Don't qualify for IVA - please help

Badger_Bill

Hi all,

In a bit of a pickle here. I have been referred to an IP by the local CAB as I was advised by them I would qualify for an IVA. Basically the IP has advised I do not after all qualify for an IVA as I didn't do the sums properly (albeit with CAB assistance).

They did advise however that because our CFA's are now done, we can stop paying our cards and loan (all up to date) and pay them £1 a month until our circumstances change.

I readily accepted this but should have asked a couple of obvious (yes, I am unbelievably stupid at times) questions:

Is this possible? If so what are the drawbacks? Will the wolves be beating down the door? As some bloke once sang, is there something I should know? Unsurprisingly, my wife thinks there probably might be.

Any help will be gratefully received...

churchrat

hi
yes there are a lot of draw backs and the wolves will be at the door. (written as one who has been there). I think that you really need more advice at this stage and suggest that you post this on the debtfree board.

In the mean time, some questions for you--
did you go to cccs or payplan for your IVA advice?
did the ip mention a debt managment plan?
can you post a statement of affaires so that the clever people on the dfw board can help you? (sticky is at the top of the page I think)

I also suggest that you have a look at other peoples threads on here--maybe have a trawl thru the diaries. I always think that its best to have as much information as possible before you make any decisions, and lots of people on here have been where you are now.

good luck with it all.

Nargleblast

Prepare yourselves for some phone calls and stroppy letters - fortunately creditors don't as a rule come round to your house and break your legs! If you had a County Court Judgement against you then you might get a visit from a bailiff, but best to cross that bridge if and when you come to it. In practice, if you have a debt management plan through a recognised institution ( eg CCCS or Payplan, both of whom the banks etc deal with frequently) then creditors tend to either accept the payments agreed through the organisation, or they sell on the debt to a third party who are more likely to be content with receiving regular sums every month. CCCS and Payplan will also give advice on how to deal with the phone calls and letters.