Struggling with IVA

Lamps77

Hello, after making a huge loss on selling out house we ended up in massive debt, couldnt make repayments, took loans to help etc in the hope it would get better. It didnt, we ended up getting advice to take on an IVA - which we have done for a year now paying back £425 a month - just about coverable with all other cost, nursery costs etc as my wife has to work 3 days a week to cover nursery costs and put in some more towards the IVA - so no spare cash and 3 days a week being work for less than nothing. I work full time and have a pretty good job so can cover these costs but leaves us nothing to buy our daughter clothes, do anything other than buy food, pay the bills etc. Over the last few months i have been told i have rheumatoid arthritis and can no longer bike/train the 52 mile round trip to work so had to get a second car. Our 1st year review has just come through and due to my wifes extra day our IVA payments have gone up to £589 - more than we were paying per month on our debts anyway and something we know we cant meet. We are both teachers and only from a massive loss in our house and then loans and student debts have left us in this situation. I am waiting for a repsonse from the IVA company but have had nothing but problems from them and dont know what to do. The credit card, overdrafts are all at their maximums and i simply have no money to pay for anything. I now have the IVA company saying I have to pay this increased payment by May 1st after getting the letter yesterday (April 26th!!) HELP!!! Where do i find that money from and is there anything i can do now i am in this IVA agreement and paying more than i was to all the creditors!!!

Vikipollard

Lamps77 wrote: »

Hello, after making a huge loss on selling out house we ended up in massive debt, couldnt make repayments, took loans to help etc in the hope it would get better. It didnt, we ended up getting advice to take on an IVA - which we have done for a year now paying back £425 a month -

We are both teachers and only from a massive loss in our house and then loans and student debts have left us in this situation. I am waiting for a repsonse from the IVA company but have had nothing but problems from them and dont know what to do. The credit card, overdrafts are all at their maximums and i simply have no money to pay for anything. I now have the IVA company saying I have to pay this increased payment by May 1st after getting the letter yesterday (April 26th!!) HELP!!! Where do i find that money from and is there anything i can do now i am in this IVA agreement and paying more than i was to all the creditors!!!

Might be a daft question, but are you definitely in an IVA? I was under the impression that you can't have an overdraft or credit of any kind whilst in one?

FoggyBrain_2

I agree with Viki ---- are you, maybe, in an expensive Debt Management Plan ??

Which firm are you with ? Did you have a creditors meeting to present a Proposal and get a Chairman's Report afterwards ?

First we do need to establish what arrangement you are in to ba able to work out the best way forward.