My IVA

si0001

Hi, I am currently in an IVA paying 452.00 a month to try to clear my 45,000 debt. I was stretched really thin on this and to be honest really struggled to live normally. I have since had a pay rise which made things better but not a hell of a lot. Part of the IVA agreement was that I pay an additonal 50% of all my income over the initial amount stated on the IVA payable at the end of each year. It has now come to the end of the year and I don't have the 50% to give them!

Can anyone tell me what happens now? Do I get made bankrupt?

I've also been thinking about opting out of the IVA and going into a debt management plan as I would be about to contribute about 700 to 800 a month and should be able to clear all my debts in about 5 years. Is this an option?

Any and all help is appreciated, I'm totally getting stressed out by this!

alecpr

Hi,

Who is your IVA with? I would recomend it would be worthwhile chatting to cccs and payplan about your situation, also post your SOA for people to take a look at, with full details of your IVA conditions.

james32_uk

Talk to your IP immediately. There's lots of things that can probably be sorted out.

Getting out of an IVA is impossible except through a full and final settlement.