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IVA - what else can I do ?
Ineedcash_2
Posts: 4 Newbie
in IVA & DRO
Hi,
IVA background.
Paid over 20 k of contributions to IVA company balance is under 11k. Was made redundant last year when I was on maternity leave.
Have not paid monthly contribution as I have no money coming in money I had has run out.
IVA company now petitioning bankruptcy.
Have been really stressed about this and on top of looking after a baby not the best thing.
Have spoken to a few family members who have said they will raise the remainder of the balance so I can pay this off and the pay the money back to them.
Have contacted IVA company who you thought would be thrilled at this however they were not happy. They said they would have to write to creditors to see if they agree on this. This will cost me a further £1000 in fees for them to do this. Why do they need to do this when I am paying the remainder of the balance back to the agreed limit in my IVA? No money has been written off. The IVA company also said that there may be more charges over the amount that was agreed in my IVA. I do not think they can do this?
When I phoned them to say can pay the remainder they were horrilbe.
ANYONE TAKING OUT AN IVA CONSIDER THE FOLLOWING:-
You have to make each monthly payment for the 60 months of the IVA
if you do not they can make you bankrupt.
IVA companies or should I say the company I am with are taking over 14K in charges if I go bankrupt.
I should of gone bankrupt years ago however I wanted to pay every penny back.
Should the IVA company be so horrible if I am paying the remainder balance in full. Why are they being so ackward ?
I am so worried as I do not want to owe money to family members.
If there is another option please let me know. I have been informed even if I do not own property they will make a claim and ask my husband to buy out my entitlement in the house which may come to more than the balance owing on my IVA.
Personally can I contact the creditors direct and ask them to let me know if the agree with the amount I have offered?
If anyone is thinking about taking out an IVA please get the right advice and make sure that if you are working that you can afford to put a few months maybe 6 months of contibutions by so that if you loose your job you have a few months where they are not trying to make you bankrupt.
Any advice much appreciated.
IVA background.
Paid over 20 k of contributions to IVA company balance is under 11k. Was made redundant last year when I was on maternity leave.
Have not paid monthly contribution as I have no money coming in money I had has run out.
IVA company now petitioning bankruptcy.
Have been really stressed about this and on top of looking after a baby not the best thing.
Have spoken to a few family members who have said they will raise the remainder of the balance so I can pay this off and the pay the money back to them.
Have contacted IVA company who you thought would be thrilled at this however they were not happy. They said they would have to write to creditors to see if they agree on this. This will cost me a further £1000 in fees for them to do this. Why do they need to do this when I am paying the remainder of the balance back to the agreed limit in my IVA? No money has been written off. The IVA company also said that there may be more charges over the amount that was agreed in my IVA. I do not think they can do this?
When I phoned them to say can pay the remainder they were horrilbe.
ANYONE TAKING OUT AN IVA CONSIDER THE FOLLOWING:-
You have to make each monthly payment for the 60 months of the IVA
if you do not they can make you bankrupt.
IVA companies or should I say the company I am with are taking over 14K in charges if I go bankrupt.
I should of gone bankrupt years ago however I wanted to pay every penny back.
Should the IVA company be so horrible if I am paying the remainder balance in full. Why are they being so ackward ?
I am so worried as I do not want to owe money to family members.
If there is another option please let me know. I have been informed even if I do not own property they will make a claim and ask my husband to buy out my entitlement in the house which may come to more than the balance owing on my IVA.
Personally can I contact the creditors direct and ask them to let me know if the agree with the amount I have offered?
If anyone is thinking about taking out an IVA please get the right advice and make sure that if you are working that you can afford to put a few months maybe 6 months of contibutions by so that if you loose your job you have a few months where they are not trying to make you bankrupt.
Any advice much appreciated.
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