I don't know what to do anymore!!

larz7500

Hi its been a while since I last posted and things havent got any better. I am in an IVA but stopped paying this 3 months ago as I couldnt afford to pay it anymore, I also had a mobile contract and had to stop paying that also. I just couldnt survive by paying these aswell as all of my day to day living expenses and christmas. Anyway I have been trying to put money aside to save money to go bankrupt but I am not getting anywhere and I know the letters are going to start coming again this month demanding their money. I was only paying £99 a month anyway which I was told was the lowest amount I could pay back but not much of this amount was actually going to the creditors anyway it was all fees etc... So now I havent got a clue what to do, I cant borrow the money and its going to take me ages to save up £700 - I have looked into the charities but I earn to much apparently and I have a 13 year old daughter and I am a single parent. I get paid weekly and earn about 250 a week after tax. Can someone please give me some advice as I havent got a clue what to do anymore thankyou x

debt_doctor

Hi,

Do you have any assets, and do you claim tax credits and perhaps housing benefit?

DD

dancingfairy

O.K as far as I am aware there is no minimum forIVA payments. That being said I think most iva companies would like 100 as a minium and also, of course it depends on the creditors accepting it and getting a return for their money. HOwever you entered the IVA in good faith at the time and havesince struggled so therefore in my mind the IVA company should:
a) be using their discretion to vary the payments by up to 10 per cent without calling a creditors meeting
b) speak to you and find out what you want to do and put forward a reduced monthly amount for the time being - perhaps even agreeing an extention to the plan?
c) suggesting that you try for full and final settlement IVA to get thething finished (funds borrowed from a family member perhaps).
it really does depend on how far into the IVA you were and also now, of course having missed 3 payments it makes things a lot harder to get back ontrack. Its still worth speaking to them though.
If the IVA is going to fail (which looks likely to be the case) then you either wait for a company to make you bankrupt (they may consider this if you actually have some assets like equity in a houes or something)or can save up and petition for bankruptcy.
Have you checked with the courts to see how much (if any) fee remission you'd be entitled to?
df

dancingfairy

Also how much do you owe? If you owe less than 15k and have no house or anything then you may be suitable for a DRO (which is a mini-bankruptcy) which costs a lot less - about 90 pounds I think.
df

larz7500

Hi thanks for the replies I owe about 30,000 on loans, credit cards etc, I am currently renting my home privately through my landlady. The only thing which would be an assest is my car which is on HPi. I havent defaulted on these payments as I need my car for my job - without a car I couldnt do my job and I would be out of a job. I have a year left to pay and the car is worth about £1500 - high mileage. I am only a year into my IVA. I get tax credits but not entitled to anything else. x

larz7500

Oh and no chance of borrowing the money from any friends or family:-(

Euphoria1z

If i was you, i would stop paying all creditors (apart from the car), ignore all calls and letters, save up the bankruptcy fee and go bankrupt (if bankruptcy was the route i had decided on)... save £100 a month and in 7 months youll have your bankruptcy fee.

Not saying this is what you should do, but this is what I would do. and i wouldnt worry about it either. id be more worried about the teenager...

larz7500

Hi I have been doing this anyway havent paid my IVA for 3 months and my mobile bill too, Christams came at the wrong time so I have started saving properly from this month but my worry is I will have debt collectors on the doorstep etc whats the chances of this happening - should I ring and tell all my creditors and tell them my intentions. I just want out now I have been in debt all my adult life and I need to take control I just need the £700 to do it grrrrr!!!!

Discodancer_2

Hi Larz7500 as far as the bankruptcy fees are concerned there are organisations that can assit you there is a page on the bankruptcy board with these details. Don't give too much info to any debt collectors as they may become more persistent. I declared bankruptcy on 2nd January this year and looking forward to my fresh start.

caffsean

Hello, have you ever spoken to CCCS (consumer credit counselling service) before? My husband and I did before we went bankrupt and they were a godsend (and free), as for the bankruptcy fee you may well be able to get a remission on it so it would be worth speaking to your relevant county court to find out what exactly you'd need to pay.

It may also be worth speaking to the people dealing with your IVA and seeing what they can do in regards to helping with the bankruptcy etc. Honesty is the best policy with them I found, they'll probably be more willing if you explain everything to them with complete honesty instead of just stopping payments and saying nothing to them - If i'm right i'm pretty sure you can taken payment breaks during an IVA too so might be worth asking about this also.

rossireps

try not to worry about dca's
even if and its a big if they came they soon go away.
in january 2011 i had a man come to my door and soon as i opened it he said moorcroft. so i said no thanks and went to close the door . he tried to persist and i said id call the police. that was it he went. i can remember at the time i was terrified but looking back,considering he was huge he didnt make very much effort. two weeks later moroncroft accepted token payments,wimps lol. 5 months later i went br and they got nothing. keep smiling x