thinking, why should those that are owed have to go without because those that owe them choose to keep a very expensive luxury item?
Its not always money that is owed by lenders but if often goods that have been purchased on hp or similar.
Not paying money back costs all of us as prices rise to cover monies lost.

I made this post asking for advise you dont know my situation. Luckily my horse is staying with me ive spoke with the IVA people my horse is my pet shes a field ornament and isnt worth much at all

 

[Annagain]

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.

I didn't read YCBM's post as judgemental, just blunt (as YCBM often is ) I read it more as "this is the situation you find yourself in and I think you'll find it had to keep a healthy horse in these circumstances." There wasn't any comment about how /why OP ended up in this situation.

I have every sympathy with people who find themselves struggling for whatever reason but have to agree that in general (OP has since clarified the horse is a field ornament and that does change things slightly, provided it's being kept as cheaply as possible) it's not fair to pay people less than you own them while continuing to use what you have to pay for a luxury. It's not about whether the horse is an asset, it's about minimising your outgoings so you can pay what you can to the people to whom you owe money.

 

[Melody Grey]

You’ll find no judgement from me OP (not saying that there is from anyone else either). As a freelancer having just about survived the pandemic with absolutely no government help, I’m mindful that I’m probably only a few paycheques away from being in a difficult situation myself. No one expects or wants to have to consider an IVA- I hope it works out well for you whatever your circumstances are.

 

[twiggy2]

I made this post asking for advise you dont know my situation. Luckily my horse is staying with me ive spoke with the IVA people my horse is my pet shes a field ornament and isnt worth much at all

I have been on the recieveing end of people taking routes to reduce payments and I have had to go without due to it.
With 2 young kids we had one year that a contractor owed us 5k, we were jn the red, no money to pay the tax at the end of January, it not how much the horse is worth it the outgoings to keep it could in most situations go towards paying off some debt.

 

[Samboo]

I have been on the recieveing end of people taking routes to reduce payments and I have had to go without due to it.
With 2 young kids we had one year that a contractor owed us 5k, we were jn the red, no money to pay the tax at the end of January, it not how much the horse is worth it the outgoings to keep it could in most situations go towards paying off some debt.

Welk she luves in a field as she will never e rode due to medical reasons and lives out 24/7 i have made a higher payment offer just so i can keep her and it was accepted so feel this the end of discussion now

 

[EarsofaSnowman]

You asked for advice. No need to be nasty when you don't like some of the advice offered. If you just want people to unquestioningly support your pov then perhaps you should make that clear up front, and stop people wasting their time and effort.