IVA accepted, change in circumstances already

cutemum

I have posted a few times and have been given great advice and support. I decided to go for an IVA in the summer when my marriage broke up and I was left to support my children. My mum agreed to raise 3rd party funds as a one off payment. This proposal was accepted. My partner and I decided to try again before the deadline for the money to be raised. As a result I decided to ask for a variation to my IVA as I was now in the position to deal with my own debt by paying a monthly contribution. My variation was accepted last week and i am to pay £380 (66p in the £) per month. This would have been great news accept my marriage is at breaking point again. I know if this story line was in Eastenders you would think it was too far fetched!!!!

I would like some advice as to what I should do next!! Do I struggle and pay IVA for a few months to show that I really do want to pay- can I ask for yet another variation so soon. I think it sounds very cheeky and that I do not want to pay my debt- which is definately not the case. Or do I look at BR which could let me start my life fresh in 12 months- i hate the thought of BR.

As usual my life is a drama & my posts are long winded. Any help would be greatfully appreciated. Thanks:o

cutemum

Thanks for replying

My variation meeting was held on 14th Feb. This was similar to when the IVA was originally proposed. The creditors were given 28 days notice and then they had to vote whether to accept the variation terms. Of course they did as the dividend was much greater than than what they would have received through the 3rd party funds.

dancingfairy

hmmm - is an IVA really your best solution? it may be but it sounds like circumstances are changing quite rapidly. Perhaps go back to them with the third party offer again? if they accept great - if not then bankruptcy is sounding like it might be a sensible option.
Of course you could consider making token payments whilst things get sorted out and take a few months to think things through.
I would get the advice of an independent adviser and chat things through with them I think.
Good Luck with whatever you decide.
df

nickybutch

How long have you been in an IVA ?
When did you enter it ?
Because if you have not entered you final year, an IVA variation is viable.
If you have entered your final year then I am sorry, I cannot help you.

Nickybutch

cutemum

I will only be making my first payment this week. I am due to pay £380 per month. My car HP of £260 finishes June 2012 then this is to be included for the remainder of the IVA. Overall i will pay back 66p in the £. My life has been so up and down since the summer. My original IVA proposal was agreed at the beginning of September when 3rd party funds were going to make a one off payment and the IVA would be complete. When my partner & I got back together We were going to take on the responsibility of the IVA ourselves and make monthly contributions and so a variation meeting was called before any money was paid into the IVA. The creditors have agreed to the variation and as you can see from the amount I said I would pay I was very honest in my income and expenditure. Now my life has gone belly up once more. I have been talking to people and really would prefer to avoid bankruptcy. At the moment my partner is contributing enough for me to make the agreed payments. I only hope this arrangement continues for a few months before I have to call for another variation so early on in the IVA. If only we had a crystal ball!!!!