Iva

BenD_3

Sum years ago I did wot most 18 years do
I got loans and credit cards n got debted up 2the eye balls
3years later I had juggled myself in2 a corner
I had the red letters and was actualy dreding opening the post
As a 21year old this was a horrible situation 2b in
Wot happens when I want 2move out for example
I ended upo taking the IVA route (Which I stil dont no if it was the right decision)

Things were goin fine and I cud almost c the light at the end of the tunnel

Unfortunatley the company I was at went in2 liquidation

I missed a number of payments but explained the situation.
I have now got a new job but my circumstabce hav changed alot
I now hav 2 drive to work, so hav petrol and insurace cost
I have been kick out of my mothers house so I hav 2 pay rent bills ect

I hav now been told that I hav 2 pay the missd months payment in 12 instalments to bring me bak up2 speed.

This would hav been a stretch with out all the extra things I now hav 2pay.
Basicly I dont think I can make the standard payments let alone the extra.

I dont no if thers any thing I can now do apart from default the agreement
Which wil but me bak 2 square1, which is the last place I wana b.

Any help really appreciated as Im really panicing ova this.

Thanks alot

Ben

Storm

Who is your IVA with?

I don't know much about the legislation, but speak to them first as I'm sure there's something in there about changes in circumstances. If they're not much help try speaking to CAB/CCCS for free impartial advice.

If you want to pop up a SoA (see SouthernScousers sticky) we'll be able to see if there's areas you can save on each month.

fatbelly

Hi Ben

The National Debtline site says this:
'You may not be able to keep to the monthly payments under the terms of the IVA. This might be because your circumstances have changed or because the payments were set unrealistically high in the first place.

It is very important that you talk to the IP supervising your IVA. The IP can ask the creditors to agree to a lower amount. You may be charged another fee for doing this. If you can't agree a new or 'modified' IVA then the IP can terminate the old IVA if you cannot make the agreed payments. It is then possible for the IP to apply to make you bankrupt. If the IP decides it is not worth doing this then your creditors can take action against you instead. You will need to try to negotiate payment arrangements with each of your creditors separately to stop this happening.'

Might be worth posting an SoA to see if we can help you to squeeze a bit more out of your budget.

danno_4

Hi mate,
First thing to do is arrange a meeting with your IP,Tell him your situation about losing your job etc inform him that you cannot maintain the payments that was agread with your creditors.If an IVA fails for any reason it means that your IP will have to report back to your creditors informing them that the IVA as failed,I have experienced this a few times with my clients and to be honest not one creditor persued my client,This is why it is important to see your IP.Do not declare your self bankrupt.
best of luck
Danno