advice on pulling out of IVA

[cowgirl]

me and my hubby have been in an IVA for 2 years. We pay just under £200 a month towards it. Our review is due at the end of this month and I am concerned that they will up it. I started a new job in april this year. Prior to this I was earning £620 a month and now earn about £900. Things have gone up so much in expenditure. Electric, Gas. prescriptions (hubby has psoriasis so needs heating) and plenty of prescriptions. We have one child who will be 19 next year so will be classed as independent. He is at college at present. We are finding it so hard at present just generally. Our debts are about £20,000. we took out a loan to get windows done when I was not in the right frame of mind as had recently at the time lost my father through illness and were pressured into it [:(] We have the oppourtunity to go abroad next year as hubby's brother is gettign married and so wants us there. We have not told any one about our debts in the family as it is not possible too. What would happen if we came out of the IVA and the consequences? I feel we could afford to pay our debts on our own as we have 5 debts and the main one is the windows which was about £200 a month in it self. Over all if they up our payments we will be no better off over all and that was the reason we went in to the IVA to lessen the amount we pay out. Please help I hope I have explained things to you. Am so at a loss in what to do and just so fed up of trying to make things meet each week and feeling we have to account for every thing. [:(]

[Shining]

Hi and welcome to the forum. You can fail your IVA but then your creditors will add interest again and persue you for full payment.

If you're struggling do talk to your IP as a new I&E may recognise why you are struggling. I totally understand about not telling your family about the IVA. It does sound like your'e struggling and although life within an IVA isn't a bed of roses we are able to live.

Do talk to your IP firstly to see if anything can be done as 2 years in you're almost half way (assuming it's a 60 month IVA). How long will it take you to pay your debts without the IVA? x

[cowgirl]

Thanks for the reply Lesley, it would probably take 10 years to pay back what we owe instead of the five. I also forgot to mention we found out just recently that we owe £4500 to the tax office for over payment of child tax credits [V][:(!] i phoned them up and said we are finding it hard at present are on an IVA and they said we can pay back £40 a month and will take 10 years to pay off !!! [:0] Our son will be 28 and this is from 2 years ago this debt occurred apparently. we let the IVA know this. I juat dont know what to do I dont want to have our payments upped as I feel this will put a strain on our marriage and life and will feel stressed about working hard to just have to keep paying out with nothing in return, I dont buy clothes as it is and hardly have treats. I feel even guilty having my hair done as I know it could be spent on something else. There is no light at the end of the tunnel as it is and my blood pressure is up and this isnt helping [:(]

[flumpy dog]

awww cowgirl dont feel bad you need some little treats now and again see if your ip can help at all and keep posting for support fd xx

[kallis3]

I agree with Lesley that you should speak to your IP and see if you can do a new I&E and get your payments lowered.

Even if you do fail it and start making the payments yourself, as you said, you would be no better off and of course you would have interest and charges to contend with again.

You should have an allowance for clothes and one for your hair. No need to feel guilty about that.

You could consider going into a debt management plan which is more flexible but there is no guarantee that the interest and charges will be frozen and it might take you longer to pay off.

See if your IP can help in the first instance.

[Shining]

i hope you're ok cowgirl and are considering talking wtih your IP?

Let us know what you decide won't you? x

[cowgirl]

Thank you lesley, I have spoken to hubby and he said yes we need to sort something out. I am going to speak to them on friday as it is my day off and I can concentrate a bit more. I work evenings/nights and so am very shattered when I get up at 10am but I will make that effort on friday [;)]will let you know advice given x x

[kallis3]

Hope you can get something sorted. Let us know.

[plasticdaft]

I hope you get something sorted out Cowgirl.

Paul

[MrsKnight]

Good luck Cow girl, I can only second everything that lesley & Jan have said above, let us know how u get on x

[Shining]

I hope you get something sorted, will look out for your posted update. all the best x