My IVA failed in June, without bankruptcy, instead our IP referred our debts back to the creditors. In which case, I have two questions.
1. During the IVA several creditors decided not to participate in the IVA. They just disappeared! Can they come calling now or would they?
2. I obtained a copy of my credit report which arrived yesterday. One our creditors in the IVA was Natwest and our overdraft went into the IVA at £3500 during the duration of the IVA Natwest seems to have added interest making the current debt according to our credit report £6080. They can't add interest during the IVA can they? I thought by law they had to freeze it.
My husband has been made redundant. He won't get any money as he has only been there a year. It is expected to happen around 10 October 2008 although yesterday 10 people in his office were shown the door.
I am nearly 7 months pregnant and not working.
I am unsure as to how to deal with these debts. We have had one creditor contact us so far and I have sent it back saying we are not at this address. We can't afford to offer any payments to anyone.
I am intending on returning all the post as not at this address to give us some space.
My husband is an Accountant so bankruptcy is not an option. Is there any thing that we can say to our Creditors to get rid of them for a time until this time next year when hopefully I go back to work?
One creditor has accepted £5 a month for a £300 debt. They were so nasty. They were threatening and rude and told me over the phone to '**** off I thought no money coming into my household was enough to cancel the debt'. They demanded £100 a month and all we had was £5 a month to spare so I sent them a break down and proof of our outgoings and they reluctantly agreed to accept £5 a month.
It's the debt collection agencies who are the worst. They simply do not care and do not allow you to arrange a payment plan. Where do they expect the money to come from?
Hi Charlotten
If bankruptcy is not an option then a debt management plan might be.This will give you some breathing space until you return to work
Regards
Vincent Bond - Debt Management Plans and IVAs www.vincentbond.com
0845 300 8066
A DMP is something we discussed but the problem is that we owe about £45k and we have no disposable income. That is why the IVA failed because we had to pay £478 a month and during our 2 years with DFD they never once gave us a variation and repeatdedly ignored our requests for a variation. In two years our outgoings increased by £270 and we simply couldn't afford the repayments.
My pregnancy was a surprise and I was unemployed at the time and has time has gone on no one will offer me a job because I am heavily pregnant. My husband wants me to return to work but the ironic thing is we have no child care within family and we can't afford the nurseries in the local area. My husband's soon to be ex-employer offered us child care vouchers and that would mean some of my husband's salary missing which we simply cannot afford to do without and even if I do go back to work then we will be worse off as the work I do is about £16k a year, pro rata that and all of what I get paid will be sucked in child care fees. It's not worth it.
We toyed with moving away but we can't lease another house due to the cost and poor credit and we have two cats which were bequeated to my husband so we can't get rid of them.
A DMP would be a great idea but we not monies to afford it.
Hopefully, from the look of some of the debts they are over 6 years old so we can use the Limitations Act. We shall have to wait and see.
How absolutely rude of that creditor to speak to you like that. There is no excuse for such unprofessional behaviour, expecially at a time when you need their understanding.
A short-term DMP may well be the solution her, and the Limitations Act will not help you as the six year point starts from the time of the last acknowledgement of the debt and not the age of the debt. Even if you can just pay £5 per month until your husband finds work has to be a better option.
