Posted: Tue Jan 30, 2007 8:25 am
Hi, sorry if i ramble on but this is going to be a bit long winded i'a afraid. My husband and I entered in to an IVA January 2006 with the first payment to creditors being made in May of that year. Due to the stress after this had all gone through my husband and i decided to split amicabily and both wanted to still try and make the IVA work, without giving too much thought to the IVA we continued to have both our wages paid into the same bank account and all payments of £500 a month have continued to be made to our IVA.
However during this time as you can appreciate two sets of living expenses, I have lowered my mortgage payments to interest only to enable my husband to pay rent where he is living, also without thinking I have taken out credit with log book loans as I needed repairs done to my car (without which would make it extremely difficult to get to work) Ive also run up a debt with the bank of £2000 which they have agreed to accept £75 a month to repay.
God this is a mess, I was also lucky enough to be able to earn more money for about 4 months which I did not inform my IP about, as this was only temporary. Also spent a bit of money gambling online in the hope I would win enough to get out of this situation, which of course is never the answer and never happened.
To top it all off my annual review will be due soon and when they ask me for all my paperwork all this will be visible to them and my IVA will fail. I have very little equity in my house maybe £10k if that, what happens if my IVA fails and I have to enter into bankruptcy. Sorry this is so much of a mess but I needed to get it all out as the stress is killing me.
Already claimed my marriage what else will my son and I have to lose.
However during this time as you can appreciate two sets of living expenses, I have lowered my mortgage payments to interest only to enable my husband to pay rent where he is living, also without thinking I have taken out credit with log book loans as I needed repairs done to my car (without which would make it extremely difficult to get to work) Ive also run up a debt with the bank of £2000 which they have agreed to accept £75 a month to repay.
God this is a mess, I was also lucky enough to be able to earn more money for about 4 months which I did not inform my IP about, as this was only temporary. Also spent a bit of money gambling online in the hope I would win enough to get out of this situation, which of course is never the answer and never happened.
To top it all off my annual review will be due soon and when they ask me for all my paperwork all this will be visible to them and my IVA will fail. I have very little equity in my house maybe £10k if that, what happens if my IVA fails and I have to enter into bankruptcy. Sorry this is so much of a mess but I needed to get it all out as the stress is killing me.
Already claimed my marriage what else will my son and I have to lose.