Feeling I have no choice but to allow IVA to fail

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Rob.97

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Joined: Tue Aug 12, 2014 2:41 pm

Post by Rob.97 » Tue Aug 12, 2014 2:41 pm
Good afternoon
I have had an iva for over 3 yrs planned to run for 6 yrs i have gone into arreas and now i have split from my partner who owned the house so now bording at my sons for now untill i find a house to let.i used to pay £1000 in card and debt payments so i took advise and was offered an iva at £523 per month.this is now £900 per month ! i feel it was the worst decision i have made as my debts would have reduced by £28k as this is the amount i have paid to the iva so far thus thinking my monthly outlay would be considerably less !i need £2000 to get a house to let but cannot save this with the iva ? on contacting them they said pay a couple of months and then ask for a payment break but garanteed nothing !. i appreciate my son giving me a roof embarrasing as it is ,but cannot expect him to put me up for months with no garantee of a payment break? to allow me to save for house rent,bond,and month in advance plus furniture !i feel i have no choice but to let it fail to allow me time to save ,i earn £2200 take home per month so 1 month i can move, please please advise on what i can do ,i used to drive a M3 now £500 sheds with no end in sight.i will be dead before this pays off wish i had not bothered as wasnt behind with debts just moved in with new girlfreind and didnt think fair she shared debt from previous relationship.sorry for the long winded story.
 
 

Foggy

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Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Aug 12, 2014 3:59 pm
Hi Rob. Who are you with ?

I was 2 and a half years into my IVA when I became a single dad. With a lot of help from my IP ( some are helpful, some aren't)I applied for and was granted a payment break to allow me space to sort the finances out. During this break I did a new I&E which showed that I could no longer pay anything into my IVA.

Again with help from my IP, I proposed a full and final based on payments made to date (basically asking the creditors to call it quits). They agreed and the IVA completed.

Like you I had no property or assets to speak of, so the creditors would have got nothing if I had gone bankrupt (which was my only alternative).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Rob.97

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Posts: 2
Joined: Tue Aug 12, 2014 2:41 pm

Post by Rob.97 » Sun Aug 17, 2014 7:39 pm
Hi again
The company was simple debt solutions whom i spoke to all of half a dozen times in 3 yrs,they have been taken over last sept/oct by creditfixme.co.uk i rang them and asked to speak to my new IP but they said as they are new to the case they would ring me! 11 months later they did this week only because i am now in arrears.He even suggested i got a loan off a family member to pay arrears i replied how do i pay them back ??? he never replied except what i wrote earlier about extending the iva by another 6 months and an extra £100 a month to clear arrears.i have sent an e mail to him requesting he recommends a payment break now as its now i need one .then look at were we are after the break with a new expenditure sheet.i know they will try and retrieve the arrears as they did before when they said i didnt send in a new one on my second year but they never asked for one ??? so my earnings were greater than the 1st year as i moved position in the company.extended again for 3 months as they say i owe them 3k . couldnt prove they didnt send it but they have my number and they didnt contact me at all either ring or post. I feel the new IP is no different he offered no help and i feel he is all for the creditors and was only interested how to get the money with no reassurance only i have to pay £900 by 24th of which i cant pay without lodging at my sons for months on end and i have more respect for myself to do that.My IP SHOULD DO EVERYTHING HE CAN TO HELP ME ! as i pay for them !so surely its in their interest to ensure continuation of the iva ? isnt it or have i got this all wrong ?dont want to go bankrupt saying that havent a clue what it entails ,or debt management is my only other option. i know someone on debt management and they ring him every month to see if everything is ok for £50 a month !!! so i know who i will be contacting if my IP LETS ME DOWN.well so much to say on my dissapointment with this iva hope i havent bored u all regards Rob
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