On IVA and in debt again

Gizmo92

Hello

Apologies if I am posting this in the wrong section, this is my first post. I am currently on an IVA and have about a year and a half left. Unfortunately I have got myself into debt, again...stupid I know and I will never take credit out again once I resolve this. My IVA was originally for around £8,000 and I have somehow managed to get into about £8/9000 of debt again. I was managing my minimum payments but I lost my job due to depression and anxiety which stopped me going to work, i am now unemployed and signed off sick by the doctor. I am currently claiming universal credit and have a work capability assessment in a few days to see if I can claim the sickness element and not be pressured to get back into work. I can just about manage my £75 a month payments for my IVA but can in no way pay any of my other debts each month now. The only thing I can think to do now is to go bankrupt for my new debts but have no idea how this will affect my IVA and I can't afford the bankruptcy fee. Everything is such a mess and I have no idea what to do. I am struggling with my anxiety and depression and i am finding it very hard to cope at the moment. I know I have been so stupid to get in this mess again. I am 26 and have only recently matured and learned how stupid I have been, I will never touch credit once I resolve this. I am desperate for help or advice. I don't know if I would lose my car either if I went bankrupt? It's not an expensive car it's only a 54 plate Honda civic. I am not comfortable with public transport due to my anxiety and agoraphobia which stresses me out more. I haven't got the money to pay the bankruptcy fee either or know if I have broken the law by taken out more credit whilst on an IVA? I am desperate for help or advice please help. Thank you.

beanielou

I cant answer your queries but just wanted to say hello.

Gizmo92

Hi there, no problem. Hello and good evening to you

beanielou

Is there a CAB near you or a money advice centre near to you that you could go to for some advice?
It is quite difficult as I am almost sure that there is a term in your IVA that you shouldent take out further credit.
Or who adminsters the IVA for you?

Gizmo92

Hi benielou.

There is a CAB near me which I will call in the morning, thankyou.

My IVA was taken out with Knightsbridge insolvency but a company called Creditfix have taken over all of knightsbridge's IVA's. I didn't realise I couldn't take out more credit whilst on an IVA but I think you are right, I have looked online and the terms say you are not allowed. I know it's quite complicated and hard to answer but thankyou for suggesting citizens advice, I will call them tomorrow.

UncannyScot

Hi Gizmo,

Didn't want to just read n run... like beanielou I cannot answer you and can only advise, as they have, to contact your local CAB.

I am sure your situation can be resolved

Gizmo92

Thanks UncannyScot

enthusiasticsaver

You are correct in that you should not have taken out more debt after an IVA and yes bankruptcy is an option if you can find the fee. I think you would be allowed to keep a low value car if the receiver allows it. You could contact stepchange to see what they suggest.

I am sure you are not the first to find yourself in this situation and stepchange or CAB will give you good advice. Another option is to contact your IVA provider and admit to the new credit. You have broken the terms and conditions of the IVA but I am not sure that is technically against the law. They may have to dissolve the IVA though and you move straight to bankruptcy so your IVA payments will go towards the fee for that instead.

Gizmo92

Thanks for your advice enthusiasticsaver, much appreciated.

beanielou

Let us know how you get on.

Gizmo92

I will do thanks beanielou:)