IVA mess

twoody4

Hi all
Im in a real mess at the moment and dont know where else to look. Believe me Ive tried fo hours looking for an answe.
Basically I started my IVA in Jan 08 and in Aug 08 I started work. Because of morgage arrears and council tax arrears we didnt inform the IVA company.
My husband loses his job on Friday and I know I need to let the IVA know but I dont know whats going to happen when I do tell them.
I have an annual review booked for 3pm today and making myself physically sick with worry about how Im going to tackle it.
I know its my own fault but Im really scared of whats going to happen when they do now.
Any help would be so greatful.
By the way I was going to declare it in April because ofthe new tax year.

RAS

please can you try and ring NDL, CAp or CCCS for advice on the legal situation?

http://www.moneysavingexpert.com/loans/debt-help-plan#help

natalouie

Remember one thing this is YOUR IVA for which you are paying this company to arrange they are not so much as doing you a favour as making business. Please do not let yourselve be intimidated. Everybody messes up with money at some point some more (me) than others. Give them the facts and let them work out the details. But do not hang your head for one minute you are attempting to repay your debts as best you can and get debt free that is to be commended at the least. Feel proud of yourself for getting this far.
Good Luck!

twoody4

Im just worrid that they will fail the IVA and we shall be in a bigger mess. Im just wrried where I stand if the are wanting the money back which I dont have.

natalouie

I know what you are frightened of but do you have valuable assets, posh car, equity in your own home, diamonds? If not they can not make you pay what you do not have. How much debt do you have? Is Bankruptcy an option? Bankruptcy is not a bigger mess just a last resort.

twoody4

no posh car or diamonds
no equity in the house if anything now in negative equity.
i dont know anything about bankrupcy but it does sound drastic am i gonna lose everything with that

natalouie

It is not as scary as it sounds but you need good independant advice. Do not let yourself be talked into anything by IVA company. Contact the independants, think RAS posted some for you. BR does not mean you lose everything including your home in some circumstances so find out more. Also once BR no former creditor can contact/hassle you again!

RAS

twoody4 wrote: »

no posh car or diamonds
no equity in the house if anything now in negative equity.
i dont know anything about bankrupcy but it does sound drastic am i gonna lose everything with that

Hi

if your mortgage and secured debt around the same as you can rent a similiar house, and the OR would get nothing, s/he is unliekly to turn you out od the house. You can buy the Beneficial interest for £1 plus the fees (about£222).

They are only interested in household items of value (over £1000). If you have cars that you do not NEED to get to work, they may well sell them, and you might have to down-grade if it is worth more than £2K.

If your OH is losing his job, then you may not have to pay and IPA either.

Please speak to a debt charity ASAp as you are probably worrying about thisngs that would not happen.

And then post on the BR forum, as well.

twoody4

I spoke with CCCS who told me to ring Insolvency.
They basicaly said I entered into a legally bound contract and because I breached it my IVA company (Kingsgate) could in rights fail the IVA.
My morgage at the moment is £630 a month I know there is no equity in the house as the morgage is maxed up.
My car is only worth £300 and is essential for work as I work 10 miles away and doesnt get covered on a bus route.
I suppose because I dont know that much about BR Im thinking the worse, like I could lose my home, my possessions even though they arent worth much and everyone will know about it. At the moment there is only my mum who knows about the IVA and e are from a large family iykwim.

michelle984

Please don't panick too much about this situation twoody. You needs to inform your practitioner or administrator of your situation if the extra money has been used to fund CT arrear or mortage arrears it maybe that your I/E was very tight to begin with there are a number of options open to you and some are at your practitioners discretion. It maybe that a simple ajustment of your I/E is required and this will average it's self out. Alternatively if your siuation has changed quite a bit then you could request a variation meeting to vary the terms of your arrangement very similar to your cred meeting then it is up to your creditors to decide how to proceed. but the main thing is don't suffer in silence let your IP know your situation what you have done and why and once the figure have been calculated there are options available to you just keep in touch with them they don't bite. x x x x

michelle984

Sorry frogot to mention if your husband has lost his job you can always ask your IP if they would consider holding a meeting to request a payment break these meetings are usually accepted.