www.iva.co.uk

Posted: **Tue Jan 29, 2008 4:35 pm**

We are currently a year into our IVA but unfortunately we are struggling and would probably be better off Bankrupt. Are you able to tell us what will happen when our iva fails.

Posted: **Tue Jan 29, 2008 4:39 pm**

Please let us know ( as a starter):

If you are in arrears with your payments, how many months behind are you? How much in money terms?
Do you own your home? If so, is there equity in it and how much?
What do you (I assume both) do for a living?

Thanks

ian

Posted: **Tue Jan 29, 2008 5:49 pm**

i am in the same sitaution i live with my partner and 2 children in rented accommadation . i am a car sprayer employed by a large comapny. we currently pay £482 pm towards the iva and have been so for 13 months . in november we had to send off a updated expenditure form and are currently waiting for the results . we was told that the monthly payment would increase and we are struggling at the moment to get by . we have never missed a payment and are concidering bankruptcy . what would happen if we default the iva ? is bankruptcy best for us? we have no equity other than 2 cars which are of no great value. are our possesions safe? HELP

Posted: **Tue Jan 29, 2008 8:43 pm**

Hi
You can apply for bankruptcy at anytime,if you have joint debts be sure that both of you apply for bankruptcy.
Are you sure that you have no equity in your property ?
Speak in detail with your IP before deciding anything
Regards

Posted: **Tue Jan 29, 2008 9:01 pm**

Jaysalv

Can you explain why you feel you are struggling, as it seems odd that your IP feels that you can pay more money?

Posted: **Sun Feb 03, 2008 4:32 pm**

hi we seem to be struggling because as our 2 children get older it seems that our outgoings are increasing eg we are only allocated 50.00 a month for clothing but that between 4 of us with the kids uniforms and such is not enough . it also allows 25.00pm for xmas and bitrhdays well we hardly had enough for xmas just gone as my sons b.day is 3 days before xmas. it seems that after a year of the iva we are barely covering our living costs . i had a small payrise mid last year and a massive increase in domestic bills yet the iva has increased so im worse off . i have been in touch with the iva (synergi) and they have sent me another expeniture form out but i dont think we can carry on like this for much longer.what do you advise

Posted: **Sun Feb 03, 2008 6:15 pm**

Hi
Fill out your income and expenditure as it really is.You should not have an increase in payments if your increased expenditure is more than your payrise.
Are you a homeowner ?
Regards

Posted: **Sun Feb 03, 2008 6:24 pm**

it also allows 25.00pm for xmas and bitrhdays

You have a birthday and xmas expenditure allowance in you I&E?

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Posted: **Sun Feb 03, 2008 8:30 pm**

Wow i'd say thats lucky as you are the 1st one i have known on this forum to have a birthday and christmas allowance in your IVA. We didnt have 1 and we have 5 kids between us.

mrs skint

Posted: **Mon Feb 04, 2008 1:39 am**

Sorry - there must be a mistake here? £25 per month Christmas and Birthday allowance??? Surely not. Could this be an overall monthly contingency allowance??? But £25 Christmas and Birthdays? Hmmmm...

Posted: **Mon Feb 04, 2008 2:07 am**

wow, I agree lucky, could do with a birthday and christmas contingency, we have large familys and have birthdays most months, I understand that we are all here to pay back as much as possible to our creditors, thats why we are in IVA'S and did go bankcrupt. but children don't understand this and nor should they have to either. maybe less IVA's would fail if the contingency was a little better.

Posted: **Mon Feb 04, 2008 7:20 am**

I agree 100% there should be an allowance for birthdays and christmas.