Our IVA has failed :(

easypeasy_2

I feel really down at the moment. Our IVA has failed for the third and final time. We are now going ahead with a DMP with CCCS (who have been fantastic). We now have 8 years of scrimping and the prospect is not one to look forward to. I know we made the mistakes and now have to pay for it, but I can't get my head around it all. We have two small children and in the DMP there is nothing about Christmas presents, Birthday's or a small Holiday. We haven't been away for 6 years now, not even for a weekend. Our DMP payment is quite high (but then again we owe alot). Sorry to sound so doom and gloom but this is how I feel. Can anyone help me to see the postive's in please.

Gal

Holidays aren't all there cracked up to be anyway.

seven-day-weekend

Just to offer you support. I don't know anything about IVAs or DMPs but I'm sure people will come along soon who do.

Regarding holidays - this is only an idea - when we were penniless students with a small child , we used to go to stay with friends who lived in different parts of the country. We paid by taking their children and ours out for a picnic or a walk in the woods or something. At least it's a change of scenery and costs hardly anything. Don't know if this is possible for you, but just an idea.

aimme13

the sun £9.50 holidays are great......i know even then it still costs money but worth ebaying/carbooting/amazon for. Sometimes the break helps to make you feel more positive......hope your feeling more positive soon x

lynzpower

hey

I didnt think that you could have a DMP without ANYTHING for gifts?

Does it include dental, prescriptions etc as well or not. Really sorry to hear of your stresses

Have you done an SOA, we may be able to find a bit of extra money for you through alternative proviers etc

Lynz

easypeasy_2

I haven't done an SOA, how do I do that ?

keith_lard

Just remember the min to each creditor is £5, you can lower and higher the DMP payments as your Bills change!
Have a think!

k.

Dr.Shoe_2

An SOA is where you post all your outgoings and income and then we pick over it and see if there's any way you can save money and increase your income.

Eager_Elephant

Hi easypeasy,

I'm not an expert on IVA's but they often have a clause that if they fail the Insolvency Practitioner will make you bankrupt. Why have they said that you can do a DMP?

I can't see your creditors being happy about this especially as they would have been led to believe the above.

Bankruptcy isn't that bad - at least your life will be back on track straight away and if your income is low then you may not have to contribute to the bankruptcy. I'm not saying you will have enough to go on holiday but you would certainly have enough to buy gifts.etc. After that you could save for a holiday each month until you have enough for a break away. (There is obviously more to bankruptcy than that but this should have been explained to you when you decided for an IVA)

Can you let me know the answers to the above.

EE

easypeasy_2

Well we have looked tentively into bankruptcy. We own our home and I believe if we go down this road then that will be taken away from us. I know it sounds stubborn but we do not want to move, the children have lived here from babies, it is a good family home and they are settled into school etc. We have spoken a few times about moving but our home is the one thing we are not willing to change. I will do an SOA later, when I have a bit more time.

I think I may have to go back to CCCS, we haven't signed the paperwork yet, it arrived this morning. They just seem to have given us such little le-way.

Thanks everyone for your support and kind messages.

easypeasy_2

keith_lard wrote:

Just remember the min to each creditor is £5, you can lower and higher the DMP payments as your Bills change!
Have a think!

k.

That would take us forever !! We owe about £47,500 !!!!!!!!!!!!!!!:eek: