IVA advice needed.

[Kboy33]

Hey there. Been reading this forum for a while now and would like some advice of those 'in the know' as to what to do in my current mess.

I currently have about 18k in debt, i work full time, and live in private rented accommodation.

I was in a IVA between 2000 to 2007 but i asked to be let go from it due to the fact that the company (Grant Thornton) wanted to extend it for a few more years as i wasnt paying the agreed amount per month as i just couldnt afford it.

I got the IVA when i was living with my folks in 2000 and therefore all my repayments were based on me paying 120.00 rent a month and other minimal expenses. I then moved out in 2001 (folks relocated to Wales, i stayed in Manc) and my monthly outgoings increased. I asked to pay reduced payments and GT agreed. On my yearly evaluation i asked if they could take my new situation into account and they said no and after 5 yrs of paying my IVA i was told in order to complete it i would have to extend it for another 5 years or so. Bankruptcy was mentioned, i got scared and carried on paying the IVA. After a while i was really struggling, missing payments and so i asked if i could be let go from my IVA and they agreed. That was last year.

Fast forward to now and i have stupidly got into more debt over the years (18K) and although im making regular payments im struggling really realy bad so i'm wondering would i be able to start a new IVA to sort myself out or will no one touch me? Its frustrating to think i payed over 14k back but have no idea if any of it went to clearing my initial debt.

I would think about BR but i have a car on finance that i need for work. My job is shift work at the airport and cant rely on public transport.

Thanks a lot.

[MelanieGiles]

Hi there and welcome to the forum

What has happened to the debts from the first IVA are they included in the 18k you say you currently owe?

[chris.g]

Hiya and welcome to the forum. I can't really answer your question, I jusy wanted to wish you luck in getting things sorted,
xx

[Kboy33]

Hi and thanks Melanie & Chris.

Regarding my other debts i honestly dont know whats happened to them, i cant even remember who they were all with. The creditors would still have me living at my address from 2000. Like i said in my 1st post i dont know how much if anything got paid off.

[chris.g]

GT should still have records of your IVA so if you contact them they should tell you the position with your previous debts. Have your previous creditors contacted you about your debts?
xx

[Kboy33]

No, no one has contacted me. I had them over 7 years ago will they still be there or wiped cos i've had no contact. Thats not me trying to run away from my mistakes either, i'm just wondering.

[chris.g]

Well, there's no harm in contacting them and asking them..... it looks like you'll have to go for another IVA so you may as well make sure all your debts are included, that way you can draw a line under it all,
xx

[Kboy33]

Spoke to a lady today at Debt Lifeboat who was really nice and helpfull, she advised me to get my certificate of default from GT (which i've never been sent) and then get back once i have that. We discussed BR as a possibility. She seems to think that as i need my car for work, there should be no reason why i cant keep it as my monthly payments aren't that big on it (190) and with all my monthly out goings i'd still have enough to make payments to my Official Receiver if required.....hmmmm. Not sure if i like the stigma of being BR though as i can afford to pay 230 a month into an IVA.

I know this a stupid question but are you allowed to keep a contract mobile phone if you become BR.

[chris.g]

We both, me and hubby, were allowed to keep our mobile contracts, £35 per month each.
Just to come back to the car, you will only be allowed a modest car, usually value of £2000-3000. If your car is worth more than this, the OR will probably claim it, sell it and give you an allowance to buy another providing they allow you one for work. You can check out the value of the car on parkers web site, look at the trade-in/book price for a guide.
xx

[Kboy33]

Have you been made BR in the past? How you finding life afterwards?

[chris.g]

We filed br in Feb this year. Our allowances aren't that bad really, although the OR did seem a bit inexperienced. It sounds daft but we are better off now that we have been for a long time. We had been struggling for many years, getting deeper and deeper in debt. We had to hand back our house and rent privately but we needed to draw a line under it all and move on,
xx

[Kboy33]

Cheers for replying Chris...i dont know what to do here now...i'm not losing sleep over the state of my finances but just not sure what path to take. I doubt i'll ever have a mortgage, it seems cheaper to rent these days anyway. Hmmm. I'm off to ponder. LOL

Dont mean to be a nosey sod here but do you have to pay your OR for the next 3 yrs now you filed for BR? If you'd rather not anser i totally understand.

[chris.g]

Not a problem, we didn't have enough disposable income to pay into an IPA/IPO. The OR did try to use hubby's working tax credit to create enough for a payment, but then I lost my job which brought us well under the £100 needed.
As far as I'm aware, unless an IPA/IPO is in place before discharge, there will be no payments to make.
xx