Hi all assistance required again!! Have just got through my annual review and payment remained the same so huge sigh of relief but this week disaster has struck and my main client in my self employment has decided not to renew my contract this year and will use me on a adhoc basis rather than the retainer I was on. This means I am £2000 a month down on my income and I was really close to the wire as it was to pay everything and the IVA!! My landlord has said he will help me out with the rent on the property this month and next while I try and find something else but am worried to death about my IVA. Its £275 a month and I have two years left to pay (I was extended by a year so will have paid six years at the end) am I just going to have to admit defeat with it and declare bankruptcy? Am so upset I have paid in every month and to have to admit defeat when I am so close to the end is just devastating. Any advise anyone?
Thanks for your kind words I am just dreading ringing them and being told bankruptcy is the way forward as I have struggled and scrapped through to pay for the IVA and I will be just gutted if it fails. To have the worry of it on top of finding a new job is just a nightmare
Ring them sooner rather than later as none of this is your fault don't be scared. I am sure there is a solution, a payment break may give you some breathing space. Try to see what can be done so you are not worrying all weekend and you are unable to get hold of anyone.
Jan
Nothing you can buy feels as good as not being in debt.
Hi
As you have paid four years, and your income may mean that you can't continue, ask your IP to put a variation forward that your creditors accept payments made to date as a full and final settlement and bring your IVA, and debts, to an end.
Regards
Hi Andy
Do you really think their is a chance they would go for that? As I put in my post I do have just short of two years left due to applying for a variation a year in. To be fair when I got my annual report from DFD a couple of months ago despite paying a fair chunk in over half had been swallowed up in fees so my creditors had very little in their pot. If they would accept what I have paid in as a full and final that would be fantastic I suppose I can but try. This really would be a light at the end of my tunnel though.
If the creditors won't accept your payment so far as full and final try for a payment break. We managed to get a 12 month break when my other half lost her job and it was a huge relief.
It's certainly worth a try. You can ask for an initial 6 month break. Seeing as you are so far in without any problems I don't see why they would refuse you.
Thanks for all the replies have spoken to DFD and they have said they will put my circumstances to my supervisor next week however it seems that a payment break may well be out of the question as I have used up that free life by having the variation a year in as if I now have a break I will go over 72 months which is a no no. In fairness the person who called was really supportive (I emailed Declan first and one of his team rang if anyone is dealing with DFD this seems to be the best way to deal with them as you do get a genuine person on the phone not a robot) and said they would see what my options were and try to find a solution without it failing but without a lump sum it might be stretching it a little to ask for the payments already made to be put forward as a final settlement as I still have 22 months to pay at £275. Am keeping everything crossed for what they come up with.
I am sure Declan and DFD will do what they can to help,but ultimately it will be up to your creditors whether payments made to date can be accepted and the IVA closed.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It is not correct to say that you cannot apply for another payment break - you can apply for as many as you like during and IVA, obviously they have to be for credible reasons.
If I were your IP I would need to understand how difficult it would be for you to find another source of work, and how much time you would need to try. All steps should be explored by your IP, before asking creditors to approve an early forgiveness - but I do agree with the other posters that this is far more favourable than bankruptcy at this stage of your IVA.
I am obviously on the case of trying to find a new position but I suppose my problem is that my wage previously was in a higher bracket so its harder to get a position I can just walk into. I think I will be temping for a while as I try to find something new. Luckily the landlord of the property as spoken to me today and said we should be able to come to an agreement where I do some work for him that he is planning on the house and some admin work for his business in lieu of rent so that means I should fingers crossed be able to afford the IVA for a good few months if I really pull my belt in. I really could do without another payment break as I am already up to it taking over six years of my life as it is and I really really want to do my best to keep up the payments for it to come to an end. Hopefully DFD will come back with something positive as I am sure I get back on my feet just hate that this has happened so far down the line.
At the moment I have been self employed as I had enough work to maintain myself. Without this main contract I would end up being a mixture of both. Will this make a difference
Having talked through my position with a couple of family members one of them has said they might be able to offer me £2,000. Do you think there would be any likely hood of them accepting this as a full and final or am I way out of the ball park? Obviously at £275 for another 22 payments I would pay £6050 and this is worked out at paying back 29p in the £. How is the pence per £ worked out?
