Struggling with my IVA

babylovepurr

ok I am thinking about calling my iva company and asking them to look at my finances again, when I first did it my household shopping bills were at around £150 a week for myself and my 7 children, my eldest is 19 and classed as an adult, they told me that I could only have £80 a week to cover food and cleaning etc, I have tried so so hard to stick to that and I can't the result being I get to the end of the week and have no money left, they are taking £44 a week to cover the debt.
Also in august my son moved out leaving me with £100 a less chid tax credits, I am now working and my wages have covered this but I cannot even afford a new pair of trainers for myself, let alone cope if an emergency came up.

National_Debtline

babylovepurr wrote: »

ok I am thinking about calling my iva company and asking them to look at my finances again, when I first did it my household shopping bills were at around £150 a week for myself and my 7 children, my eldest is 19 and classed as an adult, they told me that I could only have £80 a week to cover food and cleaning etc, I have tried so so hard to stick to that and I can't the result being I get to the end of the week and have no money left, they are taking £44 a week to cover the debt.
Also in august my son moved out leaving me with £100 a less chid tax credits, I am now working and my wages have covered this but I cannot even afford a new pair of trainers for myself, let alone cope if an emergency came up.

Hi BLP

As budgets go, that sounds an awfully tight figure to feed 8 mouths on. You've already made it clear in other posts that you're finding this IVA very difficult. I don't advise stopping your payments lightly, but you might want to think about this.

My concern is that if/when you call the IVA company, you may be talked into a revised payment schedule, when what is actually best for you might be to stop the IVA altogether and pursue bankruptcy instead once the IVA has officially "failed".

The priority has to be ensuring you have enough money to cover the household bills, then dealing with whatever is left. Not the other way round.

Is there anything about bankruptcy that gives you genuine cause for concern?

Dennis
@natdebtline

babylovepurr

Hi Dennis, thank you for replying.
I said at the time I thought it was tight but they insisted, I don't mind changing the amount I pay, I am scared I am still robbing peter to pay paul again and will end up worse.
I was happy to go down the bankruptcy route but I have just gone through a very lengthy process to get a job with dwp in a claims enquiries call centre and if I get the job (8 days to wait) it will not be an option, the job I have now is temporary factory work and I need something more secure.
All this happened because I wanted a better life for me and my kids and its worse, all I keep telling myself is that at least I stopped myself from having capped benefits because then it would have been 100 times worse.

SPELLKASTER

I know how you feel.

I was in my IVA for 2 years before I cancelled in July this year.

I was only getting £888 per month and they over calculated my income.

In my yearly review this year they increased my payments from £130 to £175 making it unaffordable.

I have been told I have to wait 6 months for the fialure certificate before I can proceed with a debt relief order through National Debtline.

To be honest my IVA was missold to me and they calculated my DLA as income instead of disregarding it!!

I am waiting to do a DRO.

babylovepurr

So there is an option other than becoming bankrupt then?

longtermplanner

So there is an option other than becoming bankrupt then?

A DRO is only an option if you owe less than £15,000 - do you?

babylovepurr

No stuck again

seanavfc92

babylovepurr wrote: »

No stuck again

A debt management plan? It's not a form of insolvency, it's an informal arrangement between you and your creditors, at an amount that you can sustain.

How much is your level of debt as things stand now?