things have got so desperate

[warren.v]

Hi, please can someone advise me, i have asked before and everyone has given guidence, which i have followed up. on previous advice, i requested a variation meeting with my creditors, and have now been informed that my IP. has looked at my circumstances, and are willing to reduce my payments, BUT, i need a bigger reduction to be able to survive, i am at present borrowing at least £200 per month just to get by, I informed my IP that i was sorry and would have to withdraw from my iva. and face the consequensis.(spelt wrong). BUT i do not know what happens now as i have cancelled this months standing order. can i contact my creditors direct?. i know my debt was sold on, but do not know the buyers of the debts. where, and what can i do? do i apply for bankruptcy? i would appreciate some kind of advice as things have got so desperate. Thank You.

[indebtforever]

hi sorry to hear you in difficulty the experts will answer shortly you need to tell your ip again that you need a variation because you cant survive with the payments or seek advice about BR if you have no assets and job restrictions

[Viki.W]

Hey warren, I've just re-read your previous posts and I realise you've had a nighmare. Your IVA will not fail unless you miss more than three payments, is there any chance of your situation improving? DFD should be able to provide you with details of all your debts. Please hang in there and one of the IPs may be able to advise you further. Good luck Warren. X

[MelanieGiles]

If your IVA eventual fails on the grounds of your non-payment, you could propose a DMP to creditors based upon an affordable monthly amount or declare yourself bankrupt. The first option will continue until your debts are paid in full, the latter will be quicker but will affect any assets you might own of material value. Which route do you feel you are most likely to take?

[warren.v]

Thank You for replying,
the problem that i have is i live in a Park Home (mobile home) and bought it with a friend ten years ago, so we are half owners of the home, obviously, it is deteriating in value each year, as unfortunately they do not hold prices as a proper house would. it is worth about £31,000. if i go bankrupt, i can not sell half a home, so does that mean my friend would have to agree to a sale of the home, making him homeless? i do not know which way to turn, i thought i may be able to get in touch with the company that bought my debts, and make some kind of arrangement with them as i truly do want to pay my debt, and want to keep my home in the process, and not put my friend in jepardy of losing out, (he cannot afford to buy me out).

[MelanieGiles]

In bankruptcy, the Official Receiver would try and persuade your friend to acquire your interest in the Park Home - as it would be difficult for him/her to take possession of that type of asset - although it is possible.

When you are in debt which you cannot repay, there is probably always a deal to be done with your creditors who would rather see you making ongoing payments than declaring yourself bankrupt.

[warren.v]

Thank You Melenie,
wish my IP was as informative and honest as you are, you have made me think !!!!, and i know i have got to think this all out sensibly, and come up with the right solution. Many Thanks for your time and trouble.
very kind regards
Warren

[Soulgrowth]

Warren ... just wanted to say good luck and I hope that you find a solution, which I am sure you will.

Do keep continuing to run your ideas by us for a bit of support and advice.

Debbie