Somebody please reply, I'm so scared about review

woolysheep

Hi, Someone please reply to this query. I am so desperate, I feelI'm on my own, totally.
I agreed to an IVA in 2007 and I think I was "hooked". I was originally told my repayments were £270, even then I don't believe I gave an accurate I & E because my head was all over the place in constant fear. A few weeks later there was a meeting, supposedly with my creditors and another figure of £334 was given which I relunctantly accepted. My partner had retired at this stage and my salary was £14,580 ( £950 pm and John's pension was £101.00)
My debt incl. IP's fees was £25.000, John was and still is unaware of this debt. A day or so before another creditors' meeting I was informed that the payments were to go up to £390 which totally freaked me out and I told them I wanted out because MBNA were phoning me asking me to cancel the IVA that they would help and give them a list of my creditors. My IP contacted my again saying they were an honest and responsible Co. and they would ask for the figure to be brought down to £334 again which it was
and she would look at my energy costs again now that John was retired and would be at home using food & fuel. Nothing happened and I didn't hear from them again until review in 2008. I completed another I & E with the true figures and still never heard from them. I wrote to them stating I could not live on what I have left and applied for and got another job, Nothing until last week when an I & E for 09 arrived with my amended figures from 2008 showing a figure of £210 surplus for creditors!!
Now here is the problem my new salary of £18,318 + overtime (which is not constant) At the moment I can pay my debts without undue pressure and not needing any kind of credit. I am due to retire in Sept.09 but I am deferring it in order to pay my creditors. I need to know what to say to my IP about letting me keep the current payment (perhaps increasing it by £25-£50)
I got into this mess basically because of very low wages and I know that what I am earning is still peanuts but it is keeping me afloat. Prices are escalating, although compared to last year petrol is lower, food prices are still high. I buy second-hand clothes from ebay. My only source of pleasure are my pets.
I don't think I can go through another year like 2007-2008

Please help.:eek:

spenderblender

wooleysheep not sure if I can help, I know that the stress of the IVA does get you down, It did me and OH which is why after only one year of being in it we have now decided to go BR.
Any penny that you earn over the amount that they have for your incomings you do have to tell them and they can take up to 50% of it each month.
Why have you not told your partner about this? It is a very stressful time in your life and you do need someone behind you to hold you up now and again.
I personally would advise you to speak with one of the debt charities like CCCS who will be able to advise you more.
Hope this helps. And please come back if you need any more help or just want a rant. The people on here are great.

RAS

Hi

Pleas talk to one of the debt charities about your options http://www.moneysavingexpert.com/loans/debt-help-plan#help
And please do tell your OH what is going on. He cannot help is he does not know that one third of your income has been going on an IVA or why you will not retire.

anniecave

Have you done a SOA? If you do this then others can help with your figures, it could be that you are not including everything you could on the SOA for example, or there may be ways to cut back your expenditure?

woolysheep

Thank you splenderblender and everyone for replying. How did you go about
BR. Splenderblender? What was the first stage?

RAS

Hi

The first thing is to talk to a debt charity as the judge will ask if you have taken professional advice.

Also look at the terms and conditions of your IVA so you know what you have to do to fail the IVA. The DC may need that information to advise you.

woolysheep

What is an SOA?

spenderblender

wooly we entered into our IVA in DEC 2007 and were asked to send in the review papers in November. We were on pins until January when I phoned them to see what was happening. They just said oh don't worry we will be in touch. By this time we had already decided on BR anyway as the stress of waiting to hear from them was awful, especially all through Christmas, and we knew that we couldn't do it for the next four years.
I have not told my IP that we are doing this as from one of the other posters who are with the same company did, they have stalled them from going br and made life quite difficult. We have missed Jan, Feb and now March payments which puts us in default and we are waiting to hear from them with the notice of failure which we must have to go br. All our forms and the fees are ready so have not done the deed as yet but, feel better for knowing that soon it will all be over and that we can start to enjoy life with our children again instead of worrying.

Oh and a S.O.A is a statement of affairs. Listing all your incomings and outgoings.