Hi.
Last year my husband was very ill and as he is self employed I was the main bread winnerand have had to pay all the bills, rent council tax etc, etc along with paying my IVA - foolishly I took out pyday loans to try and make ends meet - but everyone knows the story - anyway I have now found that I cannot repay them have spoken to my IVA contact with regard to the pd loans as I knew that I could no longer pay them and they were so unhelpfull -= I knew I was in breach of my contract for which I have received the letter - however, I will not know for at leat a further month as to whether they have failed my IVA - I phoned them again on Tuesday and asked would there be any chance of suspending my IVA payments until January to let me pay off the payday loans and my supervisor has still to get back to me - Every time I ring they have promised to phone me back but I always end up phoning them and they have been so unhelpfull - By the way I am 3 years into my IVA - can any one give me advice as to what to do. I have writtent ot all the paydayloan cos and have offered them a token payment.
Hi sweetpea09, I'm sorry I don't have any constructive advice for you but hope you get this sorted satisfactorily. If you are struggling within your IVA do speak with your IP in the first instance to see if they can sanction a payment break maybe to cover your hubby's loss of wages. I'm sincerely hoping your company get back to you to advise you positively. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks for the advice, I think you could be right AnimalEyes - I think it is onbe of the support team - I have had so many in the last 3years its hard to know - I will take your advice and let you know how I get on.
I cannot find his direct email address so am now wonderi ng does he exist - Can anyone advise whether I would be better off to go Bankrupt or can this be achieved if one is still in an IVA
Sweetpea09 - no one on here without knowing you full details can say you be better off going Bankrupt. If thats the way you feel you need to go - then firstly speak to your IVA /IP direct.
Google search Bankruptcy and read all you can about it - Unfortunately there iS NOT a quick or easy answer.
To go down the Bankruptcy you need to let your IVA fail - and save the money at present its £700 each.
Before you start thinking about bankruptcy I would wait and see what agreement you can reach with your IP. Yes, you have taken additional credit which you should not have done. However, no IP wants to see an IVA fail and most sensible IPs will want to try to come to a satisfactory agreement. If you feel like you are not getting satisfactory answers from the admin person you are speaking to, persist.
In terms of the bankruptcy option, this would only be a sensible route if you are renting or you are a homeowner with little or no equity in your property. If you have significant equity in your property, it could be at risk if you are declared bankrupt.
We do not own our property and have no assets but do I have to wait for the IVA to fail and how long approx will it take I had my first letter of breach last week.. In the three years I have been in the IVA I have never spoken to my IP, but I will give it a go, the only thing is what shall I do in the meantime about the payday loans as I initially said I wrote to all of them and explained my siuation offering them a token payment should I still do this? Sweetpeax
We do have a poster from there on here - Liam James. Hopefully he will pick up on this, otherwise, if you click on the 'Ask a question' link on the left hand side of the page you should find his details and be able to contact him through that and he may be able to help you.
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
Given that you are three years into your IVA, for Varden Nuttall just to let it fail without trying to find a solution seems harsh. Lets hope that they come back with something positive.
If not, then given you have no assets, the bankruptcy option is open to you. If you decide you want to go done that route, then before doing so you will have to be in receipt of a confirmation of your IVAs failure from the IP. Generally your IP should be able to supply this to you fairly quickly after your IVA fails.
In terms of the payday loans, if you have decided that if they cannot be added to your IVA then you will declare bankruptcy, there is absolutely no point in paying any more to them.
