I was in iva the iva company were supposed to reduce my payments with no joy my husband took payday loans out while in iva they wouldn't let us afd them on now were waiting for iva to fail as another company can add pay loans and reduce our payments this is a mess im at my wits end dont know what to do and because weve not payed for ten months they say were in arrears off 1300pounds if they got off there bums and sorted payment out wed b fine now I could lose my home which I don't want to do no way am I losing my house please help im on tablets for depression I can't cope with the stress off all this dept thank u
Sorry to read of your situation. After 3 missed payments it is normally deemed a failure and closure action taken swiftly - Which company are you with ? There maybe an expert on the forum who can help move this forward for you
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Would it not have been better to vary the existing IVA and try and salvage it rather than putting forward a new one with no guarantee of it being accepted? You should speak to your existing IP as the advice you have received from the other company seems suspect to me.
Sometimes I read posts on this forum and it's very hard not to judge when posts just don't quite add up.
If you're in arrears of £1300 having not made any payments towards your IVA in the last 10 months that works out at £130 a month, which seems a very low level of payment to begin with...yet you say your monthly payments should have been reduced even further.
And at some point you took out payday loans which you can't afford to pay back either, even though you haven't been paying anything towards your IVA in 10 months ?.
It begs the question, where is all whatever money you do have going (since you don't seem to be robbing Peter to pay Paul) and what has changed since you first entered your IVA ?. Because based on the above I can't see how an IVA is ever going to work for you.
