due to cost of living going up and my wage going down as i work on commission,i can no longer afford my IVA which is set at £180 a month,i have recalculated my income and out goings and i only have 55.00 spare. what can i do?
no my average wage was taken as it didnt really alter much month on month,but as times in retail are hard,my earnings have dropped at least £120 a month,im juggling and tightening my belt,back on anti depressants from all the worry,iv got a telephone appointment to discuss this in august,but i just worry that they will want my blood!how can i give what i havnt got? im 48months into it,was looking forward to it been over next year,but it just seems so far away.
With a disposable income at that level, banktupcy would appear to be the best option for you. Do you have any assets which would be at risk under bankruptcy proceedings?
You confuse dme there - your name changed!! Is there anything in your proposal that states your IP can reduce your payments by up to 15% if there is a need? I knoe it's not much but everything helps.
The only other thing I would say is, they may suggest reducing the payments and extending the length - don't dismiss it out of hand as it may just help you get through.
Another suggestion (I must be more awake than I feel!!) is if you are that far through and your health isn't good maybe ask your IP if the creditors could be asked to accept payments made to date as enough to end the IVA. Do you have an equity release clause or like us just a 5 year IVA?
i dont know why my name changed,i keep getting lost on here and it keeps asking for passwords and user names! bankruptcy sounds way too scary for me,i have no assets,only a car worth under £1000 to get me to work and back. my health is suffering over this,iv come so far,never missed a payment and at the last hurdle im struggling.i dont think somehow my creditors will be that nice to say enoughs enough because iv had to go on anti depressants,i really cant see an end to this,even if i pay less,its yet more years added on,more years of struggling...
Why do you feel that bankruptcy is scary? To be quite honest it is probably the best solution, and bar taking some forms to Court and having a quick chat on the phone with a member of staff from the Official Receiver's offer, that is probably the last you will hear of it - and you will be discharged in a year's time. Trust me - it is not scary at all.
I think you need to try all avenues here. I agree that if we were 4 years down the road I would be loathe to go bankrupt (we have no assets either - we just wanted to do the right thing by entering an IVA and possibly paying back more).
There is no harm in asking is there? It's the same really as when you spent on cards you didn't ever anticipate not being able to afford to pay them back just as when you went into an IVA you didn't know your health would suffer.
Talk it all through with your IP when you have your call meeting. When in August is it? If it's a long way away I would email them and say you need to discuss urgently and can't wait or put it all in a letter.
but if i do bankruptsy i cant have a bank account? were will i put my wage? pay direct debits? i only have a basic account at the moment but at least i have one. and i will still have to pay whatever i can afford for a year,and after all my outgoings thats next to nothing,im just so confused.the gutting part is non of this wsa my debt,its in my name because my ex husband couldnt get credit,im paying it back and have nothing to show for it.i was first on a debt managment plan for 4 years,then went on IVA for another four years,it just seems like it will never end,im so sick of working to pay the bills and having nothing left to even take my kids to the movies.
i started off with a huge 22k,most of it was loan interest,now down to about 13k,i still cannot believe how i ended up in this situation in the 1st place,it makes me feel so ashamed.
I am not sure where you are getting the idea that you cannot have a bank account if you are bankrupt. This is just not the case and in reality your banking arrangements are likely to be unaffected.
