IVA and temporary contracts

bobby81_2

Hi guys

I was in the process of setting up an IVA but to double check this was the right option for me I called National Debt Line today.

National Debt Line informed me that I cannot get an IVA due to the fact that I am only a temporary contract with work which finishes in July this year. When I mentioned this to my IVA company last week they said this would be no problem as you can reduce your IVA payments when this happens but National Debt Line are adament this is not the case and the IVA company is breaking procedure by advising me that this was possible.

Anyone know what the real answer is?

Thanks

Bobby

james32_uk

I'm afraid that I would suspect without a regular source of income it would be difficult to get your creditors to accept an IVA. Any recent why you can't go bankrupt?

bobby81_2

Thanks for reply James

Not really thought about it to be honest, just sort of hoped I would be able to pay my debts off but ougoings (including the high interst to my creditors) is too high compared to my income.

From what I can see IVA constraints is the same as bankruptcy for the next six years. My girlfriend is upset because of my name going into local paper and her family finding out althought to be honest this does not bother me.

james32_uk

£10,000s and 3 or more extra years of penny pinching has got to be worth more that 10 words of print that noone reads buried away in a local paper isnt it?

bobby81_2

Exactly James

A guy I know said to me the other day who is being made bankrupt by his creditors said "its like being paid 30k to have your name put in the paper" meaning his debt of 30k would be wiped and couldnt care less if people knew

mother_hen_2

I thought that in after March this year they are stop putting peoples names in the paper for bankrupcy ( I don't think they put IVA's in).

bobby81_2

Hi Mother hen

Can you please tell me where your heard that info from?

Thanks!

mother_hen_2

It has been floating around on the Bankrupcy board for a while now - anyway I posted the question on b/r forum and replies where implying it hadn't gone through yet and might of been rumours. (oddly, I thought it was linked into the last Budget? yep I'm definately going crazy).
I'm sure some one who understands all these things will come along and comfirm it for us all.