Am currently in Iva, my third year, am currently having my Iva and worried due to overtime j have been doing only done it because we expecting our second child so need all the money we can get, now am worried encase they up my payments, is there anyway I can by pass this been looking at dr order or going bankrupt I can't afford any more on payments struggling now to be honest
Your overtime should be classed as extra and hopefully will fall under the first 10% is yours to keep them 50% of the remaining us yours too and the other 50% is fir your creditors. Your monthly payment should not be impacted as it is not guaranteed earnings.For example you earn £100 on overtime..the first £10 is yours then the £90 left is split in two with £45 to you and £45 to creditors.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If you are still in an IVA then you cannot do a DRO at the moment - do you have property that you own?
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
You need to speak with your IP and have your income and expenditure reviewed. If there are arrears due to the impending birth this is understandable and creditors can be asked to forgive these arrears. A further extension would be harsh and if they demanded this then bankruptcy becomes a little lore attractive. You would struggle with a DRO also as your surplus is greater than the £50 allowed.
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
I would like to avoid bankruptcy if I can help it, just hoping someone can help but has you can see j might have no other way, I seen the other week someone said since I have been in for three years the creditors might take that has a full and final is that something j can do?
You could try that but you need to speak to the IP to see if that is an option.
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
A lot will come down to who you are with but it is not unheard of.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
Is there any reason why you would not consider bankruptcy?
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's not good and your credit record would be shot for a further six years but your debt would be written off within 12 months although you may have to have pay an Income Payment Agreement for three years dependent upon your income.
The fee is high but, if you stop paying into an IVA (which you would have to let fail) then you would be able to save up the IVA fees.
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
No not really just dames a scary option. Also the fee of 750 which j guess I would get back on saving monthly payments have you heard anything about bankrupt what's the chances of it going through etc?
