I have recently taken out an IVA on £31,000 of debt. This started in December. I was already having work stresses before I took the IVA out but didn't expect it to come to this.
I work in mental health and have done so all my working life with either children or adults. In the last month or so it has come to a head and is making me ill, I cry most days when I'm not speaking with clients, I feel sick to my stomach on Sundays knowing I'm going to do another week of this. I feel really pathetic and have no experience in anything else, I don't even know what I'd want to do. I thought about asking to go part time to relieve some stress but I'm not sure where that leaves me with the IVA. I am so angry and upset with myself that I've let myself get into this situation. Has anyone been in a similar situation? And have any advice?
I have no assets and was advised bankruptcy however I needed to keep my car due to needing it for work. I am currently paying back £350 a month.
I'm so sorry to hear of your problems. You do need to speak to someone about your IVA and payments and work out if you can afford to go part time. I also think you need to seek counselling for your own mental health?
As regards your car, as long as it's not worth a great deal or you have it on HP or lease then it should be ok with bankruptcy. That way you could have your debts written off and look for a job in which you are comfortable. You and your health are the main priority.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Thank you for your reply. In terms of paying back I wouldn't be able to afford the IVA and my current bills on a part time wage. In my agreement terms it was stated that I was expecting nothing to change in my job, which was true at the time.
In terms of BR I can't find a clear answer about the car, it's listed as an asset on my agreement, however I haven't finished paying the lease and I do need it to do my job as I do mostly home visits. I have read that sometimes you are able to keep the car if it is needed for work. What else would they seek to take in a bankruptcy? I have no other assets. I originally didn't contemplate this because of the car and felt terrible about not giving anything back.
If you have no other assets then there isn't a problem there. The car could be a stumbling block as sometimes the finance company will take the car back - check your lease details to see what it says.
Depending on your circumstances at the time you may have to have an Income Payments Order for three years but that would be something the OR would sort out. You also have to pay for your BR upfront but that can be done in instalments, usually by letting your IVA fail by missing three payments.
Your health and well being are paramount at the moment as you are obviously not in a good place. You can come on here at any time to have a chat or for some advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
