As some of you may know i was made redundant in July and so far have found it extremely difficult to find another position.(housbuilding industry for you!)
I'm currently doing temporary work so just managing with everyday finances really! Ive missed Septembers payment for my IVA, which was agreed with my IP, and i will miss October too as i am not being paid enough to cover it. It is also likely i will miss Novembers payment as all of the jobs ive applied for are about £4-5k less salary per year so theres no chance of me being able to afford it, but i will miss November anyway if i carry on temping!
I'm at a stage now where i think the only route forward is to consider bankruptcy as I cant see any way to carry on with my IVA, and as the title says i just feel in limbo - not knowing what to do next! Ive kept my IP informed so they are away of the situation so all ok there!
What i am asking really is what do i do now? do i mention to my IP that i dont think its ever going to work and considering bankruptcy? I dont think even if they went to the creditors and tried to get a variation it would work as the salary is so far away from what i was earning and will only just cover my outgoings!! arrghh I feel so frustrated really.
gavin i really feel for you hunny
im seperating from hubby and going into a dmp till im financially sorted (IF)
im also as you say it in limbo BUT as so many people say one here there is always a answer to a problem
XXXX
So sorry to hear that things are still unsettled for you ... what a pain.
After three missed IVA payments your IP will usually serve a default notice I believe and so then you are back to square one, pre IVA.
Have you thought about BR? Would this be such a bad route, especially under the circumstances. It would certainly give you a fresh start, and then when things pick up again you would be in a better place.
Hi Gav, sorry to read about your predicament, I can really only echo Debbies' comments about BR.
Everyones circumstances change and we have to re-evaluate as we go. Sometimes we have to do things in life that we don't want to, BR may have a lot of stigma attached to it, however, your health and well being come first, weigh up your position carefully and I sincerely hope things buck up for you soon.
I know this isn't expert advice but I hope you can take comfort in the fact that people can relate to your current situation.
Last edited by Beans on Toast on Sat Sep 13, 2008 12:40 am, edited 1 time in total.
Bankruptcy is not as bad as you may think - and if you cannot afford the IVA payments due to the loss of your employment could be the best way to move forward from unaffordable debt, leaving you to focus fully on looking for suitable work.
Oh Gav.. hope you manage to get sorted and I'm sure whatever route you take will be for the best.. I believe in fate and whatver life chucks at you for some reason or other is meant to be!!
you may decide that the best route is to give yourself a cut off date. If you haven't changed the income position by the cut off date then you could oursue the alternative.
This shouldn't stop you doing research on br and preparing the forms etc just in case.
take care
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
Hi all - thanks for the replies! I have decided that bankruptcy is the only option and looked into it and feel ok about it too - apart from the newspaper thing to get over in my head!! LOL
Gav, sorry to hear about your problems. I hope you get a better job soon, and manage to sort out your finances.
Good luck with whatever you decide.
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
Sorry to hear things haven't worked out for you Gav. Regarding BR, as Melanie says it isn't as bad as you think. It would give you a fresh start without the worry of your IVA payment.
Regarding the notice in the back of the paper - if it's anything like my local paper it'll be right at the back of the paper, and absolutely tiny. It wasn't in the free paper, which meant less people were likely to see it, and no-one ever mentioned it to me (apart from my uncle who was looking for it!) so I presume people were either too embarrassed or genuinely didn't see it.
thanks Skippy, i suppose its probably cos i have to tell my mum and dad more than anything and hadnt told them about my IVA so that will be the hardest part i think!
I suppose i just want it over with really - i'm impatient too so once ive decided on something it has to happen there and then and obviously i need to wait for 3 payments to default first!!
What a pain, but as you say anything to do with house building/buying is a perilous industry at the moment - I really hope it all works out well for you as you deserve it.
Can you make it to the frugal friends in Birmingham as it was nice to meet you at the last Birmingham one and by all accounts they are a lot busier now?
Hope to see you there, if not look after yourself and keep us updated and hope all goes well,
chin up!
Emma x
Be positive & look after yourself, there are more important things in life than debts....
Hi Emma - yeah i'm gonna try and come to the Birmingham one being as its on my doorstep - i would have thought by that time i would have defaulted on my 3rd payment too so should know a bit more how its all gonna go!
