That's the most impressive thing about this forum, the advice that comes from people who have lived the actual reality of their debt problems to help others along the way, alongside the excellent help and advice from the experts, class forum Andy. x
Last edited by orchid5 on Sun Aug 12, 2012 10:49 pm, edited 1 time in total.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
There is nothing wrong with debt if it's under control, unfortunately we've lived in a culture where debt has been encouraged over last 10-20 years, and for many it's either just been too tempting (myself included there) or their circumstances have changed beyond their control and left them high and dry, but used wisely credit can be a great benefit
John, I am not 100% confident but I think that your IVA fails and the creditors can add on all the interest that they froze from the start of your IVA you will probably owe more than when you started your IVA and then the creditors start calling and writing to you again but I am more than sure you still have to pay the fees for bankrupty could be wrong hopefully someone with more experience will answer this soon
It's very unlikely that your IP will make you BR. Some proposals used to allow for money to be put aside to petition for BR but I don't think this happens now.
Once your IVA fails you will be back to square one with your creditors until you actually petition for BR. This costs £700, or £545 if you are on certain benefits.
On the subject of debt, I'm no longer ashamed of my BR. Life is a learning curve and my BR was part of it. Also, if it wasn't for my BR I wouldn't have made some very special friends.
I don't think that the additional debt can be added to your IVA as it was incurred after the IVA was agreed.
I definitely think you need to talk to your IP. I know it won't be an easy conversation but they may be able to help you sort this out without resorting to BR.
I think the I & E is roughly the same in BR now so you could end up paying the same as you are now, the only difference being the payday loans will be included.
