hi i am in a iva plan at the moment and i carnt afford it anymore its geting me down as i carnt afford my morgage as well when paying both i have no money left to live on what can i do as i dont want my house anymore either because i carnt afford it anymore i just want away with it all what can i do
Hi Kevin - welcome to the forum - sorry to read what a struggle you are having. you need to speak to your IP as a matter of urgency. Something is not right if you cannot afford your payments anymore as well as your mortgage - has anything changed or was your budget not set right from the beginning?
Either way you need to get your income and expenditure reassessed to see what next course of action is best for you.
I hope you get things sorted soon and let us know how you get on. Everyone will be on here to support you.
Regards,
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Gosh, sorry to hear this. Most will suggest that the first thing you should do is arrange to speak to your IP via the firm handling your IVA to see if they can do anything to review your payments.
If you really can't sort it out there is always Bankruptcy but if you do have some disposable income you will have to pay it over anyway.
I think we all would have liked a quick, easy way out but in reality there isn't one. That said I am sure there is a plan for you to get you out of this.
I can only agree with the others that you should speak to your IP. If the property is the main issue it could be returned and any shortfall included in the IVA. If the IVA is the problem you could petition for bankruptcy and possibly keep the property. It may indeed be a mixture of both but your IP will be able to help.
I hope you can get this resolved. Your IP will be the best person to advise you whether it is possible to continue with your IVA by making reduced payments or if bankruptcy is the better option.
Is the I&E too tight or have your circumstances changed?
Let us know how you get on Kevin and the forum is always here for advice and support.
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