So confused please HELP

larz7500

Hi all I need your help. I currently owe about £35,000 and currently have an IVA. Before that I was on a Debt Management plan but the company I was with was taken over by another company who reviewed my case and suggested an IVA. I dont own my own house and have no assets apart from my car that is on finance with a year left to pay. I also need my car for my job as it is a requirement of my job (no car no job)!! I now find myself not been able to live on what I am earning as I dont have a fixed amount of wages a week as I work for an agency. I am having to move money round left right and centre just to make sure money is there to pay my bills - this then leaves me some weeks with no money to buy food. I am a single parent and have a 13 year old daughter and I rent my house privately. Once I paid out all my bills I am left with nothing, and this is without paying my IVA, I sometimes have to borrow money just to make sure it is paid. I just dont know what to do now as my IVA is only £99 a month anyway which is very low I know but this would make the difference to me. Please anyone with any suggestions let me know I think personally I should declare myslef bankrupt as I cant keep on like this for another 5 years its stressing me out to the point its making me ill, but the thought of going bankrupt too is stressing me out too as I dont know what to expect HELP

debtinfo

Hi Larz, unfortunately we cannot tell you what to do, the decision has to be your own, sometimes it is the fear of the unknown that makes it hard to make a decision. so what we can do is answer questions about procedure and about what to expect in a bankruptcy. So feel free to ask whatever questions you have and we will do our best to answer them. A good place to start is with a list of your income and expenditure, have a look at your statements and bills and create a list, forget for a moment what you expect people will want you to put or what you think may be allowed,it is best to start with what you actually have going out and coming in at the moment

DI

Better_Off_1983

If, and this is a really big IF.... you were to consider bankruptcy, would it affect your job or tenancy?

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board.

The first step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if you are not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *


Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash make sure you take your time and weigh up your options and read everything you can.

For ‘essential’ BR info this is Fermi’s sticky.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

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MSE SOA Calculator - Click here Select the MSE format at the end. Copy and paste onto your thread.


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What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes TFx

larz7500

Thanks for the information, I rent privately so will my landlady need to know? I havent missed any payments to her maybe I paid her late but I am up to date. Also my job is a carer so will my work need to know I dont work with money etc??

I have made my mind up to go bankrupt so what do I do now? I have had to cancel my direct debits to my mobile contract and sky as I cant keep up also I cant pay my IVA next week as I havent earnt enough and with christmas round the corner I cant even afford to buy her any presents. How long will it take before they start banging on my door especially the IVA people?

debt_doctor

Hello Larz,

I think your 'decision' to go BR is premature, you should take advice first. I understand that BR could well be a better option but i would start as already suggested by placing your income and expenditure up for folk to look at.
I also wonder are you eligible for working tax credit, housing benefit or others, but wont know until you post your circumstances.

DD

sort_me_own_yard_out

You have to miss three IVA poayments before you have a "failed IVA" I had the IVA company on the phone a lot when I decided to let it fail then they tried selling me their Bankruptcy service which you do not need, It will not ensure you get an early discharge, they cant go to court on your behalf and you will need to speak to the OR (official reciever) yourself. All the advice you will need is readilyt available from here and through a debt charity.

As for creditors from your IVA it is normally within a couple of months after your IVA has failed that they will get in touch so you have a few months to finalise everything or in my case I still cant affords my court fees as i gopt into more debt during my IVA.

Good Luck