www.iva.co.uk

Hi everyone just has a call from the iva company who have know told me that they want to charge me £180 more a month than quoted i am thinking about going bankrupt but scared i will lose my house i have no idea what to do or which way to turn all direct debits are due to loan companies in 3 days and ive cancelled them any advice . I

Hi
Have a chat with one or two more companies/experts and see what they have to say.
You are right to cancel payments as I am guessing that you can't afford to make contractual payments without getting further into debt.
Strange for such a change in suggested payments, who are the company advising you ?
Regards

Dont panic,if you couldnt afford the payments then you hav done the right thing in getting the ball rolling. Now I think you need to speak to another IP firm to see what they think.

Visit www.iva.com for a list of companies and reviews. Give one or two a ring to get a wider perspective. They will tell you of all the options open to you and the best one for your circumstances.

Take free advice from any of the firms on this Forum. It is not necessary to pay up front nor to agree to pay more than you can afford.

On the other side of the coin, any advisor/firm can only look at a situation as it is described to them on the initial call. When the paperwork is filled out and sent back, it is not uncommon to see that a few figures are not as originally thought, so a change in the estimated level of contribution is not an uncommon occurence. However, £180 is a big difference, so maybe you need to look over all the figures again yourself to make sure things add up, or as suggested take a second or third opinion. You have nothing to lose.

Regards.

When you say they want to charge you more, I assume that you mean that the contributions will be more rather than the IP fees? Is the IP acting for you using CCCS guidelines, and if so do you feel that you cannot operate within those levels?

Yes considering bankrupcy but have concerns regarding losing my house they are calling me back this evening.

Good luck this evening but always remember that there is no harm in taking a second or even a third opinion.

Oh just got off the phone the phone for once someone is advising me truthfuly . Me and my husband are going to go down the bankrupcy route i have two children and paying into an iva for five years is a long time , hope all gos well and thanks for all your kind words everyone.

I hope it all goes well for you.

If you have no equity in your home, then you shouldn't lose it, you'll just need to buy out the beneficial interest for £1 plus £211 costs (or get someone to do it for you).

You can fill the forms in online via this link:

https://www.insolvencydirect.gov.uk/isolv/

And we are always to help you if you get stuck.

I would recommend that you check with your local court to see if it is just a 'walk in' on the day, or whether you have to make an appointment as you may find there is a backlog.

Let us know how you are getting on.

Best of luck and good to see that you were not pushed into an IVA that was not affordable.