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Broke of London

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Post by Broke of London » Sun Jan 30, 2011 3:27 pm
Rosepetal - I only just saw that an iva isn't possible for you at the moment. I'm sorry to hear this. Have you had a chance to think about what to do next?
 
 

Broke of London

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Post by Broke of London » Sun Jan 30, 2011 3:28 pm
Just read your post properly Rose - good luck on the F&F! x
 
 

double-h

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Post by double-h » Sun Jan 30, 2011 3:40 pm
It was confirmed by IP that I needed at least £400 of overtime in order to have enough monthly income for an IVA.
Overtime is NOT guaranteed.
My position is that my employer is also a creditor, I have a sum deducted each month for a travel loan.
 
 

kallis3

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Post by kallis3 » Sun Jan 30, 2011 3:43 pm
I think you need to speak to your IP to see how you stand.
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
 
 

double-h

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Post by double-h » Sun Jan 30, 2011 5:02 pm
I did speak to the IP and they could only proceed if £400 of overtime each month could be included.

There is no way on earth an IVA is possible - BR is the only resort now.

Thanks again all of you who assisted here, I appreciate all your words of support and advice.

I'll come back and let you know how the BR fared.

Goodbye for now.
 
 

kallis3

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Post by kallis3 » Sun Jan 30, 2011 5:06 pm
You can also look at the sister site:

http://www.bankruptcyhelp.org.uk/bankru ... topics.asp

They may be able to advise.

Let us know how you get on.
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
 
 

Mattybaldy

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Post by Mattybaldy » Sun Jan 30, 2011 11:08 pm
I'm a bit late coming to this thread but have every sympathy with double-h and can most certainly understand the feeling of hopelessness.

I am a manic depressive and had a massive breakdown, which left me unable to work for quite a while. It was that which got us into a financial mess in the first place. As you can imagine, already having had a breakdown and being a manic depressive, the financial problems and stress associated with them made matters even worse.

However, from the moment I sat down with an expert and started to do something about the financial situation the burden and worry started to disappear. Just knowing that you are facing up to the problem and letting the experts take care of matters for you gives you a new lease of life. Once you start making payments, whether it be in an IVA or bankruptcy, you quickly come to see it as normal as if you were just making monthly payments on a bank loan and before you know it things don't seem quite so bad afterall.

You've come to the right place double-h and you're doing something about the problem... a temporary problem that WILL be resolved.
 
 

Michael Peoples

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Post by Michael Peoples » Mon Jan 31, 2011 9:39 am
I cannot see why you have to find £400 per month if you do not have it. There are no minimum dividend requirements in IVAs any more so you can pay what you can afford. Sometimes very low dividends are extended to six years but that would be discussed with you.

Take another opinion on the IVA option if you are so against bankruptcy.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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