Hello all, I have plucked up the courage to speak

[sossageking]

Hi Russell

Well done for making the call. If they decide to fail your IVA then creditors are free to persue you for the debt as they did before the IVA started, so back to square one in the sense of being chased again. You could persue the bankruptcy route and end the debts for once and all. It really depends on your individual circumstances on which way you want things to go. When everything is said and done, your IVA company DFD, will earn from your IVA without it they wont, so its in their interests to want to help you... however, its ultimately up to the creditors to agree or not to the changes. It seems that you need to find a middle way through as it doesnt look to me like your allowances were enough to manage on or they couldnt allow for the steep rises in everything. I dont quite know how you would get on with the bank you have the overdraft with as they would have a right to offset the amount you owe on the overdraft. I am not an expert, just a debtor like you. You may have to start again with another bank, I am certain that you would not be allowed to keep the overdraft you have now.

So all things considered, you must make the decision about whether or not you want the IVA to continue, if that is a possiblity. Or if you would rather it end and persue the bankruptcy route. Then its really up to DFD to help you to sort it all out and finally for the creditors to accept the changes.

I hope this helps, if I have made an error I am sure one of the professional experts will correct me.

Good luck now.

Freelili,

Thank you for being so understanding, everyone has been so nice about things, i know i am not alone, but sometimes it feels like it.

I want to do what i think is right, without losing my family home

[freelili]

Hi Russell

I do hope youre OK, the most important thing I can see is you........ your health and you sleeping. Although you may be very good at hiding everything, you must be suffering so much. Anything that you can do within reason must be done to stop the anxiety that all this is causing you. Youre obviously a very caring family man putting the needs of your family first. Do you know if you have no equity in the property you dont necessarily lose it in Bankruptcy? I am not saying this is the right thing to do, I am just trying to help you not to be so anxious about losing everything. At the every end of the day you are more important than all the houses under the sun.

Make sure that if the IVA is to continue, its with a resasonable amount for you to make ends meet without extreme pressure to cut everything. As eventually you will meet some incidental and be back losing sleep again.

Like someone else has said, mistakes happen and are made with the best intentions in the world, dont let your feellings over this cloud what needs to happen for the IVA to be successful, make sure what you agree to is reasonable and viable.

Good luck now. I hope youre feeling better about things.

[Skippy]

Hi Russell, you should be able to find your IP's email address by searching on the Insolvency Service website - http://www.insolvency-service.co.uk/newipsearch.htm

[Lisa2009]

Go on the link that skippy has posted.
If you get no reply from your IP, you WILL get a reply off somebody who knows what they are talking about.
Hubby had the same problem getting answers to things so emailed his IP direct and within minutes had a reply.

Good luck xxx