www.iva.co.uk

I just posted this in the "Ask a question" area as well.

I am past the 3th year of my IVA, I have 11 payments left. In the last 2 years I lost my job and my new job pays exactly half of my previous pay. I know I should have told my IVA manager at the time but to be honest, I scrimped and cut back in ways that hurt! I managed to pay faithfully. I just wanted to at least try to pay it. Now I am here with rising bills, rising mortgage and I physically don't earn the money to pay everything.

IF I notify my manager, can I be forced into bankruptcy?

If not, what is likely to happen?

Thanks in advance.

Hi there and welcome to the forum - great name by the way!

Your IP is unlikely to want to force you into bankruptcy, but they will want full details of your income and expenditure to see whether it is viable for your IVA to be varied. I suggest you send them a complete list of your income and expenditure, which will detail the amount you feel that you can comfortably offer to pay for the next two years, and then give your IP a ring to chat through the options.

Hi Melanie and thank you very much! The name was me trying to cheer myself up with something to make me smile!

Reading back, I made a mistake, I typed 3rd year, I mean 4th year. I only have 11 payments left.

Welcome from me as well.

If you are that far in, then it is in noones best interests to let the IVA fail now.

You might even find that, dependent upon what you can afford now, your creditors might even be willing to accept what has been paid in to date as a full and final amount.

Thank you Kallis! I really appreciate it.

I have literally struggled this far.

If it fails it will be all for nothing and more of the same for who knows how much longer beyond?

I don't think it will fail, not with only 11 months to go.

You do need to speak to your IP as soon as possible though to put him/her in the picture and see what is advised.

I was scared to to be honest because of my not telling them I had lost my job.

I will do it though. I paid every penny they asked for this far. I can't even describe how hard it's been, I assume most people here know, anyway.

This last crop of bills a few pounds here, a few there, it tips the balance.

As you have been managing to pay the full amount over the two years, your IP probably won't be too bothered about you not having said anything.

Still, bite the bullet and tell them tomorrow. I would think they will be sympathetic.

Hi I know how you feel, I was made redundant friday its so scarey but I informed my IP straight away and I must say they were great,just be as honest as you can and tell them the truth, hang on in there Ive applied for 6 jobs allready

I hope you get one of them Phil.

O I will Jan thanks I will never give in, but I dont understand why some people wont tell there ip, it was the 1st thing I thouht of, afterall they are there to help us and like I said on my previous posting Payplan ( if necessary ) will extend my iva by 1 year which ok is not what I'd like but if it stops the dreaded B its ok with me.

I can understand why - they don't want to run the risk of it failing, and not everyone's IP's are as understanding as Payplan have been.

really, sorry, I didnt know that, well suppose I am lucky being with them , all they asked was I sent them a copy of my redundancy letter, but I have 3 months wages paid so again im lucky it gives me some breathing space and I hope I will have a job by then

I hope you will as well, and don't forget to come and let us know when you do.

Morning all and many thanks for the help. I will be honest, it was the not telling them about the redundancy pay that concerns me. I didn't waste it, I used it to buy my kids school uniform when they moved from primary to high school and the little left I used to top up my payments. I thought I could manage and I did this far,even though the money ran out more than a year ago, it's just the extra payments for bills and mortgage that means I don't even earn what I have to pay out.