have actually slid further into debt

5 posts Page 1 of 1
Post Reply
 
 

Clairfo

User avatar
Posts: 1
Joined: Wed Apr 30, 2008 9:33 am
Location: United Kingdom
Post by Clairfo » Wed Apr 30, 2008 3:59 pm
Quote
Hi, I started a personal IVA over 2 years ago, it didn't include my husbands debt and we have struggled to complete payments and have actually slid further into debt since we started. We have 5 children, and therefore have a certain amount of tax credits etc - so the income has fluctuated. I have also had 2 cards since the IVA - which I know is wrong - but would of been unable to keep our heads above water without them. I am now in the situation again and do not know what to do? Can I now take a new joint IVA, or is my only option bankruptcy? I feel such a failure.
Top
 
 

emma_t

User avatar
Posts: 1833
Joined: Sat Sep 01, 2007 3:32 pm
Location: United Kingdom
Post by emma_t » Wed Apr 30, 2008 4:47 pm
Quote
Hi Clairfo and welcome to the forum

No one will judge you on this forum and you will get good, honest and supportive advice[:)]

I would wait around for an expert to answer your questions as I am not sure of the answer, lots of experts post so it should not be too long.

Emma x
Be positive & look after yourself, there are more important things in life than debts....

Best Wishes

Emma x
Top
 
 

Viki.W

User avatar
Posts: 5647
Joined: Fri Feb 15, 2008 7:34 pm
Location: United Kingdom
Post by Viki.W » Wed Apr 30, 2008 9:57 pm
Quote
Hey clairfo, welcome to the forum. I'm not an expert but I'm sure an expert will be along to answer your question shortly.

Don't worry, I'm sure there is a solution to your problem.

Viki X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Wed Apr 30, 2008 11:20 pm
Quote
Well you know that taking unauthorised credit during an IVA is a breach of the terms, but I am amazed that the bank would give you the cards in the first place so they must take some of the blame.

You will need to seek your IP's views as to the seriousness of your breach and see what they are prepared to do. I would think that bankruptcy is a definate option, and this could result in you being awarded a Bankruptcy Restrictions Order - which sounds horrid but in reality is fairly toothless.

Speak to your IP first and let us know what they say.
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

ianmillington

User avatar
Posts: 1331
Joined: Thu Jan 24, 2008 5:07 pm
Location: United Kingdom
Post by ianmillington » Wed Apr 30, 2008 11:52 pm
Quote
Melanie is correct in what she says of course about the breach of the IVA - you would be bang to rights on that. However, ask your IP about all the options that are available to you. I wouldn't altogether rule out an attempt at a second IVA, although it will be difficult. You will appreciate that you will be starting with poor credibility and you will need to have a plausible explanation as to why the first one failed, particularly the circumstances in which it happened.

Can I ask why you didn't both do IVAs thus taking account of the debts of both of you?

Ian
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd)
www.pdhl.co.uk
Top
Post Reply
5 posts Page 1 of 1
Return to “postings for april”