Hello - I do not have an IVA, as my main creditor (about 30k) turned it down 18 months ago. My wife's IVA however was accepted. Since then I have been paying back my 50k of debt or so, £325 per month via an arrangement by Payplan - this figure, incidentally, was what they said I would probably need to pay in total and they basically massaged my monthly outgoings around it but it was probably about right at the time.
Since this arrangement we have had a baby and I am finding my repayments very hard to find - unless I do shedloads of overtime each month as my income is precisely what our financial commitments are as a couple. Thus what we have left is my (very part time) wife's wages to live on and raise our child, £100 per week basically.
We do not own our own house or, currently, a car as we cannot afford the outlay for even a cheap one after our other one recently died.
I guess I am going into such detail because I am tied to this debt - quite rightly - for 25 years or so now and I really need to think about how we are going to afford to bring up our child realistically on that amount of money for that amount of time.
As we own no house, should I consider bankruptcy, or does what we have spare each week seem realistic to financial institutions etc I am completely flummoxed as to what to do. I missed one payment about 6 months ago due to rising costs etc and the reaction from Northern Rock - my main debtor - was utterly vehement towards me and part of me, I must confess, feels I have done my best but their reaction almost makes me feel I should raise my hands in surrender.
Or should I attempt to rearrange my repayments via payplan ? Whenever I discuss it with them though, very nice though they all are that work there I often feel they are too big an organisation to really give me any real full attention or individual advice.
Sorry to bore you but I am at a complete loss.
All the best
Andrew
