Hi there and welcome to the forum. I'm sorry to hear about your wife. Her health is far more important than money, I hope she will be okay.
With your IVA have you missed any payments and is the IVA in joint names/does your wife contribute? If you think you're going to struggle with payments, its wise to contact your IP ASAP just to let them know the background if nothing else. No-one will want your IVA to fail and they may be able to allow payment breaks.
Keep posting, others will come along to give more advice so hold on xx
I presume you mean your wife has had a nervous breakdown? I am sorry to hear that.
As she is obviously not working at the moment, I think you need to contact your IP and tell them of the circumstances. They may let you have a payment break while you sort yourselves out.
Otherwise, if you are not able to make any payments, your IVA will fail and you will be back to square one.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
What a dreadful thing to happen to your wife. I do hope that the pressure from your debt and the IVA has not contributed to this.
Your IP is bound to be sympathetic if you cannot make your payments in the short-term, and depending on your wife's ability to recover, and hopefully eventually return to work, you may need a longer term solution which can also be discussed with your IP.
Very sorry to hear about your wife and ultimately her health is more important than the creditors or the IVA. Your IP and creditors should be sympathetic and the sooner your supervisor knows the easier it is to allow a payment holiday or advise further.
THANKSfor your help.i wish the peaple i have a iva with were the same.I told them my wife is in hospital with a break down all there said was when is she back at work.In my view maybe never but did not tell them.She said i will ring you later for a run down on my incomings and outgoings but said you might have to go bankrupt is this right
You ought to have received more support that that, and if there is the possibility that your wife may not return to work then bankruptcy proceedings might be a more sensible option to consider.
May I suggest that having a chat with Paul Johns who runs Reviva might be helpful. Paul deals with a lot of bankruptcy queries from people who are struggling in IVAs, and he posts as an expert on the forum where you will find his contact details.
What dreadful support you have had starboy and I really do feel for you.
I agree with Melanie in as much as you should chat to Paul Johns who is a very nice man.
Just go onto the experts link on the left hand side of the page and you will find his details on there.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your wife's health is so much more imporant than anything right now.
You do need to discuss the situation with your IP, and I dare say you have spoken to one of his office staff, with little care and compassion.
The majority of IVAs have an allowance for missed payments for unforeseen circumstances, and this is one which should be part of that.
Bankruptcy may be an option for you, but dont be pressurised into doing this until you know all the ins and outs and have definate confirmation that your IVA company won't help you.
If your wife was working previously, an income and expenditure review would be necessary to look at what you could afford to pay on your wages alone. Perhaps even a reduction in your payments, but this should all be looked at by your IP Company and then have all of the option open to you discussed fully.
Good luck, and let us know how you get on,
It is possible that bankruptcy is your best option but given that you have paid for 18 months it is unlikely that there would be funds available to bankrupt yourself and your wife. Therefore the IP would fail the IVAs which puts you back to square one with the option of petitioning yourselves or entering a DMP until the situation becomes clearer. At this time you could propose another IVA.
However, I would ask my supervisor for a payment holiday and if necessary he/she could seek creditors' consent and perhaps in 6 months or so you could restart payments or terminate the arrangements then. Good luck with your case manager and let us know how it goes.
Michael is right - try for a payment break by discussing your situation with your Supervisor (IP. Good luck and let us know how you get on
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Oh Starboy I am so sorry, I think I can remember your earlier posts.
Whats the most important thing now is you and your wife, this isnt easy on you either and it seems from your posts that the most important thing to your IP company is £££££'s.
If you think the only way forward is Br then go for it, at least you will have one huge problem behind you.
If there is a change that you can offer an alternative plan to creditors, then you are better off doing this under the existing IVA than applying for a new one after this first one has failed.
