The whole thing seems such a mess. Please help

[zchr1]

I have gone through the IVA process with a company, and the IVA has been in place since January 08. I have defaulted on this arrangement, because I cannot afford the repayments. They wanted me to pay such a high amount per month that was just impossible. I managed to get a little reduction on the monthly amount, but I still cannot afford to pay. I have spokent to them and explained my problem, but they said they were defaulting me and suggested that I get some impartial advice from someone else. I realy am at a loss about what to do. I saw this site advertised in the FT and hope you can help me. Since my IVA was put into place 4 other creditors that I forgot to include in the IVA, have come forward and are demanding money. I can't pay and IVA and then 4 other creditors on top. The whole thing seems like such a mess. Please help.

[chris.g]

hiya zchr1, just wanted to welcome you to the forum,. Can't answer your question but one of the experts will be along soon to answer your question

[ianmillington]

Hi and welcome.

Do I read it right, your IVA is (less than) 2 months old and in trouble already?

Ian

[zchr1]

Ian

Yes you read it 'right'. I should never have taken the IVA on. I was so worried an ill with stress at all the phone calls and abusive letters from my creditors, that I thought it was the only way out. So, what do you suggest. Should I re try with another IVA provider or should I just cut my loses and swallow what's left of my pride and file for bankruptcy?

[chris.g]

Do you own or rent your house? Do you have any disposable income?

[zchr1]

I didn't shop around for the IVA that was right for me. I took the first offer that came along. I rent my house. I have no savings. I do not own a car. I thought I could pay what the IP wanted me to and still survive. Since then more creditors have contacted me about debts I has not included in the IVA. What advice do I get here on the forum. I need to be contacted by someone who can answer my questions.

[zchr1]

I would also like to point out that I have just read a thread about bankruptcy on this forum where a gentleman has debt of 40k and pays £350 per month. Why then was I asked to pay £450 per month when my debt is 15k!!!! This is why it is all madness to me.

[chris.g]

You will get honest and supportive answers from the forum. It would be useful to know who much debt you have and the amount of any realistic disposable income you may have.

[zchr1]

See the above I just posted!

[chris.g]

It all depends on individual circumstances. Every IVA is specific to each individual therefore figures can only be used as guidelines.

[zchr1]

Can someone suggest where and who I can talk to about my situation.

[ianmillington]

There does appear to be something not quite right here. If you could seriously afford to pay £450per month on debts of £15k that's a 3 year repayment term and I'm wondering how the creditors accepted it.

You do need a review from the ground up I'm afraid. To be on the safe side, a meeting (which I assume you've not had) where you can go through the paperwork would be desirable too. Until a fresh pair of eyes has had a chance to look at the papers, all we can do is speculate I'm afraid.

Ian

[barbara.worthington]

hi - i am sorry you are experiencing more problems.

i am really new here so am not in a position to advise you but i am sure there will be a professional along soon who can advise you. i am sure there will be a way forwatd for this to be sorted - try not to panic in the meantime

kind regards

barbara

[chris.g]

Try contacting Melanie & her team, find her here
http://www.melaniegiles.com/

[debbiw]

Hi, I thought they could only default you if you had missed 3 payments? Which company are you with?