HELP!

[venetia]

My husband and I have been in an IVA for 1 year and 5 months. Alll has been good up until recently. We took out a loan in December for £3,000. Our payments to the debt company have never been affected, they have always been paid in full and on time. However I am about to give birth to our first baby, and due to being on maternity leave my wages have reduced, my debt company are aware of this, and have sent me a variation pack. It is asking for 3 months bank statements, this will show the monthly payments to the loan company, and without trying to decieve anyone I didnt inform the debt company I did this, so I am now worried sick about what they will do if they find out, I am so frightened I am going to be in serious trouble, If I wansnt pregnant it wouldnt matter, but because they want my bank statememts I dont know what to do....I am truly terrfied and desperate for advice, can anyone help me????

[sblack]

I am no expert on the matter but as you will know getting loans whilst in an IVA is seriously wrong, especially as you did not consult your IP before hand. You are quite correct you may well be in trouble.
I would suggest an expert will be along shortly to advise you on the possible consequences.

[joh71262]

I'm surprised the loan company actually lent you the money in the first place if I can be honest. Not long after I took out my IVA I borrowed £700 from a friend as I was having my bathroom re done via an insurance claim but still needed some money to finish it off. I included it in my annual review and was told in no uncertain terms that if I did it again, they would default me because it wasn't right that I couldn't pay back my creditors and yet was able to re pay my friend. I see their point.

I suggest you come clean with your IP and explain why you needed the money as they will know when you send your statements.

[chris.g]

Not a good idea venetia, but it's done now. One of the experts will advise you on your next move,
xx

[Shining]

I spoke to my IP the other night re my boiler problems, my plumber offered to take instalments for my huge bill, but IP said 'no' to miss one payment and make it up as soon as. Sorry I can't offer you any advise but know that to take credit whilst in an IVA without the permission of your IP is a no no. I do hope you get this sorted and it doesn't spoil the joy of having your first born.

[Reviva UK]

Hi Venetia

welcome to the forum.

would be good to get a little more imformation because this will be critical to the next steps. The things we need to know are:-

What was the level of debt
What are the monthly payments
Do you have ang increases set in the iva payments
Are you a home owner
What is the mortgage amount (value of Mortgage)
What is the monthly repayment
what value are your cars.
What company did you take the loan out with
What are the monthly payments for loan.
What was the loan used for and is thee any left.

The reason for the above is that it is highly likely that the IVA company will get very excited about the situation and as per the terms of the agreement are probably obligated to fail the IVA.

You absolutely need to get a copy of the IVA proposal to a professional on the forum now (fax / email / post etc ) so that they can quickly review the terms of the contract.

My fear is that this is a material breach of your obligations within the IVA and depending upon the wording will depend upon the outcome.

Not sure if the other experts are available over weekend but you can forward / call me via web page to get some pece of mind.

i am not trying to worry you but this is really a serious problem.

[lily]

You just need to speak to your IP as soon as possible, that way you will know what is going to happen. Although you know you did this without consultation it wouldnt really be in anyones interest to default your IVA, as you say youre just about to have a baby and really dont need to the worry. If you speak to your IP you will know what the consequences are and it will be known, not the woryying unknown.

I wish you the best of luck with this and your new baby.

[Reviva UK]

You do need to speak to your IP but it would be very good for you to understand what they say before they say it so that you are mentally prepared for the options.

[Adam Davies]

Hi
You only have one choice and that is to be upfront with your IP.
Phone them and explain what has happened and wait for a response then we can help and advise further.
Why did you take the loan out and what did you spend it on
Regards

[venetia]

Oh my god I am such an idiot, the money was for christmas, to repair the car, and to pay my mother in law, I was so niave, and now I dont know what the hell to do, I am desperatly desperatly worried, I know its my own fault and wud do anything to put it right, I know u all must think im a terrible person, because I do, I hate myself and the mess I am now in

[venetia]

To Reviva UK, where can I send a copy of the IVA agreement to for someone to look at?

[Shining]

Oh Venetia, none of us will think you're a terrible person, we never judge anyone. Please don't hate yourself as the experts have said be up front with you IP and take it from there, try and stay calm and don't stress as it won't do that baby any good. Keep posting.

[chris.g]

We don't think you are a terrible person and it's done now so you just have to try to get it sorted. The only and best thing is to contact your IP to explain who will be able to tell you what will happen because of it. As paul says though, best to get prepared so you understand completely the options available.
Try not to worry, take care of yourself and your baby
xx

[venetia]

Nothing else seems important now, I feel guilty about having a baby, if I wasnt I wudnt be in this mess, why was I so stupid????? I feel ill with worry, great mom im going to be, sorry to sound like this, but I feel like my life may as well be over and its what I deserve quite frankly!!!!

[chris.g]

You will be a great mam, you have just made a mistake that will be sorted out when you speak to you IP. Send the details to Paul for him to have a look and advice you better about it,
xx