giving up :(

[Eliza]

HELP!!! feeling out of control of my own life. What I spend, where i spend it. its like big brother watching me all the time. Thought i was doing okay all of a sudden feeling the panic. My fridge freezer packed in having to ask to hold payment to buy another like a child. Its so degrading. It am in my 2nd year and i pay 79p in the pound and i have 4/5 years to go. Not sure i can do it, what are the consequences of me and my husband going bankrupt when in an IVA. my husband and i both work full time, I have mortgage on my house 20yrs my own car 3 years old which i need for work. my children are 17 and 21 live at home. What a mess i am in How do I go about going bankrupt and do you advise it. Please help xxxxx

[Eliza]

i owe 40,000

[Foggy]

Hi. If you go BR you will risk losing the house and the car, as well as what you have paid in so far. It is possible that you will also be required to make monthly payments, at a similar level to those you make now, for three years, so, time-wise, you will be no better off.

To fail the IVA you just need to stop making payments, or ask the IP to terminate. You will need a notice of termination to enter BR.

You will also need court fees of £750 each up front.

Having come this far, I would not advise it, especially as your current feelings will pass and you might regret it later on.

Which firm are you with ?

[Eliza]

thank you. You make so much sense just having a panic moment. xx

[Shining]

I used to have bad days too and good days, where I felt positive. However at the end of the IVA you do feel a sense of achievement so hang in there if you can and are able, it will be worth it.

[luluj]

If things are tight ask for a review of income and expenditure to see if anything can be done. As others say bankruptcy is not necessarily the right option.... Feel free to off load on the forum anytime x

[Struzzo39]

I know I certainly have bad days. The iva is an emotional roller coaster. No easy ride. Hang on in there x

[footiemad]

Gosh Eliza I know your feelings only too well. I'm just finishing year 3 and that has been the year from hell. Everything expensive broke down, boiler, car etc and water leakage to name a few and to top it all off bonus payments (which were needed to survive) have all dried up. I've had many moments recently when I've just wanted to throw the towel in and then after a few thought provoking days pulled myself together! I'm now in the process of review no. 3 so will wait for the outcome. I will see this through but it gets hard at times. Keep going and keep srtong because I'm sure it will be worth it in the end x

[MerlinL14]

I feel your pressure Eliza, during our IVA we had the freezer and the cooker conk out on us. It does seem that you are going cap in hand to your IP, but out of all the advice my IVA company has so far been the most reliable source of information and advice that didn't cost me any more stress. It is hard, but it has been worth the anguish.

[country girl]

We all know the feeling just try to keep going. I am finding it really tough at the moment having to face an extra year with much higher payments.

I am just hoping thing will go wrong as I doubt my company will very understanding.

[Struzzo39]

Its hard isn't it. These last few months have been hell. With one thing or another. Financially at min worse off before the start. In a job I hate and feel like my life is on hold till we complete. We've just got our fingers crossed we don't have to extend due to equity as its borderline.

[Til]

Eliza I so know how you feel but these bad times pass and there is always a way through. We had a terrible year last year - had to ask for help off our IP with delayed or missed payments about 6 times ... but there's always a way through and you will get by. Bad times pass and so do the down/panic days ... I hope things pick up for you soon and know that you are not alone in how you feel.

[luluj]

Eliza .... Let us know how you are doing ? Don't suffer in silence ...use the forum as a sounding board !