IVA is biggest mistake of my life!! :(

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Christabelle_sparkle

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Post by Christabelle_sparkle » Wed Aug 04, 2010 8:20 pm
I am at my whits end with no one to turn to!.
My hands are tied everywhere I turn.
I cant earn more money to pay my way as IP wants it.
I cant re-finance my balloon payment on my car like IP said I would be able to before i agreed to IVA.
Probably gonna lose my job because I am going to have to hand car back to car company after paying off over half of it already!!! (£7000)

currently handing over £366 a month to IP

I should have just not paid my unsecured debts and gone to court and agreed a small amount to pay back each month instead.

If I did not have 2 small children I would go Bankrupt at least my money would be my own!!

I feel IP was quick to sell to us what a great idea an IVA was but now things aren't working out like they said they don't want to know!!

Can anyone advise me what to do as i'm at my whits end and isolated?
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
 
 

666

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Post by 666 » Wed Aug 04, 2010 8:27 pm
Hi christabelle_sparkle
First things first - don't think that you're alone - we're all here to help out where we can.
You will probably have to elaborate on your situation for one of the professionals to try and assist so a general precis of your debts, iva terms etc will be a good starting point.
Depending on the company you are with you may not actually be talking to the IP - you may be getting fobbed off by a case worker.
The balloon payment thing comes up quite often so there should be advice available through this website.
The last thing is why do you think bankruptcy is not an option? do yo have equity in your house?
 
 

Christabelle_sparkle

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Post by Christabelle_sparkle » Wed Aug 04, 2010 8:33 pm
Hi 666,

I dont want the stigma of bankrupty for my kids. I have no equity in my home,and if i was made bankrupt I would lose my house and have to move my kids from one residence to another by renting properties for the next 6 yrs, I dont want to do this as I want them to be settled.
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
 
 

Paul.oz

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Post by Paul.oz » Wed Aug 04, 2010 8:38 pm
Lets hope one of the experts knows a solution as im starting to panic too. I have 3 kids and the last thing i want to do is go down the bancruptcy route.
 
 

Shining

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Post by Shining » Wed Aug 04, 2010 8:43 pm
Bankruptcy doesn't always result in house loss, I'm not sure of the process of bankruptcy, but Skippy is knowledgeable and her blog gives a good insight.

Who is your IP? I wonder if they post on the forum and are able to help x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 8:46 pm
If you have no equity in your home and you keep up the mortgage payments on it, you will not lose it in bankruptcy.

You need to get someone to purchase the beneficial interest for £1 plus £211 court costs and it is taken out of the bankruptcy.
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
 
 

Skippy

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Post by Skippy » Wed Aug 04, 2010 9:00 pm
Jan is right, if there is no equity in your property you wouldn't necessarily lose it in BR.

I really don't think that BR carries the same stigma as it used to - it's not always advertised in the local paper now and I very much doubt anyone would know.
 
 

Christabelle_sparkle

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Post by Christabelle_sparkle » Wed Aug 04, 2010 9:03 pm
My IP is Harrington Brooks
I feel bankruptcy might be better option for me then as i cant cope with my IVA
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
 
 

Shining

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Post by Shining » Wed Aug 04, 2010 9:08 pm
How long have you been paying into your IVA for? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Christabelle_sparkle

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Post by Christabelle_sparkle » Wed Aug 04, 2010 9:11 pm
Hi Lesley,

10 months now at £366 a month
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
 
 

Sinking Fast

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Post by Sinking Fast » Wed Aug 04, 2010 9:17 pm
Hi CS.

If you wish to know more about BR then visit the sister site to this one:

www.bankruptcyhelp.org.uk

There are a number of professionals who post on this forum who should be able to answer any of your questions.

As mentioned, if you have no equity in your property, the OR will more than likely allow you to buy back the beneficial interest - he is not interested in bricks and mortar.

Gd luck.
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 9:20 pm
BR may well be an option for you.

You would need to let your IVA fail by missing three payments, but this would allow you to save up the BR fees.

Give your IP a ring to see if they can help you in the first place.
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
 
 

Skippy

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Post by Skippy » Wed Aug 04, 2010 9:21 pm
You can also post on here - the experts on here will help you, and there are a few of us who have gone BR and know what you're going through.
 
 

Christabelle_sparkle

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Post by Christabelle_sparkle » Wed Aug 04, 2010 9:28 pm
thank you all for your replies, it is nice to speak to people who know about things.
I'm really at my whits end and don't know what to do for the best.
I am going to lose my cars cos I cant re-finance balloon payments,
just about to start a new job and career and without a car this is going to go pear shaped.my world is falling apart when i thought the IVA was going to help. :(
An IVA is a long hard road but valuable lessons have been learnt along the way. Now looking forward to enjoying a debt free future!
 
 

kallis3

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Post by kallis3 » Wed Aug 04, 2010 9:35 pm
Try Duncton for the car.

That way your new job well be safe.
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
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