new to this

[donnamitchell]

hi all,

im new on here,

when i spoke to debt free they advised me and my hubby to go bankrupt anyway we talked them into an iva and this was accepted.

we are really struggling at the moment, and the firm i work for is struggling too and i think will go under in the near future so i will be out of work. what will happen to the iva. are you allowed a payment holiday or something.

as we are struggling at the moment could we go bankrupt and if we miss a few payments would our creditors ask for us to go bankrupt. we are really unsure.

we have only been in the iva since august 2007 so not long. i just cant see any light at the end of the tunnel.

christmas was really rubbish and i hate to see my 2 kiddies suffer because of our mistakes what can we do.

sorry its long, just at the end of my thether at the moment.

thanks x

[Adam Davies]

Hi
You can have a payment holiday with your IPs and creditors permission but it may just be delaying the inevitable in your case.You can apply for bankruptcy at anytime.The cost is £485 each.
Creditors are unlikely to petition for your bankruptcy due to costs unless you have assets.
Regards

[donnamitchell]

no we have no assets at all, we have 2 cars thats it they are worth about 6grand between them. i wouldnt need a car to get to work if i was made redundant. always thought my job was secure but it isnt.

i am also still receiving letters from my creditors were they have sold them to other companies, what do i have to do with these?

i must sound stupid, but i really dont know what we have done. dont really understand it. been reading about income and giving 50% of overtime each month, but we have never been asked for it so are we going to be left with an even larger bill.... im so scared about all this.

sorry for sounding stupid

[Reviva UK]

Hi Donna
i have replied to another of your posts but sounds like you are struggling.

How much are you and your husband paying into the IVA?

Certainly worth reading the IVA document carefully as there are a number of clauses that are probably written into yours, i.e.
50% of any overtime etc.
Unless you tell DFD they won't pick up on it until your annual review in August when they will ask for payslips and P60 etc. At that point they would probably ask for the 50% of th overtime and in the event you were unable to pay would negotiate with you to either increse the monthly contributions or extend the term to compensate for the earnings.

If the overtime was not great - under £200 they may let it slide but DFD are sticklers for the letter of the law.

[MelanieGiles]

As Donna is struggling to pay her payments at the moment, her problems are one of the present rather that the future worry of 50% uplifts!

Donna - I suggest that you attempt to have a meeting with your IP - difficult in that you are with a volume producer, but try and find someone sensible in authority who is a decision maker. You need to present your current income and expenditure statement, and disclose the variances to that proposed at the creditors meeting, so that your IP can understand why you are having difficulty in making the current payments. Once this is known, then further advice can be given to you about your ongoing options.