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Posted: Mon Sep 20, 2010 12:11 pm
by eis
we feel we made a mistake by entering into an iva because of the high payments and clauses ie (overtime payments) ect. if we stop payment would we automatically be made bankrupt? we are with the cccs who have been very helpful in the past but seem to be against us for wanting bankrupcy. we now don't know who to turn to or who will help us. any advise is welcome.
Posted: Mon Sep 20, 2010 12:14 pm
by Shining
Hi there, are you experiencing problems within your IVA. All should have been explained to you in full prior to signing anything in respect of overtime payments, windfalls etc.,
Do you have a house or anything of value that could be affected by bankruptcy?
Have you spoken directly to your IP rather than a representative about your concerns?
Posted: Mon Sep 20, 2010 12:35 pm
by kallis3
I agree with Lesley that you should speak to your IP company in the first instance.
It is highly unlikely that they would make you bankrupt, you could do that yourself or you could do a debt management plan.
Posted: Mon Sep 20, 2010 12:40 pm
by Adam Davies
Hi and welcome
You could stop your IVA and drop back into a debt management plan if you are finding it tough.
CCCS probably won't help you with another DMP so use a good commercial company
Regards
Posted: Mon Sep 20, 2010 7:57 pm
by Broke of London
Hi, look again at your income and expenditure and speak to your ip if there are any changes to your outgoings as your monthly contribution may be set too high. If this is the case it can be reduced. I think everyone would agree that when money is tight it hurts to pay across any extra! Very few if anyone is comfortable on an iva and this site is a great source of support and encouragement.
Posted: Mon Sep 20, 2010 8:33 pm
by JoeB
How long have you been in your IVA?
Posted: Mon Sep 20, 2010 10:24 pm
by Broke of London
If you aren't satisfied that bankruptcy wouldn't suit you better, you could always go for a second opinion. Iva.com lists loads of firms who could help...free.
Posted: Mon Sep 20, 2010 10:50 pm
by MelanieGiles
Your IP ought to be helping you to overcome your current difficulties and try and keep the IVA back on track.
Given that you are having to pay over uplifts to your IP, I assume that you are also able to retain an element of your increased earnings - perhaps even 10% of your basis salaries and 50% of the difference. Is there any reason why you feel this is unaffordable or unfair? Or are the expenditure allowances simply too tight?