www.iva.co.uk

i`m currently with harrington brooks on an iva i`m not happy with there service i was paying £356 a month. i got that changed to 150 before christmas with which there was another issue where they didnt take money from me. so now they have put me up to £206 a month and have also not added another £1800 on my bill as was told my account would be settled in 5 years but now there adding more and more on please advise me if you can

Hi Daniel and welcome to the forum.

Your IVA payments are not set in stone for the term of the IVA. Why were your payments dropped in the first place? Was there a proviso that they would go back up again?

What is the £1800 pounds for? How long have you been in your IVA?

last year i done overtime so they have asked for that amount i earned. and when i took the iva they said it will be over in 5 years reason for loweing was because i moved in with my partner as i was living with parents they agreed to lower my amount

kallis3 wrote:

Hi Daniel and welcome to the forum.

Your IVA payments are not set in stone for the term of the IVA. Why were your payments dropped in the first place? Was there a proviso that they would go back up again?

What is the £1800 pounds for? How long have you been in your IVA?

Hi Daniel. I am afraid if you earn more, you pay more. However, I hope that £1800 wasn't all of your overtime (normally you get to keep half 0 depending on the terms in your proposal).

I think if oh does overtime in the next 5 years I would rather send them 50% each month he does it instead of waiting for annual reviews. No nasty shocks then.

Daniel you need to look at your paperwork to see what it says about how much overtime you need to pay across. It may be that you had to pay a minimum dividend and because of the lowered payment you won't make this amount and this could be why they have extended your payments.

so people what would happen if i decided to go bankrupt what would i have to do ? and what would the out comes be as u watch things like eastenders ian was made bankrupt now is loaded in this seranio how would it work for me

If you wanted to go bankrupt then you would need to let your IVA fail. Bankruptcy fees would cost you £700 from the beginning of June and if you have disposable income of more than £20 once your priority bills have been paid then it will have to be paid across to the Official Receiver for three years.

If you own your own house you may end up losing it.

First of all you'd need to take specific advice. To go BR you'd need to allow your IVA to fail (three months non-payment will do that). Then you'd need to petition for bankruptcy at your local court (soon to be a fee in excess of £700 for this). You will possibly get a payment order to pay a similar amount to your IVA (your disposable income) for three years. So time-wise you possibly wouldn't be a lot better off now, once you add three years to the time you've been in an IVA already.

Edit : Must type faster :0)

Foggy dont forget the other 3 years on the credit file - if thats an issue !!

Good point Ginger.

Don't forget as well that the allowances in BR have noticeably tightened up recently as well.

Plus the BR would be on his record for a further six years from the date of the bankruptcy.

Your credit file will be shot for 6 years from when you go bankrupt and you will have a failed IVA on your credit file.

You will probably have a IPO for 3 years too. Is this really something you want to do? It might be worth chatting to your IP about it first.

so really i should of gone br first ?

TheMatrix wrote:

Your credit file will be shot for 6 years from when you go bankrupt and you will have a failed IVA on your credit file.

You will probably have a IPO for 3 years too. Is this really something you want to do? It might be worth chatting to your IP about it first.

Nobody can tell you what you should have done Daniel. If you feel this is the best for you then go for it but be warned it's not an easy way out.

Do you own your own house?