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IVA to bankruptcy
cwheeeler
Posts: 5 Forumite
Hi all I'm not sure if you can help.
I'm on an IVA since September 2020. I pay £70 a week. I'm on benefits only and am struggling with rising prices.
How easy is it to reduce the weekly payment?
Should or can I go bankrupt instead
I'm on an IVA since September 2020. I pay £70 a week. I'm on benefits only and am struggling with rising prices.
How easy is it to reduce the weekly payment?
Should or can I go bankrupt instead
0
Comments
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How much do you owe? Do you own property or other large value assets?"You've been reading SOS when it's just your clock reading 5:05 "0
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Around £23k no property or large assets. Car is motability0
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Your on benefits yet still find £280 quid a month for an IVA payment ?
How on earth do you do that ?
Benefit levels are rock bottom, I think you have had some very bad advice, can you do an SOA for us, so we can see your situation, that way we can better advise.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2 -
Hi I don't think they gave me the correct advice. I have been told that a government scheme existed which I should have used. I feel its all about money making. At the review last September they asked me nothing. They have though sworn me off bankruptcy saying that would end my life!! Not literally you Understand
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We presume an IVA provider suggested this as they earn loads of fees, whilst bankruptcy is cheaper and earns them nothing?
IVAs are good for people with assets to protect and over 30K in debt, sometimes.
And a DRO costs £90 as long as your debt is under £30K and you don't have assets over £2k.
All stay on your credit record for 6 years
Please speak to one of the debt charities, contacts nicked off sourcrates' sig.
If you've have not made a mistake, you've made nothing1 -
What you have been told by the IVA company is utter rubbish!
Do contact one of the debt charities provided in the links above and stop paying the IVA. You could well be eligible for a DRO, which will write your debts off, or (with no assets to protect) then bankruptcy will be the way to go and you'll need to save up for the fee using the IVA payment you've been making, if you are not eligible for a grant to help with that cost.
Speak to the debt charities and get the right advice
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One of the debt free charities will give the best advice for 'YOU'.A fee charging company in general will give you the best advice for 'THEM'.Good luck with your journey.May you find your sister soon Helli.
Sleep well.0
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