Urgent help

cactus1190

Where to turn now just had a letter from iva saying there failing it. My partners not working so were living off my wage we cant afford to pay anything as weve got no spare cash we can only just get by on 40hrs a week minimum wage weve had a six month payment break so cant ask for that now because we cant pay anything at all . I think because theyve had there cut there not bothered so now it looks like bankruptcy which neither of us want . Cant even ring them as they treat you as a naughty kid TALK DOWN TO YOU ON THE PHONE OR TALK OVER YOU when your paying for the phonecall so dont go there it just seems there sending us to the wolves as i said it seems as if its going to be bankruptcy or our creditors chasing us for money we havent got. WE ARE BOTH AT THE END OF OUR TETHERS AND SICK WITH WORRY WHAT CAN WE DO NOW.
ANYBODY BEEN HERE BEFORE.

fatbelly

Previous thread with more info here

https://forums.moneysavingexpert.com/discussion/4747214

If you've got no surplus income, you've got no surplus income.

The options then are either bankruptcy (which may involve 2 x £700 fee) or token offers or ignore the b*****s and see what happens.

You're probably better nipping over to the debt-free wannabee board and posting a statement of affairs so that the folk there can advise more objectively.

Anondebtadvisor

How many payments have you made into your IVA?

Have you discussed offering the payments you have made to date as final settlement? Your IVA company will need to call a variation meeting, but another alternative is if a family member can offer you some money in final settlement of the IVA.

Depth_Charge

Anondebtadvisor wrote: »

How many payments have you made into your IVA?

Have you discussed offering the payments you have made to date as final settlement? Your IVA company will need to call a variation meeting, but another alternative is if a family member can offer you some money in final settlement of the IVA.

Hi

I see what you are suggesting, however.....

From what the O/P has put so far it does not look like their IVA company are doing much other than threaten to fail the arrangement.

Not an easy situation to be in as is clearly identified here.

It might be an idea to put things in writing recorded delivery

Maybe get advice from another agency such as Citizens Advice, you should not be turned away just because you are in an IVA.

Also information about complaining about a Insolvency Practitioner below

http://www.adviceguide.org.uk/england/debt_e/debt_help_with_debt_e/debt_individual_voluntary_arrangements/debt_problems_with_an_individual_voluntary_arrangement/complaining_about_an_insolvency_practitioner.htm

As another poster as suggested, it might help if the O/P puts up their SOA

cactus1190

Hi what happens if they declare us bankrupt can i have some information please.

cactus1190

weve paid in for two years £420 a month but ip have a had a big cut

Depth_Charge

Hi and welcome to the forum:)

Yes, it is an option I would think, nothing wrong with a second (or third) opinion, especially an independent one.

Many people contact the CAB when they have problems with IVAs (it often takes up a lot of their time)

Many CABs assist people in going bankrupt along with other advice and assistance after IVAs fail or are failing (as thousands of them do) - its a fact

More information is needed to go much further on here.

Have you any suggestions?

PS - I have probably helped hundreds in failed & failing IVAs go bankrupt now - many of those should never have been in an IVA in the first place in my opinion and often spent thousands in fees only to end up worse off than when they started.

My view

Depth_Charge

cactus1190 wrote: »

Hi what happens if they declare us bankrupt can i have some information please.

Hi

Did your IVA provider advise, explore and explain the pros, cons & potential implications of bankruptcy at the outset of your IVA?

It is difficult to give you any accurate guidance without further details on your overall circumstances?

Best Wishes

cactus1190

They didnt mention it but now its all they keep talkin about we dont want to go bankrupt but there saying they will make us weve only got £225 coming in a week we pay full rent and council tax so cant get any help with them . My partner got made redundant last year and hasnt found a secure job in my opinion you cant do an iva if your unemployed were skint everyweek we havent paid anything for six months and are in arrears by 1700 and they say we need more than £10000 to settle how can we get that no chance .There not helping us and its making us both depressed not knowing whats gonna happen when we ring people all we get is cant talk to you as its a legal binding agreement that doesnt help us. Cant take time off work to go to cab as i wont get paid so thats no good . What happens if they do make us bankrupt can anyone advise?

Anondebtadvisor

Do you have any assets cactus?

I see you are renting but do you have a car? any idea how much it is worth?

cactus1190

Yes weve got a car a corsa worth about 600 need it for work weve got no assets at all