Heading for disaster ? Now unemployed, paid around half of what I should. Is this unusual ?

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moneytrouble

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Post by moneytrouble » Wed Oct 22, 2014 8:10 am
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My IVA began 18 months ago. It is a 5 year plan for me to pay £6000 of which £4000 will go to creditors and £2000 to the admin. Total debt was around £7500. Due to unemployment I have paid around half what I should in the first year. I do occasionally have work but it is low paid. Can you please advise me if this is unusual or if I am heading for disaster or what?
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Jayne.pn

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Post by Jayne.pn » Wed Oct 22, 2014 11:01 am
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I am by no means an expert, but wouldn't a debt relief order been more appropriate in this case?
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Adam Davies

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Post by Adam Davies » Wed Oct 22, 2014 2:41 pm
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Hi

Jayne is correct in that a DRO may have been a better option at the time, however now that you are in an IVA you will not be able to apply for a DRO

Consider bankruptcy as an alternative

Regards
Andam Davies
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