www.iva.co.uk

1n just three months my firm has gone from working 7 days and making 2 million profit to no overtime four day week and making a loss i work for the automotive industry over 1000 employees work at my firm its looking bleak will have to put my iva on hold for now not expecting any upturn for most of next year how are other people managing

I'm in construction. The industry in general is getting the mother of all kickings at the moment. Guys are calling me literally every hour looking for work.

However, I work for a small company with good long tern clients so am counting myself very lucky at the moment.

I too know the feeling. Im a fabricatoer/welder and we are about to have all overtime cut.

I have explained to my IP and am now awaiting their response.

Merry 'ruddy' Christmas eh??!

Hi

My huby is a self employed plumber/tiler and after today he literally has no work whatsoever and may have to start signing on as of next week.....he is a very proud man and to go from earning £1200 per job to £60 per week and have to go and sign on every 2 weeks, would no doubt hit anyone hard. I really feel for all industries its hitting hard at the minute and hope things turn round sooner rather than later.

Good luck to you all

I work for a company making electronic parts for the automotive industry (and other industries) and we've got customers cancelling orders and trying to return parts to us.

Dave is a handyman and at the moment he's got plenty of work on at the moment, and he's actually turned some down, but I don't know how long it will continue.

Good luck to everyone who is struggling at the moment x

As you know I work for an firm of IPs and we are finding it very busy. However, the change in the last couple of years has been dramatic. More and more of our referrals are being advised to go bankrupt as they have little or no work or equity. Businesses are failing and neither they nor their employees are able to fund or sustain any offer to creditors.

We like most IPs and I am sure all those on this forum provide interviews and advice for free and receive our fees only if the IVA is successful. So even though we are getting busier, the amount of fee paying work is declining.

The downturn has been dramatic and I would advise anyone struggling with their IVA payments to immediately contact their IP. Variations are being proposed in huge numbers to reduce payments and creditors are currently sympathetic. No one wants IVAs to fail when the clients have been trying their best.

Well good luck to everyone going through hard times.

If my variation isnt accepted then its down the BR route for me. Woulb be a shame after nearly 3 years of hard slog in an IVA!

Good luck Shanks. No creditor should look to fail an IVA after three years. I am sure your IP will be fighting your corner if need be.

Thanks Michael, I do hope your right!

I have had one variation before when I was off work ill and needed to make up my contributions so my IVA was extended.

I have also managed to run up another small debt which I have declared to my IP also.

Scary times!

Well i am very worried that my hubby will be following me down the br route very soon. There is no way we will have enough to pay even just the mortgage based on child tax credits, child benefit and jsa....i am scared we will have to live off his overdraft/credit cards