Should I leave my IVA?

*k1*

Hi all,

I have been in an IVA for 2 years paying £300 a month on an 18k debt and this has worked perfectly fine for me up until now. I received the annual report along with some queries which have me concerned.

Firstly, my only concern is that I keep my car (my £1,800 valued lifeline!), I took the IVA option believing bankcrupcy to be the worst of all cases and that my name will be ruined forever, as I was trying to start my own business I was scared of the B word!. Now I know it can be a viable option and would like some advice on how an IVA would end if I did declare bankrupt.

The queries I have received from the IVA company are:

1. The sum of £320 which was paid into my bank account in June 2006, this was a compensation cheque from builders who destroyed my flooring.

2. A bank account which I sometimes deposit money to, this I set up after the IVA started in anticipation of my business start up- the account is only used for my buying things on ebay, I deposit the exact amount I would use for Paypal payments etc. I do this so the account appears active and to seperate my buying from my direct debits each month.

I am unclear as to why such a small and random deposit is being queried and could the knowledge of my other account result in a monthly increase?. I make no other money than the salary they know of, my direct debits have increased slightly but I am virtually in the same position I was 2 years ago.

I have never had a good customer service experience from the company and am still being harassed by 1 creditor, I also hate the fact that even though my salary hasnt increased and I have never missed a payment my banking history is being scrutinised.

If I were to sign my car over to my partner and end the IVA can the company do anything?. I have received letters in the post and heard from different people that bankrupcy can be just as damaging as an IVA which was why I chose the IVA in the first place,

Sorry this is long, I am super confused and would be so grateful for any advice or shared experience,

thanks, K

tigerfeet2006

Can I just ask who is your IVA with?

sadpootle

I can't work out how you are paying £300 a month for an 18k debt; I'm 30k in debt and I pay less than that each month....who is your IVA with?

*k1*

I'm with Creditfix Limited, formerly called Mccann Taylor based in Shipley. It was them that came up with that £300 figure, while I did think it was high seeing as my salary is £800 a month I was relieved as at the time I was paying £1100 each month keeping up minimum payments and being overdrawn as soon as my salary landed in my account!

Again, any help is very much appreciated

*k1*

Can anyone provide any advice?...I'm still really stuck and some first hand knowledge would be much appreciated

Gale_10

Hiya,

k1, your best bet is to phone one of these people:

Professional, free, impartial advice on debt problems can be sought from several charitable and 'not for profit' organisations.They never make a penny from the advice they give, which means it will be given with only your best interests at heart.Contact:Your local CAB Office and ask to speak to a 'money advisor'.*The Consumer Credit Counselling Service (CCCS)Tel: 0800 138 1111 *National Debtline-Tel: 0800 808 4000*Payplan-Tel: 0800 917 7823 *Insolvency Service-Tel: 0845 602 9848

BSCno.87
(with many thanks to tigerfeet, who sig I copied!)

if you phone one of these organisations they will let you know everything you need to know plus they dont take any money for their advice!

They are really the best people to speak to.........CCCs or Payplan especially.

Gale

tigerfeet2006

Gale_10 wrote: »

Hiya,

k1, your best bet is to phone one of these people:

Professional, free, impartial advice on debt problems can be sought from several charitable and 'not for profit' organisations.They never make a penny from the advice they give, which means it will be given with only your best interests at heart.Contact:Your local CAB Office and ask to speak to a 'money advisor'.*The Consumer Credit Counselling Service (CCCS)Tel: 0800 138 1111 *National Debtline-Tel: 0800 808 4000*Payplan-Tel: 0800 917 7823 *Insolvency Service-Tel: 0845 602 9848

BSCno.87
(with many thanks to tigerfeet, who sig I copied!)

if you phone one of these organisations they will let you know everything you need to know plus they dont take any money for their advice!

They are really the best people to speak to.........CCCs or Payplan especially.

Gale

Glad it was useful Gale

K1 I agree wholeheartly with Gale you must get in touch with one of the debt charities and get this sorted out. I dread to think how much you are being charged in fees which could be going towards your debt.