IVA Worry Huge Problem

unwitting

Hello I am new to this forum. Myself and my husband entered an IVA at the start of this year after struggling with unsecured debts for over 10 years. The situation had got so bad we were using credit cards to feed our family and two small children. My husband had a huge wage cut £3,500 per year a couple of months ago which has left us in a position where we cannot afford the £200 IVA payment. We have continued to pay borrowing enough to last us the month from our elderly parents but this month have no money left with two weeks until pay day. We just cannot go on like this anymore. I was wondering if we might be better off filing for bankruptcy we have around £10k equity in our property but we are frightened that this will be taken if property is forced sale and then we will have no-where to live. Please can someone provide any advice on this situation? I have contacted the IVA company and they are going to talk to me about a possible reduction but the thing is that after paying essentials like mortgage gas electricity council tax and food we have no disposable income left. What will happen

ami66

My situation is pretty similiar to you. Our IVA started in January after I was made redundant last year and hubby got a pay cut of nearly £9000 a year.

What we are paying to our IVA is no where near what the debts were costing us and although it's tight we are finding it a lot easier to manage now.

Are you over spending any where on the budget agreed for the IVA?