Hi,I have been in an IVA since September 2006.

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natalie.mn
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by natalie.mn » Tue Jan 26, 2010 12:16 pm
Hi,

I have been in an IVA since September 2006. I have really struggled to make payments as I had a baby and went onto maternity leave (which just covered my monthly IVA payment) & then went back to work firstly full-time but then transferred to a part time role due to my full-time role being made redundant. I live in my partners flat and have always paid a minimal contribution (hardly anything) to the bills etc. However, his hours got cut in October 09 & so I needed to pay more to the rent and bills. I stopped paying my IVA (last payment being 09/06) & a family member offered me a sum to offer early repayment. However this has now been withdrawn as they need to use the money they were going to lend me & so I do not know what to do! I know I should speak to my IP for advice but they always make me feel so nervous and like they want to get me off the phone. Can anyone give me some advice as to what my options are? I cannot afford to carry on making my existing payments to my IVA.

Many Thanks.

 

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Michael Peoples
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by Michael Peoples » Tue Jan 26, 2010 2:03 pm
Hi Natalie and welcome to the Forum.
You are right that you should speak to your IP and you should not be afraid to ring them. If you are not happy with the people you speak to you could email your IP directly and this should help.

Given that you do not have a surplus or a lump sum to offer the only realistic options are to have creditors accept what has been paid as full and final settlement or to petition for bankruptcy. If you cannot afford your IVA payments you will have to stop paying but speak to your IP firm urgently so they know the reason why. Hope it works out for you.

 

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Shining
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by Shining » Tue Jan 26, 2010 2:52 pm
Hi Natalie and welcome to the forum as Michael suggest I would email your IP if you're uncomfortable with talking to him/her.

If you don't hav his/her email address it can be found at;

http://www.insolvency-service.co.uk/newipsearch.htm

 

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MelanieGiles
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by MelanieGiles » Tue Jan 26, 2010 9:43 pm
Your IP should be providing you with support this time, not making you feel nervous to even pick up the phone to them. It sounds to me as if bankruptcy is your better option, if creditors refuse to accept what you have paid to date in full and final settlement as Michael has already suggested.

 

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natalie.mn
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by natalie.mn » Wed Jan 27, 2010 10:20 am
Thank you for your advice. I will phone my IP and speak to them. It seems such a shame to go through bankrupcy after struggling for 3 years to make my IVA payments but I know that's probably what I am going to have to do.

Thanks again.
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