Started our IVA in July 2011 and by January 2012 told them we would have to fail the it as we couldn't afford the repayments. They never once offered to look into our income and expenditure or anything and told us that we would have to have our PPI checked before it could be closed. We had the PPI people at our house mid 2012 and were told it would be about 12 weeks. Its been 3 years. Today we had our letter telling us that they had released their final report to our creditors.
SO.....still in debt and over 3 years further down the line.
I dont even know why i'm posting really, suppose I'm just licking my wounds
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
To be honest I am not sure.The fact that the IVA was not closed means that creditors are only now aware of the problem and can start chasing you again so you will have to decide what to do next. Have you entered into any repayment plans with creditors or what has happened in the last few years?
Nothing has happened Michael unfortunately, head in the sand time if i'm being honest. I think Bankruptcy is the only option for us now what concerns me is a personal injury claim we are due to receive within the next year and as horrible and selfish as it sounds I wish there were a way that we could keep the money. C'est la vie
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
If you go bankrupt then I think the injury claim will be snatched by the OR and your house could be in danger if there is a mortgage.
Have you thought about taking out another IVA?
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
Personal injury claims are usually exempt where the payment relates to pain and suffering. You should speak to the local official receiver's office and see if you can get this confirmed as then bankruptcy may be appropriate.
Alternatively, you could offer some of the funds as a one off IVA depending whether this would suit you and whether or not there was a property to protect so something else to consider. You could also consider a DMP and then use some of the funds to make settlements with the creditors later so a few things to think about.
You may not hear from creditors for a while but when you do it would be best to have an idea of what plan of action to take.
Thank you so much for your replies, especially yours Michael. I am wishing and praying that this is the case regarding the personal injury claim. Do you know how I would find the contact details for our local receivers office so that I can check this out with them? I was thinking how totally unfair it is that all this debt is nearly 9 years old and then my husband has an accident at work and we have to go through all the loss of wages and struggles etc and it just gets taken straight off us.
I'm so tired of fighting and stressing and being scared for such a long time. I just want to give in and get rid of it all.
The total debt is about 58k and we now rent as we lost our house (28k is the shortfall).
"Everyone is a genius, but if you judge a fish by its ability to climb trees it'll go its whole life thinking it's stupid" Einstein x
If you look under Official Receiver or Insolvency Service you will find your local office and they should be able to give you some sort of confirmation. The loss of wages will almost certainly be captured as a windfall but the pain and suffering is usually exempt.
You would want this clarified before you settle the case as once the money has been paid over it is effectively 'cash in hand' and a lot easier for someone to grab this.
If your husband is receiving legal aid this would likely be withdrawn if your husband was not the ultimate beneficiary of the case so there are a few things in your favour.
