Help regarding IVA

oliviarosejackson

Hi everyone,

I was wondering if anyone could help me??

I have been in my IVA with Blair Endersby for 20 months. I had my I&E after 12 months and it turned out I was paying too much £311pm, so my payments got reduced to £150pm. My reveiw has only just been given and accepted by my creditors ( 16th Jan to be exact ) after my review being in June 2008.

I have recieved a letter from my IVA company to confirm the offer has been accepted and the ammended details. And it says that for the next 11 months I will pay £150 and another 47 months at £175. So if I am right, I am going to be in my IVA for another 58 months, having been in it for 20 months. Is it ever going to end??

I was also planning to move in with my partner in the not to distant future. But I can't see how this will be possible if I am going to be paying into my IVA for another 5 yrs. And I feel this could be more if I did move in with him, as most of my monthly income is made up of tax credits, as I am a single parent at the moment. My wages would only add up to around £500 without them. And even if I up my hours, it is going to be swallowed up by all of the extra bills ( I am currently still living at home with my parents). Sow hat will happen when I cannot afford the £150, is it ever going to end??

I have no assests to protect.

Thank you for reading.

spenderblender

So if you have already paid for 20 months and they now say to pay so much for 11 months and then so much for 47 months, this makes that you have paid overall 78 payments which is 18 payments over the required 60 - 5 years.
Seems to me that they have just dropped your payments but extended the term. You need to speak with your IP.

toshtec

oliviarosejackson wrote: »

Hi everyone,

( I am currently still living at home with my parents). Sow hat will happen when I cannot afford the £150, is it ever going to end??

I have no assests to protect.

Thank you for reading.

What on earth are you doin an IVA for just go the whole hog and file bankruptcy you are not goin to hurt your credit rating any more than you are now and will be clear of any debt far quiker than the IVA if you cant afford the fee for bankruptcy then stop paying the iva your supervisor will have to by law declare you bankrupt once you miss more than 2 payments with a 3rd coming up so unless you work in banking or are a solicitor then what are you waiting for he will wriggle like a worm on a hook and try and get you to make payments but when you think of it if you dont then he will not get his fees and the bottom line is he wants your money and he gets his cash long before your creditors see any of it.

Visit this site and ask a question of the expert

http://www.debtquestions.co.uk/forum/index.php

Sorry to you sensitive guys out there who say arghh bankruptcy never, I have done the IVA route succefully but its jolly hard money is very tight and unless you have a job or property to protect then whats the point olivierrose wont get a mortgage anyway as she is not allowed to obtain any kind of debt in the IVA so she will not be able to do a joint mortgage with her partner for the next how many years but will once she has been discharged from bankruptcy which is only short term now.

The banks have only their selves to blame they push money on people, myself I was the innocent party in my IVA I did it to support my wife but believe me if I knew then what I know now that I could have bought out her share of the house and bankrupted her I would have my home would be protected and I would have had a lot more money in the bank by now.

look at them now the banks are being given billions of £'s but are they doing anything to help people are they reducing the exorbitant interewst rates on the loans are they freezing interest on them to help people out no they are not so please any one who wants to bleat their case to me you are wasting your time.

mark2004uk

I am with Blair Endersby too, they told me that the minimum payment for an IVA is £200 !