www.iva.co.uk

My hubby and I have 55k debt we are in the process of applying for an iva. Our ip has set out proposal at 100 per month, it's all we have after our budget, I'm terrified is will be rejected as such a small dividend....I'm 6 months pregnant, have. 9 year old autistic child and negative equity of approximate 20k...... Can bankruptcy be forced on us, I'm at the end of my nerves and cant cope with any more stress, please can someone advise if they have had a situation like this? Many thanks.

It is indeed a very low dividend, but that in itself does not mean the case will be rejected - so do keep the faith as they would not have presented it if they did not feel it had a good change of acceptance.

Which firm are you using for the IVA as a matter of interest?

Hi Sam.sk. Welcome to the forum. Of course it's a stressful time for you - probably more-so being pregnant, but be mindful that if your IP didn't think you had at least a 'fighting chance', they wouldn't waste time putting a case for you. Good luck with it, and your pregnancy. x

Been there and felt like that too - good luck and I hope it works out for you

I remember the feelings of it all too well. Good luck. Your IP must think you've got a strong case or they wouldnt have put it forward. Keep us posted x

Would bankruptcy be such a bad thing? Your budget seems fairly tight, but thats not to say impossible to get approved in iva.

Paul

Good luck Sam. Hope all goes well.
Your IP must think you have a good chance of getting your iva approved to be putting it forward.
I'll keep my fingers crossed for you.
I know it's easy to say but try to think positive.
When is your meeting ??

Courier is picking up docs tomorrow and as far as I know it's set for 28th March......I'm using Simple Debt Solutions, so far they have been very supportive and have put up with my tears and constant questions! A lovely girl called Rachael is dealing with it and my IP.......I know IP will not present a case unless they think it will be accepted, but with the run of luck we have had over the last few years, I'm not optimistic the dividend is 8p/£ very low, but my budget is very tight and very low so have not gone over board on any expenses......I can't give what I haven't got anymore, that's why the debts have spiralled out of control in the first pace

Hi Sam, hope you start to feel more positive very soon. Were all debt solutions including bankruptcy discussed with you prior to deciding on an IVA?

Good luck for your meeting date hope it's positive for you and do keep us updated.

It will soon be here and you will hopefully have the result before Easter - fingers cross for you x

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by luluj

It will soon be here and you will hopefully have the result before Easter - fingers cross for you x

yes, all avenues were discussed.....the thought of bankruptcy makes me suicidal we lived in our home for 20 years and it. Is that....our home, we have borrowed and borrowed for work on it amongst other things, and to consolidate consolidation loans!!!!! Wish I could turn the clock back, but its happened and were in a mess......my daughter is autistic, she can't cope with a change in wallpaper, let alone a different home!, .a DMP will be around our necks past retirement age! So an IVA seemed the best option? I want to pay back my debts, I really do but how else can I do it.....we lead a very modest life, haven't had a holiday in years and not likely to now either, but need a light at the end of the tunnel, not to mention a new baby due in less than 3 months too! :-/

Sam are you aware you don't always lose your home in bankruptcy especially if there is no equity. All the best in whatever you choose x

stay strong sam

i appreciate its a stressful time , but these days creditors tend to loo to accept the majority of proposals in order to avoid BR

i know it may seem easy for me to say with me not being in your position, but your IVA co would not have pit the proposal fwd if they thought it wouldnt get accepted

fingers crossed for you

Hi Sam

This is a very important decision I am just a little concerned that perhaps bankruptcy may not have been fully explained to you due to your what seems, and forgive me for this your limited knowledge about how it works. All I am saying is why dont you just run your full situation past the CCCS, who are now known as Step Change, just to get another opinion they have an excellent bankruptcy section,if they say go for the IVA, then at least you can say to yourself that you thoroughly researched your options, I will bet a months salary bankruptcy will never be forced upon you, why would creditors pay for you to be debt free.

Sam good luck for yr meeting. It is very stressful waiting. Believe me. It's worth that wait. You have a focused head on yr shoulders and taken a great positive step to sorting yr debt issues. It shows how brave and strong you are. Will be thinking of you x