Failing an IVA - What next

woolysheep

Hi, if I allow my IVA to fail can I approach my creditors myself and ask them to allow me to pay them directly. What happens when I apply for bankruptcy, will they start taking all my money and I'm back to square one.
My car is worth around £1200 but its needed for John whose got arthritis. That is really all we have.

spenderblender

wooley if you seriously want to go br go onto the bankruptcy forum and post this question and the peeps on there will give you help

4littleone

Hi.

Why do you want the IVA to fail?
If you went bankrupt you may have to pay towards your debts for a period of time yes.
If you are struggling why don't you post an SOA and see if we can help you budget a little better?
Bankruptcy is a big step.

RAS

Hi woolly

our first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

i nicked that from tiger because we cannot tell from your thread whether you have property or anything that nwouls be at risk if you were to go BR.

Also, if you were to retire whilst actaully bankrupt, the OR would want any lump sum, so it is vital that you get proper advice from someone who has your interests at heart not their profit margin.

Please promise to do this?

The phone lines are open until 8 or 9pm.

woolysheep

I want the IVA to fail because I believe I was "hooked" during a very anxious time. I rang, what I thought was one of the Debt charities, but which turned out to be Debt Free Direct . I started with £343 pm but I know this
will increase greatly because of my pay increase. We don't have entertainment allowances, we don't drink or smoke, We don't go out, our pets are our only pleasure. If my IVA fails I can go for bankruptcy. I believe these IP'S are nothing more that sharks. They prey on people's vulnerbilty
during a very stressful period in their lives but go on to make a lot of monry from them. After 2 years paying over £8,000 my creditors may have only received £2000. They behave like loan sharks.

woolysheep

Hi Ras,

Thank you. I did try today to contact the Debt Helpline but it was so hard to get hold of an adviser. I'll try tomorrow. I Have no intention of retiring yet. Even if I had no debt I think the financial climate is so poor that it would be mad to retire now. The £ in our pocket will soon be valueless.:eek:

RAS

Hi

I understand that I I think you should make a formal complaint to the OFT. They are beginning to take action against companies who web-sites are too close to "official" ones or debt charities.

I am not advising you for or against BR.

What I am saying is that you need proper advice about the impact of failing the IVA, going BR and things like pensions and property.

A lot of people on the BR forum will tell you it is the best thing they ever did but occasionally someone gets in a desparate tangle because they did not understand what they were doing. So you need proper advice.

The list of debt charities in tiger's sig is the one that she uses to advise people on the BR forum and she has the permission od the MSE Towers to put that information there, because most of them are also in Martin's advice to debtors.

RAS

Ahh cross posted.

Whatever you decide, you can get more help on the DFW and BR forum.

In fact, it is worth getting your self acquainted with DFw even if you go BR as there are ways of getting nice things without spending money

RAS

You really do need to get some proper advice.

MIVAA

Hi Woolly,

Just a couple of questions.

Do you have a private pension pot available for you when you decide to retire?

Does your husband know about your debts yet?

If he was to find out, what damage would it do to your relationship?

Have you told the IP about your husband retiring yet, and if so what was their reaction?

Have you discussed your payment difficulties with anyone from DFD yet, and if so what was their reaction?

How much do you think you can afford to pay each month either to an IVA or Bankruptcy?

Thanks

MIVAA

woolysheep

Thank you MIVVA and Ras,

The reason I panicked so much was because I knew John was retiring in 2007
and I began the search for a solution to my debts asap. IP passed me over to a company and they were told of John's retirement and his income, (£106 pw) I have a supper ann. when I retire. John has always
been very anti debt and I think it would destroy our relationship if he knew at this late stage of our lives to know this. I could comfortably pay £350 - £400 towards the IVA (with new pay increase) and should not feel as I had done in 2007-2008 i.e in absolute punery. People on state benefits had more that me. The counsellors at the debt help agencies are constantly engaged. I am going to see CAB on 2/4/09. Is there anyone else here in N.I. I can contact.:eek: