Defaulted my IVA

Tishlamort

Hi, just a-wondering if you guys could offer me any advice.

I went into an IVA with Debt Free Direct just over a year ago - I owed £17000 to various people.

Now, after 6 years I have split up with my partner, he wasn't named in the IVA but his income was taken into account.

I contacted DFD explaining the situation as obviously my income has decreased drastically. I sent all the required details to them explaining my situation - wage slips, etc, hoping that we could come to some sort of arrangement, y'no reduced payments or something as I want to clear this debt asap.

Well, today I had the shock of my life - a letter from DFD telling me that as I defaulted on my IVA they are now petitioning for bankruptcy.

What can I do? I am terrified of the prospect of bankruptcy, I'm only 28 and don't want to lose my job.

Please help.

deemy2004

Hi

Its a tough one, as if the arrangement fails that means the creditors can take action against you including action that results in bankruptcy.

I can't think of a way out, you need profesional advice.

King_David_2

Bankruptcy as far as I am aware will not cause you to lose your job (unless of course you are self employed).

Only a conviction for an offence can do that, or gross misconduct etc at work.

Your employer has no right to dismiss you because of your own personal financial circumstances. So don't worry.

You do need professional advice. Do it immediately, before Christmas. Don't put it off as it won't go away.

Debt_Free_Chick

Call the National Debtline on 0808 808 4000

Website here

https://www.nationaldebtline.co.uk

In particular, this page

http://www.nationaldebtline.co.uk/england_factsheets/factsheet_26.php3

The more I hear about DFD, the less I like. An IVA for only £17,000? Including someone else's income, when it's not their debt? Sheesh!

westernpromise

Your employer has no right to dismiss you because of your own personal financial circumstances.

They do if you are a lawyer, accountant, or financial adviser.

Tupperware_Queen

Try not to worry, i've been there done that, it doesnt help. We had problems when I became pregnant and obvioulsy had to reduce hours, had childcare cost when I returned to work. We eventulaly came to an agreement to amend the IVA. It sounds like DFD have not handled your change in circumstances properly, we were with deloitte and touche, who werent fast, but did sort it. Get back onto DFD and tell them to get their act together.