minus income.....what happens now?

pammie39

hi all

myself and husband both have iva's.
husband now redundant.

belowe is a short version of my soa...

bills, food, petrol, mortgage, iva etc (outgoings)====£2000 per month

my wages (income, not including usual benifits)=====£900


what happens now??????
any advise will be great thanx

thecableguy12

need to talk to you ip for a list of options as it clearly wont work out now, maybe bankruptcy? do you own any assetts/ HOUSE ETC

pammie39

thanx cableguy

the house has no, if little equity,(the way its built means that it can only be sold privatly for a lower price).
we have to cars, 1=£400, the other=£1000 (est).

does this help?

Charco_2

Looks like your options are very limited but SPEAK TO YOUR IVA PROVIDERS!

Any options anyone would give you on here would be just guessing, the only two i can think of off hand are guesses because i don't really know your situation...

1. Would you be able to raise any money (family/friends etc) for a full and final settlement rather than failing your IVA - how long have you been in the IVA? or
2. Hang in there and look for a new source of income... your IP will not have a duty to fail your case until you have missed three consecutive payments. Let them know your change in circumstances and see if you can just keep plugging away!

pammie39

Charco wrote: »

Looks like your options are very limited but SPEAK TO YOUR IVA PROVIDERS!

Any options anyone would give you on here would be just guessing, the only two i can think of off hand are guesses because i don't really know your situation...

1. Would you be able to raise any money (family/friends etc) for a full and final settlement rather than failing your IVA - how long have you been in the IVA? or
2. Hang in there and look for a new source of income... your IP will not have a duty to fail your case until you have missed three consecutive payments. Let them know your change in circumstances and see if you can just keep plugging away!

hi and thanx for your reply
1. we didn't wont to get our family/friends involved (mother-in-law,will have a heart attack), but on a £80,000 debt how much should we offer for a f&f???? been in iva for coming up to 2 years.

2. we have thought about the 3 month stay in charges and will probly do this from next month (hopefully not the 3 months, poss just 1 or 2), oh is looking for full time work, but doing temping at the mo, so little money coming in.


thanx again for all replys

althas

I agree, a payment break may be an idea for a month or two, but as all the other posters have said, talk to your IP they must be kept in the loop. Keep and record all records of talking with them just in case

I hope your hubby finds a job quickly