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
Thanks Ria. This video has really helped me out. I'm in the UK. I don't have any credit card debt but I've currently got a tax problem. I've been involved in cryptocurrency trading and mining for 4 years and at the start of the last year I earnt good money from mining but kept most of those profits in crypto and then there was a major crash over the summer. My portfolio was worth far less at the end of the summer and then i made some bad trades/choices towards the end of last year and now my tax bill far outweighs my crypto portfolio. The problem is my crypto mining tax bill for 2023/2024 and 2024/2025 far outweighs my portfolio and without some miracle trades i feel trapped. If i make aload more money on mining it just increases my tax bill for next year. I have not spent all the money i earnt, alot of it has just lost value. I feel like I am in a tax trap and I might have to go bankrupt on the tax bill. I genuinely haven't done this on purpose, the mistake i made is that I should of kept more money in stables/currency at the start of the year and then my portfolio wouldn't of lost so much value. I thought i'd write about this incase anyone is experiencing the same problem.
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.
HI Ria, dont know if you can help? Ive received business rates from 2016-2018 which im liable for. These old bills have just arrived and are threatening enforcement and bankruptcy. Worse case scenario if they dont accept a payment plan. How long could it take for them to make me bankrupt after baillifs etc? Any rough timescale would be great to know how they will act. Thank you
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
@@riasuzanne5541how does it work with withdrawing money? Can you withdraw cash and hide it more that way? If my savings built up during the 5 years would I be at risk of them taking that away from me? Thank you very much take care xx
Just watched your video, thanks for the information, really made me feel better about myself :) I’m stuck on what to do though, IVA or Bankruptcy. I live with my partner and it’s their place with no mortgage, if i was to go bankrupt they wouldn’t try and take the property would they as I’m not down as the owner? All the assets i have is a car on finance which they can take. I need to do something that’s stops that addiction to getting credit 😫
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
Thinking of doing the Iva but I have savings in my savings account on my bank account and they want to access my bank for the 3 months statement will this effect it also I have a car and motorcycle would I need to take out of my name or could I just say I don’t have any assets is there a way they can check
Hi, I'm in a similar position due to business rates liabilities from 2016 - 2018. I've just received these old bills and they are threatening bailiffs and bankruptcy. Do you know how long it could take to be made bankrupt after bailiffs etc? Any help would be appreciated
Hi so I’m thinking of signing an IVA, I’m just a little concerned about submitting my bank statements because I don’t want anything extra I receive to be taken for 5 years because it’s quite a long time. Do they ask for bank statements from ALL bank accounts you’ve got? Can they see where you’re banking, and do they ask for business statements too or just where your wages/main bank account is? Also thanks, great video!
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?
Hi quick question i started my iva in November last year. Since then i have had a pound a hour increase in my wage. And i didnt realise i had to tell them about it. Will i just have to repay anything i owe? Qorried my iva will be terminated
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, Thank you for sharing this vlog, I would like some advise please, but rather keep it ltd to share with you rather than in the comments - do you have any other way i can contact you with this? please, i do not have Instagram or facebook etc. thank you x
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 ?
Thanks
Oh my god that is so amazing of you sweetie thank you so so much I can’t believe you did that for me how kind I appreciate it so much xxxx
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
Very good video you was very honest and if no one knows about these things very helpful glad you are not in debt now x
Glad it was helpful! Thank you for your support xx
Thanks Ria. This video has really helped me out. I'm in the UK. I don't have any credit card debt but I've currently got a tax problem. I've been involved in cryptocurrency trading and mining for 4 years and at the start of the last year I earnt good money from mining but kept most of those profits in crypto and then there was a major crash over the summer. My portfolio was worth far less at the end of the summer and then i made some bad trades/choices towards the end of last year and now my tax bill far outweighs my crypto portfolio. The problem is my crypto mining tax bill for 2023/2024 and 2024/2025 far outweighs my portfolio and without some miracle trades i feel trapped. If i make aload more money on mining it just increases my tax bill for next year. I have not spent all the money i earnt, alot of it has just lost value. I feel like I am in a tax trap and I might have to go bankrupt on the tax bill. I genuinely haven't done this on purpose, the mistake i made is that I should of kept more money in stables/currency at the start of the year and then my portfolio wouldn't of lost so much value. I thought i'd write about this incase anyone is experiencing the same problem.
