cant afford to live with just my earnings

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antony_b

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Post by antony_b » Mon May 19, 2008 11:01 pm
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towards the end of last year i had arranged an IVA to pay off my debts, im to pay 287 a month for 5 years. But recently i have been left by my girlfreind and i cant afford to live with just my earnings and pay off my IVA. my girlfreinds salary was added to the IVA's overall income and now its just down to me.Is there anything i can do?
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Lisa2009

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Post by Lisa2009 » Mon May 19, 2008 11:03 pm
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If you have no assets then bankruptcy could be an option. Best to discuss this with your IP and explain, they may be able to offer some advice.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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Reviva UK

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Post by Reviva UK » Mon May 19, 2008 11:09 pm
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Hi antony b and welcome to the forum.

There are always lots of things you can do so I would always recommend looking at all the options.

1. Speak to IP - may be able to reduce payments for a while, or extend the term to account for shortfall.
2. possibly take a lodger to boost the income level ( I sincerely recommend this as i took in a lodger many years ago and ended up marrying her - although I still owe her the deposit back)
3. look at additional work for the short term
4. review the situation with IP to see if they have any other ideas.
5. Also check out Bankruptyc JUST IN CASE things go that way. I would recommend that you understand more about Br so that you are not frightened by the unknown.

Several choices and worth starting with option 1
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists
www.revivauk.com
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