finding it a very difficult to make ends meet

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maggie.m

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Post by maggie.m » Sat Oct 06, 2007 6:03 pm
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I have been in an iva since march. I'm finding it a very difficult process to make ends meat. I now have to pay 50% of any overtime i work which i was hoping to do, to allow for any emergencies. If i pay this 50% I calculate that i will have paid back the full sum i had borrowed, and feel i should have tried to get a long term loan and as a result would not have a bad credit rating. I feel i have been misinformed and having read other people's mail, i realise that my iva took from last november to July to go to meeting. What are my options? Would it be worth my while seeking financial advice?
thanking you for your time
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Adam Davies

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Post by Adam Davies » Sat Oct 06, 2007 8:14 pm
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Hi
If by paying in overtime you end up paying back the original debt plus your IP fees you will still have saved on a mountain of interst charges and endless phone calls.
Your options are to crack on and finish the IVA or to stop paying and have it fail.You can then opt for bankruptcy,enter into a DMP or resume full payments plus arrears to your creditors.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Andam Davies
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