IVA issues..confused

longtermplanner

kegz1975 wrote: »

I am going to see if they can just hold until my annual review and let me keep paying what I can till then.....well probably get a big fat no!

I think it might be better to face the facts. If your IVA is going to fail (and from what you have said it seems very likely) it would be better to stop paying them anything now and save up those payments for your bankruptcy fees. The bankruptcy fees will be c £500 if you are on a low income as you should be able to get exemption from the court fee element.

Also it takes some time for an IVA to fail before you can go bankrupt, so the sooner you get going on this road, the quicker you will get to the end of it.

Of course this is making the big assumption that bankruptcy is inevitable. But unless anyone else can help you out, it sounds as though it is.

Looking back ..I really wouldn't advise anyone else to fall into the fantasy of an IVA.... unless you can make the required payments without fail... cause even if your circumstances change and you need to reduce your payments... that's not an option... they will still tell you what they want minimum. no better than the way a creditor chasing you for money would handle you........... it's not an easy fix

I wish everyone choosing an IVA could read that sentence! To many are sold as being "an affordable monthly payments" without explaining that once you have started it's very difficult to the payment reduced even if it isn't affordable any longer!

I am with the Natwest and I have head they are good with things like this and maybe willing to let my account run on... its a basic account with just a debit card for making payments and and I have my wages paid in there and I pay for things like my car tax and service plan and nursery out of there.

Sorry but Natwest will close that account. Your choices are either a basic bank account from Barclays or one from the Co-op.