New on here and desperately need some advice

gemma26

Hi all, i will get straight to the point, me partner and i entered into an IVA in august 08 with 27,000 debt, arrangement was to pay 266 a month, however i have not returned to work after maternity leave as company closed down and not been able to find anything at the moment, also my partner has had a reduction in hours and therefore wages from beginning of december 08. we have recently been awarded housing benefit which goes some way to helping but we are still in no position to pay the agreed amount and havn't done for 3 months now. i have explained to the company we have the iva with and at first they were understanding but now they have become increasingly unhelpfull, i have worked out my incomings and outgoings and after all bills paid we are left we about 350 a month for food and petrol. I'm not sure what I'ms supposed to do, do i offer to pay the iva say 50 a month, or petition for bankruptcy? my dad thinks bankruptcy would be better thing to do as essentially we'd be in the same position in 5 yrs time as we would in iva, does anyone have any advice or suggestions please? thanking you in advance, gemma

spenderblender

I am in the exact same place as you. We entered into our IVA in Dec 07 and can not afford the repayments of £298 now. We have now reconciled ourselves to bankruptcy. I am going to miss the payments this month and wait for the paper to say I have failed the IVA and then going in for bankruptcy. I feel better knowing that this will soon all be over. Good luck. There are some great people on here who will get you through this, just keep coming back and they will always be here. Read other peoples questions also and it will make you feel you are not alone.

gemma26

Thank you for replying, it does make me feel alot better knowing we are not the only ones in this situation, i just feel stupid for getting into debt in the first place but that can't be changed now so will look to the future and remember this silly moment in our lives!!! so i guess i just wait for my iva company to get in touch and see what they say. thanks again gemma

tigerfeet2006

Hi Gemma,

The first thing to do is ring one of the debt charities and talk through your options with them, numbers and links in my sig. You may have to sit pressing redial for a while as they are very busy, read someone did this for half an hour the other day with National Debtline. You could also try the Debt Solution option on the CCCS website, this will give you a fair idea what to do and then when you ring them they will have your details and will be able to advise.

If bankruptcy is suggested get over to rhe Bankruptcy and Living with it board and we will help and support you. If you want to come over and do some reading and ask questions then everyone is very supportive over there. The first place to read would be the Bankruptcy Help sticky.