PLEASE help me

[m.4]

hello i am approaching the end of year 2 in an iva. however 5 months ago i left my wife due to a multitude of reasons and am now in a rented house share. things are really tight money wise trying to pay iva/rent/maintainence etc. the thing is i havent yet told my iva people of my change in circumstances as im petrified of what will happen, i have been just coping to keep up the payments.

due to my ex being aggressive towards me i am now in a position where i may have to leave my job, i have a new partner who lives 300miles away. if i leave my job and move in with her what happens to the iva? i would of course get a new job, is it fair to ask for a payment "holiday" i am at my wits end and honestly cant cope with all the hassle. i have no mortgae, my new partner lives in a council owned property. PLEASE help me. Thanks in advance

[MelanieGiles]

Hi m4 and welcome to the forum

Well firstly you should have advised your IP of your change in circumstances when this happened, and you must now tell them as they obviously do not even know your current address.

It is possible for you to ask for a payment holiday - I suggest 6 months - to enable you to sort matters out, but this can only be done by your IP calling a creditors meeting and explaining the circumstances. The creditors will then vote to either accept or reject your revised proposals. For this, you will need to co-operation of your Supervisor, so please now take immediate steps to advise him/her of what is going on.

It does seem that you could do with an all round change of residence/job, so why not give things a go and see what transpires over the next few months. If all else fails, bankruptcy proceedings are also an option for you, given that you have no assets.

Hope things work out for you - and do remember your future is more important than worrying about the IVA payments for the moment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[freelili]

Hello m4

I just wanted to say, I feel for you right now, I am not an expert in the Melanie sense, just another person with debts. I understand that its not always easy to do the 'right' thing and face financial matters 'head on' when there is so much 'stuff' going on elsewhere in your life. Life is hard for you right now and it comes across in your post. However please do not worry, you have been paying your IVA and are now ready to go forward with your life. If your IVA is causing you so much stress and making you feel so desperate, you have the option of bankruptcy, since you have no assets. I know it sounds scary but its not as bad as it sounds. You can find info on this at the sister site at the top of the page. I hope that your supervisor will be understanding and help you through this. We are always here to support you if you need it.

I really wish you the very best M4, please do not despair there will be an answer to your present problems.

Good luck

LILY

I asked God for a solution and have to live with his reply.

[m.4]

Hello and thank you for your words of advise/help. I have spoken to my IP and advised of my situation. They have sent out year 2 paperwork (to my old/ex's address!) so I have said anything received back isn't filled in by me!!

New forms are being sent to my new address. With regards to a payment break, they said upto 3 months is fine anymore would have to be discussed with the people I owe etc. the 3 months would then just be tagged onto the end of my term. Phew! Thats a huge weight off my mind, knowing if I were to up sticks and relocate I have time to get sorted, also if my income from a new job was less than current I was told it would be possible to discuss a lower payment, subject to agreement. So positive news there it seems huh?

My IVA is with DebtMatters Ltd and so far they seem pretty good and switched on, thank goodness! Keep any thoughts/ideas coming please people. Thanks again.... I'll keep you posted... Mark[;^)]