i am getting really stressed out

[lynn]

I am currently in an IVA since April last year paying £340 monthly. The company Accuma which i am with require me to send my payslip each month, and every time i earn over a certian amount i have to pay them 50% which i dont understand. I am currently struggling to pay that extra money, i need a new car and have had to borrow off my dad to have repairs to my old car. I am not sure whether to speak to the company.

I have been approached by a company offering me a bankrupcy alternative, where i pay them £1500 and they sort everything, he makes it sound so simple and easy which i find impossible to understand. I would like somebody to give me advice on which is the best way forward as at the moment i am getting really stressed out. I would really appreciate your views. Thank you so much.

[freelili]

HI and Welcome

Most IVA's ask for 50% bonus /overtime, so you can give your creditors the best return, who will then write the rest off for you.

Regarding the other company, I would walk away, if you are considering bankruptcy you can do it yourself for 450 pounds. The company sound really dodgey to me. Take advice before considering this option.

I am not an expert, just another person in debt but if you are having problems speak to your IP you may be able to get a payment break in order to sort out your car. Living on a budget is very difficult but people on this forum will help you through.

If you could provide more details of your circumstances,
hopefully one of the experts will come forward and help you.

Regards

LILY

[Skippy]

Hi Lynn, and welcome to the forum.

I am with Accuma as well. I send them my payslip each month, and if I earn any overtime or receive a bonus I have to pay half into the IVA. This is one of the standard clauses in an IVA, and if you think about it, it's quite fair. By allowing us to keep 50%, the creditors hope that it will encourage us to do overtime.

If you are struggling with your payments, you really must contact Accuma ASAP. I have found them very approachable. It is better to talk to them now, rather than keep struggling.

Regarding the bankruptcy company - be very, very wary! I don't like the sound of them asking for £1500 up front. As far as I am aware it costs less than £400 to petition for bankruptcy yourself. To be honest, I wouldn't touch them with a barge pole. To me, anyone asking for a large sum from people who are already in debt are just taking advantage of our circumstances.

As I said, I would contact Accuma, explain everything and take it from there.

Good luck and keep posting to let us know how you are getting on.

Three down, fifty seven to go until freedom!

[Oliver]

A great post by Skippy.

Sorry to hear that you are struggling with your IVA. Speak to your IP and see if there is anything that can be done for you. Maybe you could take a payment break to work out something with your car?

Skippy is correct it costs c£450 to petition yourself for bankruptcy and if you stop paying into your IVA then it is likely that your IP would petition you for bankruptcy anyway.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
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