I began an IVA in February 2006,and have made payments totally around £16K of a £70k debt. I lost my job in July last year and I only receive enough (including my state pension)to cover mortgage and bills. I am now 3 payments behind on my IVA and I realise it could fail. I have recently submitted my Expense/Expenditure form and explained the situation. Is there any way the Supervisor could reduce my payments, or will he bankrupt me. I am 61 this year and worrying myself sick...
hi tooey-i just wanted to welcome you. im sorry youre struggling at the Moment. without knowing your income its hard to tell-what has your ip said when you informed them.
please dont get yourself all in knots its a horrible time for you. there are experts on here who can give you advice and guidance-keep posting youre amongst friends
The message here is to communicate directly with your IP to see what can be done. If you have insufficient money to pay anything into the IVA, then perhaps bankruptcy proceedings would appear to be the better option.
Do you have any assets which would be at risk under such proceedings?
Thank you for trying to put my mind at ease; Melanie thinks bankruptcy might be the only way forward. I have paid almost half of the IVA, and now that I am unemployed, I do no have the income to carry on paying. I have written to the supervsior to advise him, and I await the outcome.
At 60 I did not expect to have no security whatsoever, and given that my property is in negative equity, and I have no assets whatsover, perhaps its time to bow out......this is all just too problematic and I am sooooo tired of trying to juggle. Melanie - if I do as you suggest and go bankrupt, will they take the payment I have made to date, into consideration???
hi tooey-melanie has given you excellent advice but she has also advised you to contact your ip. why not call in the morning to see if they can do anything.
dont forget youre amongst friends so keep on posting ok ? [:)]
I think that any monies that you have already paid across are distributed to your creditors if your IVA fails.
If you have no equity in your property, then at least bankrutpcy can give you a fresh start with no worries about debt.
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
Another option, given that you have paid half of the payments, is to see if creditors will accept what they have already received in full and final settlement of all debts due.
[:I]Thank you to everyone who has responded today - to Melanie, Kallis,and Fergiedoggy. I tried to respond to you all personally but could not find the way!!!
On your collective advice, I will call my IP tomorrow and see if my IVA payments thus far, would qualify me for a discharge from the IVA, or a route to bankruptcy...scary! But I really appreciate your advice and support! I so understand people feeling desolate at times like this, if only I had discovered you sooner.. Late last year (October)I was at a funeral of a dear friend, who needed desperate financial help, which he clearly did not know how to obtain...what a sad day that was.
I pray I find the strength, the curiosity and the wherewithal to get myself out of trouble and thank God for people like you...Thank you
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Tooey, we don't put email addresses on here to avoid being inundanted with spam. You can request that admin send us your address, or you can add yourself to the frugal friends map, and if someone else adds you as a friend, then you an email.
I hope you manage to get yourself sorted out today, you certainly sounded more positive in your last post.
Let us know how you get on.
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
I completely understand why no one puts email addresses on here! I think I was so exhausted reading all the blogs, and trying to assimilate all the information, I forgot to click on 'Reply'!!! Kallis, I am enjoying reading your blog, but rather intrigued about the 'op' of which there is many mentions! I think I probably need to read earlier ones to find out what you had, if indeed you have shared that information! It might be rather private....
Anyway, I do hope the outcome of the hospital visit last night is all good. Do let us know.[:)]
I had a gastric bypass just before Christmas Tooey!
Hubby is still in hospital at the moment, but I will update when I have any further news.
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
