Help!

[hillsy]

Spoken earlier to my IVA company Grant Thornton. I have been in IVA for 10 months. My income has recently been reduced, moved house in march cos hubby and i got back together after separation. Had deposits to pay final bills from previous properties. Hubby has had two bonus payments which we have had to use to pay extra expenses. Been told still have to pay over 50% of bonus. And will have to in future even if living expenses go up. Asked about me doing Hairdressing course at college so that I can better my career, and could hubbies bonus payments supplement my income while I am not earning. Been told NO whatever happens have to hand over full 50%. Sorry but I find it a bit harsh. Where are supposed to get money from if you have a major expense. Now thinking of going Bankrupt, but what would happen to the money we have already paid into IVA. Also I posted on here yesterday about my nieces wedding in Portugal and my daughters being Bridesmaids. Flights etc came out of this extra money. My god I daren't mention that one. Obviously I understand 100% we need to pay the money back and I am not trying to get out of it but no wonder peoples IVA's fail because they put you under too much pressure.

[chardonnay]

Hi Hillsy,
I can't answer your queries, but one of the experts will very soon I'm sure. Blimey I feel for you, it's so hard when you're trying to do your best but everything seems to go against you. I hope the site can advise/help you to find a reasonable solution and keep looking forward to that wedding!
Hugs,
Chardonnay

[worryhead]

I am not sure but in my case the money gone in to my iva already would be for there fees and cost of bankruptcy. it should tell you in your proposal, thats where i found my info. Experts will know for definate so dont qoute me on this.

[MelanieGiles]

This may not be the IP's fault, as we have to supervise the IVA in accordance with its terms. If you want to do a course paid for out of your bonus money, you could ask them the put a variation forward on that basis which would make it possible.

If you do go bankrupt, the monies you have already paid are likely to be entirely absorbed in the IPs outstanding fees and costs.