ADVICE PLEASE

[rayb]

Hi All,

I am after some good old fashioned advice. I am currently in an IVA almost 2 years done paying £18K back over 5 years (Original debt £38K) paying £368 per month. I am living at home with my parents (30 years of age) and want to move out soon as I have been with my partner for 6 years engaged but still not living together. She does not work so I would help to support her as I have my own daughter with an ex and her daughter also. I have no assets at all and am just wondering should I think about going bankrupt as if I carry on with this IVA I will end up losing my partner.

Your thoughts please??

[Adam Davies]

Hi
Relationships are far more important than money.
If you really feel that the IVA is affecting this then,yes,bankruptcy must be considered.
You may well still have to make payments under an IPO[although far less] and will be for three years,same time as your IVA would finish
Regards

[Reviva UK]

Hi Ray

andy is absolutely right in that your relationship is the most important thing here. However all may not be lost.

It may be possible to review your IVA payments with the IVA firm and look to do a modification.

The best place to start is to do a full income and expenditure ( on a spreadsheet in best) then review the different options of continuing to live at home or moving out etc.

I recently offered to send someone else on the forum an I&E on a spreadsheet and had 137 requests for the excel doc. I would be pleased to email it to you if you like. There is a contact bit on my webpage.

Once you know where your costs are ( and are likely to be) you can - or someone else can - approach the IP and see if there is an alternative.

If you have no joy with this route then at least your I&E will identify your disposable income and let you know what you might pay in an Income Payment Agreement.

Hope this helps

[rayb]

Hi Andy/Paul,

Just to say thanks for the advice. Will keep my options open me thinks, has to be a way.

Paul,

I already have your form you very kindly sent it to me recently

Thanks

[emma_t]

Good luck rayb [:)]

I am single and live with mother and six months into an iva, it can feel a bit like life is on hold for next 60 months but I am much happier seeing a lot more of my friends now not working all the hours god sends to try and keep my head above water. Who knows whats around the corner for any of us.....

As others have said do what you thinks best as your relationship is important and cannot wait for 3 years until your iva finishes.
Why not have a chat with your IP and see what they suggest as there could be something they could do for you, explore all options before making a decision.

Best wishes
Emma

[rayb]

Thanks Emma appreciate the advice