help i dont know what to do x

mummiecammie

hi all, well i am in a proper pickle and need advise, i am in a joint iva and when we forst started they said we were allowed £500 credit at anytime, due to unforseen circumsatances this year i got a £500 overdraft now the iva compant is saying if i do not pay it off they will sell and close the arrangement and we could go bankrupt... what does bankrupt mean??? i have said i will try and pay it off but cant say a length of time and they are not willin to help with time. i so regret my debt and would be grateful of any advise given.
thanks all xxxxx

Cash_Waster

Dont/shouldn't have taken on further debt is the answer. Simple. Plus pay it back before the IVA fails. If you dont know what Bankruptcy means and your on a IVA then you obviously didnt do much research into IVA's. Read the stickys at the top.

sams247

Essentially going bankrupt would affect your home if you onw it, and any other 'assetts' would be lost too (car, savings etc). It may seem to some that you have not fully understand the seriousness of the IVA, the next step from a failed IVA is bankruptcy. Sadly though some of us also know that sometimes overdrafts happen. You seem to be facing the option of paying back the money or going down the BR route.

You ask what is BR, but the main question really is to ask yourself - what would going bacnkrupt mean to me? For some it is a step beyond what they can take, for others it is a release from debt. Consider carefully what you need to do. Read about BR and ask lots of questions on here so you can make a better informed decision.

shazbo

Cash_Waster wrote: »

Dont/shouldn't have taken on further debt is the answer. Simple. Plus pay it back before the IVA fails. If you dont know what Bankruptcy means and your on a IVA then you obviously didnt do much research into IVA's. Read the stickys at the top.

I thought this was meant to be a non judgemental site!

sizzler

Hi shazbo.

Dont think that comment was meant in that context.

I do not know much of IVAs but do no when they go wrong it gets a bit naughty.

As above bankruptcy also has some major consequences such as losing assets, like your home car and any items you own of value. Also further restrictions can be applied according to what lead to your bankruptcy.

did you take an IVA with a specialist debt company if so I would contact them immediately and discuss your options.

Also may be worth reading stickys. some good help there. Also speak to one of the debt charities listed in stickys. find out as much as you can regarding your situation and then look at your options.

Hopefully one of the more experienced members will post more help later.

I hope this is of some help.

Regards sizzler

Mrs_Malaprop

Who is your IVA with?

If you didn't speak to one of the debt charities before you took it out then I suggest you do so now and go through your options with them. National Debtline will give advice to you over the phone straight away, their number is in the Bankruptcy Help sticky.

Do you have a house with equity/no equity? Do you rent?

dojoman

Cash_Waster wrote: »

Dont/shouldn't have taken on further debt is the answer. Simple. Plus pay it back before the IVA fails. If you dont know what Bankruptcy means and your on a IVA then you obviously didnt do much research into IVA's. Read the stickys at the top.

Back off, only post if you are going to help not criticise, the OP does not need a lecture.

shazbo

sizzler wrote: »

Hi shazbo.

Dont think that comment was meant in that context.

Hi Sizzler,

you could be right but even if its not then poster needs to be a bit more careful how they word these things, we all know that desperate feeling when we have done something we shouldnt and dont know how to get ourselves out of it, dont we?:eek:



mummiecammie i am sorry i dont know much about your situation but i hope you can get it sorted out before you get to BR, it would be a shame, if you are managing otherwise, to have to go down this route because of a mistake/misunderstanding. Good luck

grangers72

Very constructive Cash Waster, just the kind of response people who are stressed to the hilt want to hear, I think not.:mad:

alastairq

steady on folks.......

Cash Waster may have been a touch insensitive...but the final point is rather telling....was this IVA actually 'pushed'....?

or was mummiecammie offered full and proper advice on where to go next?


From teh OP's original post, I have a suspicion there are an awful lot of people out there, trying to solve debt problems, but not armed with full and proper information......ie simply being taken advantage of, by those with an interest in making money from that debt situation.

Sadly....reading through too many new threads, people in general are far from aware of the Debt Advice organisations we list in our stickies.....and even more worrying, far from aware of us on this forum, MSE?

kerrypn

I agree with what you say about information on debt charities and this forum alistair- I wish I had been here when I filed for my BR in september, the advice here is invaluable and second to none-I used debtline, but I would recommend here as just as valuable.

Its a shame so many people going BR wont know about this site until AFTER the event.