www.iva.co.uk

We started an IVA in January but are still been constantly phoned by creditors and even had a bailiff card through the post, we keep calling our IP and they keep saying dont worry but its 3 months now and nothing seems to be done, really fed up.

I also had to give up my job in february as my 12 year old daughter had to have her hips pinned and it was a long recovery, my employer wouldnt pay me for the extended time off and couldnt promise to keep my post open, so we have had to live off my husbands wage for 6 weeks. I now have employment again. but are due to go up to £584 per month from £64 this month and there is no way we can afford that as we have had no spare money whatsoever

Hi

When you say you started your IVA in January, do you mean you made contact with someone who is now in the process of preparing proposals?

Are you a homeowner? If so, what assets do you have? How much is your overall unsecured debt?

I hope your daughter is on the road to recovery.

Jo Rolland wrote:

Hi

When you say you started your IVA in January, do you mean you made contact with someone who is now in the process of preparing proposals?

Are you a homeowner? If so, what assets do you have? How much is your overall unsecured debt?

I hope your daughter is on the road to recovery.

Our IVA was approved in January and our first payment started on the 15th Jan, we owe around £60k our mortgage is £124K and the house is worth around £145

Our IVA was approved in January and the first payment was made 15th Jan, like I said we are still getting calls etc from creditors who seem to of been missed. we have £60k of debt our mortgage is £124k and the house is worth £145k approx. Are you allowed to change IP if you are not happy.

The calls from creditors can generally take a few months to quieten down following the approval of an IVA, so just grin and bear that as it will eventually quieten down.

At the time that you entered into the IVA, was your daughter's operation on the cards, and were you aware that this would directly affect your income? Also was your IP aware of this?

I'm so glad that your daughter is getting better, and she is your number one priority at the moment.

Hi Jill

As my IP once said to me, none of have a crsytal ball to know what's going to happen in the future ... and things change, for better and worse. So if you did not know that this was going to happen then there must be some way around it.

As everyone else has suggested, talking to your IP is probably your best step to take at this stage as they will be able to set out your options for you.

From personal experience though, might I also suggest that you give Paul Johns (posting as Reviva) a call as if your IVA does indeed look to be going to fail then it would seem that your only option in the future to address your debt problem might be bankruptcy and, if this is the case, you need to start adopting a plan and strategdy now so that you can remain in control of things as much as possible.

With all good wishes ... and do please keep in touch with the Forum and keep us updated as to how you are getting on.

Debbie

My daughters operation was unexpected. I,m just so depressed over everything. We had not defaulted on any payments when we received a call from dfd, but we had started to struggle, so when they called out of the blue, we thought they were helping as we had never heard of IVA. We have since found out we should of been given options, but were,nt. When I have spoke to dfd about this they said they were acting in our best interests and didnt feel any other options would of suited us. I think this unfair. Are we able to cancel an IVA and look at other options now, i,m so confused and scared.

Hi
I do not agree with the cold calling approach of 'selling' IVAs.
An IVA will take all of your disposible income,after allowing for reasonable expenditure.If you feel that you can't manage then you must contact DFD and agree a way forward.
You can stop paying into your IVA at anytime but would be back to square one.You may lose your house in bankruptcy unless you or a third party can buy the beneficial interest from the OR,are you and your partner both in an IVA? The other option that should have been explained to you is a debt management plan.
As you are in an IVA the calls etc will eventually stop and the threat from a bailiff will also be covered as long as the debt was included in your IVA.
First port of call is to speak with your IP and to post more details on here so thay we can help and support you
Regards

Thank you all for replying and helping, I will keep you posted. I have wrote a letter to our IP today relating to our concerns, and enclosed recent payslips etc.
The main problem we have is that my husband is paid on piece rate, usually through summer his pay is really good, It usually picks up around April time, but at the moment production and orders are down still. So he still only taking home approx £340 p.w. Our outgoings per month are £1303 thats just bog standard mortgage, insurances, utilities without food and IVA payment. Our Iva payment is due to go up from the winter rate of £64 p.m to the summer rate of £564 on the 15th April. I started my new job 2 weeks ago and had two wages of £150 and £172. So as you
canits dire.

Also I am reading that some people have paid their F + F with a remortgage. How do you remortgage if we are not allowed to get credit and our credit files are damaged so who would lend that money out?. Also when it gets to the year 4 clause who would lend to release the equity to pay it.

You can get a re-mortgage with your supervisor's permission, but this is getting increasingly difficult given the situation in the mortgage marketplace. You ought to seek the advice of a mortgage broker who specialises in the sub-prime marketplace.