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  • FIRST POST
    • sleeplessmess
    • By sleeplessmess 10th Oct 17, 8:11 PM
    • 5Posts
    • 1Thanks
    sleeplessmess
    Is IVA really an option?
    • #1
    • 10th Oct 17, 8:11 PM
    Is IVA really an option? 10th Oct 17 at 8:11 PM
    So, I just used the debt remedy tool on step change.

    The main suggestion was IVA!
    I'm pretty happy with this as I want to take some responsibility towards my debts and have so many issues with bankruptcy and getting in trouble and my already fragile mental health can't cope with that.(application dishonesty, selling my broken car last year, and some other things I've expand in a previous thread)

    However
    I'm not sure if I will actually be seriously considered.

    Firstly, I was homeless November 2016 - May 2017 then in temporary accommodation until recently. So question one would be because I've paid nothing for a year will step change likely say no to going through with sorting the IVA when they know this?

    Secondly, I'm 36 weeks pregnant but based my income and expenditure on what I'm sure my income and expenditure will be when baby is here. Income was made entirely of benefits and I used suggested amounts on everything. £106 per month left to pay IVA. So question two, Can you really enter an IVA on benefits? (after I've had baby and begin to apply I will of course put actual and not guesses)

    I have no contact with any of my at least 11 creditors at the moment because due to circumstances explained above they haven't 'caught up' with me yet - not intentional, I 100% plan on facing this now I'm getting back on my feet So... I don't know the exact amount of my debts or the actual companies they'll be with now and based the debt amount on much higher 'guesstimations' than what I think I owe. I think this time last year debts were around 13,000 but estimated about 20,000. Question three, What affect do you think estimations have on the debt remedy suggestion? (after I've had the baby and got credit report I'll obviously use accurate figures).

    Any help and advice greatly appreciated!
Page 1
    • fatbelly
    • By fatbelly 10th Oct 17, 8:22 PM
    • 11,638 Posts
    • 8,773 Thanks
    fatbelly
    • #2
    • 10th Oct 17, 8:22 PM
    • #2
    • 10th Oct 17, 8:22 PM
    These automatic tools are no replacement for the brain of an experienced debt adviser! No, an IVA is not appropriate for someone on benefits with 13-20k of debt.

    Why not give National Debtline a ring on 0808 808 4000

    Or webchat with an adviser

    Monday to Friday: 9am - 8pm

    Saturday: 9.30am - 1pm


    Who's chasing you for payment and how much for?
    • sleeplessmess
    • By sleeplessmess 10th Oct 17, 8:37 PM
    • 5 Posts
    • 1 Thanks
    sleeplessmess
    • #3
    • 10th Oct 17, 8:37 PM
    • #3
    • 10th Oct 17, 8:37 PM
    Oh dear, I guess I will have to start looking into bankruptcy again! But thank you.

    I'm going to call step change in the morning and talk things through with them I think.

    I'm not aware if anyone is chasing me as of yet due to the homeless situation and recently finding a home but I don't sleep well any more so want to face it all properly.
    • sourcrates
    • By sourcrates 10th Oct 17, 9:05 PM
    • 12,668 Posts
    • 11,995 Thanks
    sourcrates
    • #4
    • 10th Oct 17, 9:05 PM
    • #4
    • 10th Oct 17, 9:05 PM
    Bankruptcy is so much simpler these days, all done online, no requirement to attend court, a lot better than it used to be.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 10th Oct 17, 9:13 PM
    • 11,638 Posts
    • 8,773 Thanks
    fatbelly
    • #5
    • 10th Oct 17, 9:13 PM
    • #5
    • 10th Oct 17, 9:13 PM
    Oh dear, I guess I will have to start looking into bankruptcy again! But thank you.

    I'm going to call step change in the morning and talk things through with them I think.

    I'm not aware if anyone is chasing me as of yet due to the homeless situation and recently finding a home but I don't sleep well any more so want to face it all properly.
    Originally posted by sleeplessmess
    Take advice from a variety of impartial sources. Citizens Advice is another one

    If I were you I'd be looking at a DRO if I was in England or Wales, had debts of under 20k and my situation was not likely to improve over the next 12 months

    But I agree that your accommodation is your primary issue if you are homeless.
    • sleeplessmess
    • By sleeplessmess 10th Oct 17, 10:57 PM
    • 5 Posts
    • 1 Thanks
    sleeplessmess
    • #6
    • 10th Oct 17, 10:57 PM
    • #6
    • 10th Oct 17, 10:57 PM
    Thanks again guys.

    I've really appreciated reading through both of your replies on previous threads too.

    I think I'm just going to have to go for bankruptcy but I'll wait until me and little one are settled.

    Just one more question (for now!) When seeking impartial advise am I right in saying it's confidential? Like many previous posters I'm concerned about the ramifications of lying on online application forms and the effect on bankruptcy.
    • fatbelly
    • By fatbelly 11th Oct 17, 12:36 AM
    • 11,638 Posts
    • 8,773 Thanks
    fatbelly
    • #7
    • 11th Oct 17, 12:36 AM
    • #7
    • 11th Oct 17, 12:36 AM
    Yes, the major debt advice organisations operate strict confidentiality policies.

    Any reason why you're ruling out a DRO?
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