In an IVA but cant afford to keep paying.Any advice please.

Jam_Buttie · 4 January 2009 at 12:47PM

AdamMerry wrote: »

I sometimes wonder, is it worth me working overtime for me to get a decent wage, I'm lucky were i work basic pay is poor but overtime is good and you can work as many hours overtime as you like. But when i have my 6 months review half the overtime has to go back on my IVA :mad:

I have to declare 50% of any over time or bonuses I get too! It's a tvvat aint it...?!

The thing that annoyed me last year was when I was off work and my only income was sick pay for 8 weeks the IVA still wanted to take payment as sickpay was was "classed as an income" So I told em to shove it and take half payment as I still had other direct debits to pay!

When I tooik my IVA out I wasn't aware of being able to do pay ment plans via the CAB - I wish I did now! As my other option was BR - but I didn't wan't everyone knowing about it. Where as the IVA - the only people who know is the people I choose to tell. Or the people who have nothing better to do and look at the Insolvency Reg'r.

MIVAA · 4 January 2009 at 1:58PM

AdamMerry,

Try to look on the bright side, you'll be debt free in less than 5 years without having to repay half your debt.

If you can improve your standard of living in the process, what can be wrong with that, even if as a result you end up paying your creditors a little bit more of the money you owed them.

Try to keep in mind exactly what you are trying to achieve, and you might not feel so hard done to.

After all, thousands of people on the MSE forum work overtime each month in a bid to be able to clear their debts whilst having to afford their other costs of living, without the chance of having part of their debt written off.

I'm not ranting, but just trying to help you keep things in perspective.

I hope I have,

MIVAA

AdamMerry · 4 January 2009 at 2:51PM

MIVAA wrote: »

AdamMerry,

Try to look on the bright side, you'll be debt free in less than 5 years without having to repay half your debt.

If you can improve your standard of living in the process, what can be wrong with that, even if as a result you end up paying your creditors a little bit more of the money you owed them.

Try to keep in mind exactly what you are trying to achieve, and you might not feel so hard done to.

After all, thousands of people on the MSE forum work overtime each month in a bid to be able to clear their debts whilst having to afford their other costs of living, without the chance of having part of their debt written off.

I'm not ranting, but just trying to help you keep things in perspective.

I hope I have,

MIVAA

I totaly agree with what your saying MIVAA,

Half of the money i earn in overtime is better than nothing at all, and i am lucky that i have the chance to earn the overtime with my job. It's just the thought sometimes that 50% is going to IVA sometimes makes you feel is it worth it, but in the back of my head i know it is.
I suppose that's the greed coming out in me wanting money that is not mine and i suppose that's how i got in to this situation spending money that was not mine in the first place.

MIVAA · 4 January 2009 at 3:49PM

AdamMerry wrote: »

I totaly agree with what your saying MIVAA,

Half of the money i earn in overtime is better than nothing at all, and i am lucky that i have the chance to earn the overtime with my job. It's just the thought sometimes that 50% is going to IVA sometimes makes you feel is it worth it, but in the back of my head i know it is.
I suppose that's the greed coming out in me wanting money that is not mine and i suppose that's how i got in to this situation spending money that was not mine in the first place.

That's the spirit.

In an IVA but cant afford to keep paying.Any advice please.

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