why has it all gone wrong?

[floridaholiday]

I am really upset that our IVA has finally beat us. We made our first payment in November 2007, everything was going fine until 2009 when I had to miss two payments for a car repair, and a further payment for a new mattress for my daughters bed.In January I lost my job so had to ask for a payment break for six months, also allowing us to move from our rented house which was totally unsuitable due to damp and extortionate fuel bills. When managed to move end of February, really happy with new house lovely in a lovely area. Our expenditure has not increased, but have ended up with £515 final electric bill £150 final water bill, and now car has just failed it's m.o.t costing £660.00 I have managed to get a bit of work, but only a total of £140.00 extra per month, which leaves us with £50.00 per month to cover IVA and extra bills, obviously this is nowhere near enough. I have been in touch with GT on a few occasions now to try and come to a solution, they are telling me to cut back on our expenditure, which is totally impossible it is already really tight. And where am I supposed to get the money for the car repair and final bills. What are you supposed to do in this situation having already missed a total of 9 payments what more can I do apart from go bankrupt. I really wanted this IVA to work (OK if nothing goes wrong over 5 years) Bankruptcy cost £600 each GT say that none of the money paid into IVA can go towards this so will have to find it ourselves. If the IVA fails then it will take ages to get the fees together for the Bankruptcy so are we going to get hassled agin by our creditors. I have just been diagnosed with anxiety and depression by my doctor, I do not know if I can go back to being hassled as we did before IVA

[Julie]

Oh, I'm so sorry to hear about your problems. Have GT said your IVA will fail or can you have another extension?

If it does end up you have to go BR, then at least you know you've tried your best. You would have to try and save for the fees and explain this to any creditors that call. The BR forms can be completed online and are not as daunting as they look. You can get support and advice on here if you do go down that route.

xx

[floridaholiday]

Thanks for your support Julie. GT said we need to send a letter to them to say we want to terminate our agreement. I thought if we stopped paying then the IVA would just fail. I do not know how long it will take for the IVA to fail before we start getting hassled again. I did not realise you could fill in your bankruptcy forms online. Do you know which website it is please

[Julie]

For your IVA to officially fail, you have to miss 3 payments. Then you will receive notification.

If you do have to go BR, it will be worth contacting your local court as some have a waiting list and you can make an appointment in advance.

The forms can be comleted via the insolvency website www.insolvency.gov.uk

You can save the info as you go, so you can do a bit at a time. I've been down this route with hubby, so know how you feel.

Still try and see if GT can help with your IVA first xx

[kallis3]

Sorry it has come to this. You've done your best.

You can let your IVA fail by missing three payments which will allow you to save some money towards the BR fees.

The forms can be found via this link:

https://www.insolvencydirect.gov.uk/isolv/

If you need help filling them in, there will always be someone on here to assist.

Check out Skippy's blog.

[floridaholiday]

I have already missed six payments so will it fail straight away

[Julie]

You can contact the court before you get official notification from your IP. You can also start filling in the forms straight away.

Talk to your IP first and see if there is any way forward with your IVA. Have they suggested reducing the payments?

[floridaholiday]

Yes they did say we could reduce paymnets but I do not know by how much. I can not see them accepting less than half, but even so only got £50.00 spare and still have all my other expenses still eg car repair ontop I can not see how we can ever catch up.

[Julie]

Complete an income & expenditure form and see exactly what you have left over for the IVA. If its not enough, then go BR and hold your head up high. There's only so much you can do and you need to move forward.

xx

[floridaholiday]

Thanks Julie. We are both in our forties, we feel we need to start living, because we definatley aren't at the moment, it is time to move on. Just hope we do not regret our decision to go bankrupt thought about it several times but always backed out.

[kallis3]

It may be the best decision you ever made.

You are obviously struggling with your IVA. If your IP can't help then you've done your best - accept defeat and start over with BR.

[MelanieGiles]

Just remember that family life is more important than paying a few debts - you have tried your best and now it is probably time to move on.

[Lisa2009]

You should be proud that you gave it your best shot.
I think after all the worry you have already had, it would be better now to give up and move on without this hanging over you.

Good luck xx

[Shining]

I agree you've given it your best shot, draw a line under it an move one. I hope it all works out for you x