I’m so sorry love I have no clue about crypto currency if you speak to citizens advice they might be able to help you xx
Seriously appreciate the video, thank you so much
My pleasure! Xxx
Thank you so much for this… it has helped me a lot
You're very welcome! Glad I could help 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.
100 percent but you do have to pay a lot of money to go bankrupt xx
@@riasuzanne5541 i paid £680.00 and got a good advice too xx
I work in the industry and you explained it very well, I really enjoyed your energy as well
I appreciate that! Thank you xx
HI Ria, dont know if you can help? Ive received business rates from 2016-2018 which im liable for. These old bills have just arrived and are threatening enforcement and bankruptcy. Worse case scenario if they dont accept a payment plan. How long could it take for them to make me bankrupt after baillifs etc? Any rough timescale would be great to know how they will act. Thank you
Very quick love as long as you got the payment for it go down to the court to ask how long the wait is and the fee xx
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
@@riasuzanne5541how does it work with withdrawing money? Can you withdraw cash and hide it more that way? If my savings built up during the 5 years would I be at risk of them taking that away from me? Thank you very much take care xx
Just watched your video, thanks for the information, really made me feel better about myself :) I’m stuck on what to do though, IVA or Bankruptcy. I live with my partner and it’s their place with no mortgage, if i was to go bankrupt they wouldn’t try and take the property would they as I’m not down as the owner? All the assets i have is a car on finance which they can take. I need to do something that’s stops that addiction to getting credit 😫
No love they can’t touch you partners house as it’s nothing to do with you personally I prefer bankruptcy however you have to pay to be bankrupt xx
@@riasuzanne5541 thanks so much, that’s a relief lol
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
Hey Ria thanks so much hun for the video, do you know if i can private rent with an iva . Thank you xx
You can but if they credit check you it might affect your chances love xxx
Thinking of doing the Iva but I have savings in my savings account on my bank account and they want to access my bank for the 3 months statement will this effect it also I have a car and motorcycle would I need to take out of my name or could I just say I don’t have any assets is there a way they can check
Hi, I'm in a similar position due to business rates liabilities from 2016 - 2018. I've just received these old bills and they are threatening bailiffs and bankruptcy. Do you know how long it could take to be made bankrupt after bailiffs etc? Any help would be appreciated
Wonderful video Ria! Is the annual review done randomly and do you have to provide all your bank statements?
No it’s every year for 5 years and yes you do 3 months worth so be clever in them 3 months xx
Going through similar situation causing stress and anxiety. Not wish this position on anyone 😢
Oh love I hope your ok xx
Hi so I’m thinking of signing an IVA, I’m just a little concerned about submitting my bank statements because I don’t want anything extra I receive to be taken for 5 years because it’s quite a long time. Do they ask for bank statements from ALL bank accounts you’ve got? Can they see where you’re banking, and do they ask for business statements too or just where your wages/main bank account is? Also thanks, great video!
It’s only the last 3 months of every year they ask for so just be a bit clever over those 3 months and if you will be fine hope this helps xx
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?
Herbert Locks
Why you not offered DRO to you ?
How will Bankruptcy affect tenancy, I’m currently renting?thanks
It won’t affect it at all love don’t worry xxx
Hi quick question i started my iva in November last year. Since then i have had a pound a hour increase in my wage. And i didnt realise i had to tell them about it.
Will i just have to repay anything i owe? Qorried my iva will be terminated
No it shouldn’t make a difference love and to be honest I didn’t realise you had to tell them about it xx
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?
Any other account that you don’t use for your bills hope this helps xxx
@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
After you applied online for bankruptcy and paid the fee, what are the next steps? Interview? What do they go through?
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
@@riasuzanne5541 Ok, is the first 12 months difficult?
Hi Ria, Thank you for sharing this vlog, I would like some advise please, but rather keep it ltd to share with you rather than in the comments - do you have any other way i can contact you with this? please, i do not have Instagram or facebook etc. thank you x
You can email me love riaconnet5@gmail.com xx
@@riasuzanne5541 Thank you Ria, I will email over the weekend. have a great weekend :) xx
Can I talk to you directly for some quick advice please 😭
Message me on instergram hun it’s Ria Suzanne Connet xx
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 ?
No the Iva length will always stay the same even if you pay more unfortunately xx
hi
i am thinking of IVA.. how i can contact you??
You can message me through instergram love Ria Suzanne connet xxx
@@riasuzanne5541 i don’t have instagram
Oh no the only way is through here my love xxx