i could go bankrupt?

[rayb]

To be honest they are about as bad as each other except that IVA's seem to be looked on a bit more favourably by some people

[Viki.W]

Hey Lee, I think you need to carefully consider your options, if clearstart adjusted everything so that you now have to lend money then you need to contact them to go over your I&E. They will need to lower your payments so that you are not borrowing. You don't want to get deeper and deeper in to debt. Bankruptcy may be the way to go if you can't see a compromise. Hopefully the experts will be able to advise you. Viki X

[MelanieGiles]

Yet another posts highlighting the dangers of entering into agreements which you cannot afford to pay. For anyone out there seriously considering an IVA at the moment - please make sure that you do not convince yourselves of affordability that just is not there.

[janderson]

Hi All

it is probably quite easy to get into a situation that is unmanageable, look at how easy it was for us to get into debt in the first place. There are a number of issues in relation to IVA acceptance, firstly I still think the decision on wether an application is OK or not shoud rest with the IP not creditors. I also believe that we must concentrate most if not all our energy on the client and less on the creditor.

Combined IVA applications should be allowed it would give more money to the creditors and undr the current situation they are more likely to accept the amount rather than reject.

My views may not be popular but that is how I feel about things having tried like hell to pay back and having between us held down five jobs at once and nearly killed ourselves in the bargain to be told "we want more"



Regards


John

[kittykat]

Speaking from experience, when you are at that desperate time of knowing you need to do somethong about your debts you assume that the IP & co are doing what is right for you and you go along with it regardless because you aren't in the right mental state to weigh up the options - that's if you can understand the way the options are worded in all the paperwork!
I certainly didn't have all the options clearly explained to me and now they put up my monthly contribution each time regardless of whether I can afford it or not. There is no negotiation with my company and precious little concern for the toll their attitude takes on my health.
If I'd read this forum before I definitely would have gone bankrupt instead of going into an iva.

[jane.l]

Yes, we had an IVA proposal drawn up but the more I read on this forum, the more I realised bankruptcy was the best option for us and we never signed the proposal. I am so glad now.

[kallis3]

Hi John,

My husband and myself have IVA's, I thought they were interlocking but they are not.

We had our meetings on the same day at the same time. There were some joint loans and some which were just mine. I offered 31p and hubbie offered 38p, so combined was 69p and these were both accepted.
Therefore, I don't think a 'combined' one would make much difference.

I also disagree that IP's should make the final decision - at the end of the day it is the creditors to whom you owe the money and they obviously want to get back as near to the sum they are owed as possible and I don't blame them. OK, they were willing to throw money at us, but we were also willing to take it when we could have said no.