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Posted: Wed Apr 30, 2008 3:59 pm
by Clairfo
Hi, I started a personal IVA over 2 years ago, it didn't include my husbands debt and we have struggled to complete payments and have actually slid further into debt since we started. We have 5 children, and therefore have a certain amount of tax credits etc - so the income has fluctuated. I have also had 2 cards since the IVA - which I know is wrong - but would of been unable to keep our heads above water without them. I am now in the situation again and do not know what to do? Can I now take a new joint IVA, or is my only option bankruptcy? I feel such a failure.
Posted: Wed Apr 30, 2008 4:47 pm
by emma_t
Hi Clairfo and welcome to the forum
No one will judge you on this forum and you will get good, honest and supportive advice[:)]
I would wait around for an expert to answer your questions as I am not sure of the answer, lots of experts post so it should not be too long.
Emma x
Posted: Wed Apr 30, 2008 9:57 pm
by Viki.W
Hey clairfo, welcome to the forum. I'm not an expert but I'm sure an expert will be along to answer your question shortly.
Don't worry, I'm sure there is a solution to your problem.
Viki X
Posted: Wed Apr 30, 2008 11:20 pm
by MelanieGiles
Well you know that taking unauthorised credit during an IVA is a breach of the terms, but I am amazed that the bank would give you the cards in the first place so they must take some of the blame.
You will need to seek your IP's views as to the seriousness of your breach and see what they are prepared to do. I would think that bankruptcy is a definate option, and this could result in you being awarded a Bankruptcy Restrictions Order - which sounds horrid but in reality is fairly toothless.
Speak to your IP first and let us know what they say.
Posted: Wed Apr 30, 2008 11:52 pm
by ianmillington
Melanie is correct in what she says of course about the breach of the IVA - you would be bang to rights on that. However, ask your IP about all the options that are available to you. I wouldn't altogether rule out an attempt at a second IVA, although it will be difficult. You will appreciate that you will be starting with poor credibility and you will need to have a plausible explanation as to why the first one failed, particularly the circumstances in which it happened.
Can I ask why you didn't both do IVAs thus taking account of the debts of both of you?
Ian