Hi please help us we have been stuggling with our IVA (with debt free direct), we countless times told them we were struggling and after a lengthy review it has been closed. what do i do now - who can help us. Debt free were great at the start but then gave us no help and unrealistic repayment figures. please help
How rotten for you. I would get some further advice, as Andy says, you are back to pre IVA days and your creditors will start hassling you again.
Have a look on www.iva.com where there are lists of IP's. I would give one of them a ring to see what they say. Melanie Giles posts on here regularly, and she comes highly recommended.
Do you have any equity in your house? If not, you could consider bankrutpcy.
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
It is worth considering effects and the reasons for the failure before you decide what to do next.
You say that you were struggling with the payments;
- had you stopped making payments altogether to the arrangement or were you making some sort of payment to the arrangement?
- were you able to make a reduced payment to the arrangement? or have your circumstances changed so much that you were unable to pay anything?
- how many months behind were you with the payments?
- did you keep Debt Free Direct regularly informed of your circumstances?
- what did Debt Free Direct state as their reason for failing the arrangement?
As Andy says you are really back at square one and what you do now will really depend on your circumstances. Your creditors may be reluctant to accept another IVA proposal unless you can show that the reason for the failure of the arrangement was due to factors beyond your control combined with the failure of your IP to propose a viable variation to the arrangement. You will also need to demonstrate that you are able to make a realistic offer to yor creditors that you can keep to this time.
If you do not own your own house or if you do, there is no or very little equity in the property, you may want to consider bankruptcy as an option.
In any event you should seek advice about the options open to you now.
Last edited by liberta on Sun Nov 23, 2008 11:52 am, edited 1 time in total.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
