iva nightmare

billy_cat

hi new to this, but it may make me feel better to get it off my chest. got myself into debt, and couldn't get out of it soaring credit card interest rates, and that is where the problem started, i was in a complete circle chasing my tail, and nobody want to help unless they were getting something out of it, so on false advice i took out an iva, not knowing that every year they need to do a financial check on my account, the problem is my husband does not know and he thinks i have one credit card to pay, so trying to pay the iva every month and having to lie about the money is one thing, but i fear after they see my wages and expenditure they are going to up it and i have to lie more to my husband to obtain more money and he doesn't deserve it really he don't, i know i should come clean, but i am so ashamed of what i have done and i was hoping i could just get through the next four years without any complications:(

immoral_angeluk

You need to be honest with him. You're married, there should be trust there which you're currently going back on. Also, have you got joint finances? If so your IVA will be affecting his credit rating!

billy_cat

i know he deserves to know the truth, but i fear after this time he may just go a little nuts and the nights i have led awake worrying about it all, i thought the iva was the answer to my dreams, but it now has turned out to be my worst nightmare, also because of ill advice, i gave my husband complete control over the money as i am so crap at it, i had a little nest egg and now it has virtually gone i just don't know how i am going to obtain the money for the iva each month, and because they want our wage slips then i fear they will want more cash each month.

take if from me, credit cards are the work of the devil and i never want to use one again, if i haven't got the money then i'll go without...try to pluck up courage to tell my husband i know it's the right thing to do:o

Charco_2

Also, as regards your annual reviews, try not to panic too much!

Sure your wages might go up by a little bit but there are always ways to hide the surplus... dont lie obviously but be creative. If your situation improves and you are taking home a bit more pay then obviously you'll have to address it in your IVA but that doesn't mean you have to fork over all the increase, you can probably up your expenses a bit too to mitigate the difference...

If you want to post your I&E up here and we can see if there are any areas where you could make a saving.

Be honest with your husband... he's likely to find out sometime if he's watching the finances! Just tell him matter-of-factly, no bells and whistles. You were struggling with debt and you were embarrassed by it so you entered into an IVA, it was your problem - you knew he'd be supportive - but you felt you should deal with it and now things are under control.

It's a lot better than lying awake at night worrying!

churchrat

hi
can I ask if you own your property or do you rent?

billy_cat

yes i do own a property that's in my name, and that's another worry after 4 years they expect you to have a valuation on the house and release some of the equity.. oh what have i done!!!, I just thought you pay a set amount each month for five years and bingo at the end everyone is happy, but it seems thats not rightly so

billy_cat

hi someone sent me a message about offering my creditors a lump sum, sorry can't find the message,it was really helpful, and i'm new to this

Charco_2

There's a dark green band near the top of this thread says "Main Site", "Forum" "User CP" and so on. Below that there's a light green line says "Welcome Billy Cat"... Yea?!




Across that line you'll see a link you can click says "Private messages"... Click it and it will bring up messages people sent to you.

If you have any questions about lump sums, feel free to ask!

billy_cat

hi charco,
thanks for the help, what can you tell me about lump sums, i have sent a letter to four of my creditors and offered them a lump sum, do you think they will accept or am i doomed to pay this damn iva for another4/5 years

doelani

Hi Billy Cat

Once you are in IVA all dealings with creditors should be through your IP. part of the precedure for Full & Final is that you need to say where the money is coming from.

If you have sent letters direct to creditors chances are they will tell you to deal through IP or contact the IP themselves. Remember the IVA you entered is legally binding and there are still costs involved for IP so this has to be taking inte account overall.

You really do need to speak to your IP and you also need to talk toy our husband about this.

Charco_2

A full and final offer should be done through your IP as explained above, and not just because of your IPs fees.

If you offered a creditor a lump sum and they accepted but a similar offer wasn't made to your other creditors then this would be considered a Preferential Transaction... Your IVA would fail and you would be at the mercy of all your creditors again!