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IVA
moon121167
Posts: 2 Newbie
in IVA & DRO
Hi
me and my husband been on a IVA since 2019, my husband works full time and me part time but this last year my mental health has been affected so I reduced my days from 3 to 2 days a week and now my IVA company has said I have to seek full time employment what can I do, I can not do it.
me and my husband been on a IVA since 2019, my husband works full time and me part time but this last year my mental health has been affected so I reduced my days from 3 to 2 days a week and now my IVA company has said I have to seek full time employment what can I do, I can not do it.
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Comments
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Can we ask a few basic questions, as it might be easier to help you?
How much did you owe when you started the IVAs, for both of you?
Did you take advice from a debt charity? Or respond to an advert about a government approved debt scheme?
Do you own a house, have a mortgage or any other valuable assets?
Are any of the debts jointly owed?
Rough idea of your salaries when you started/If you've have not made a mistake, you've made nothing0 -
Uhmm some debts are joint and some are not, no we rent, I earned before I gave the shift up £600 and now £420 ish. No we didnt take any advice we just saw this company and requested a call back and it went from there. we owed about £55.000. I have a car and so does my husband but we need them both for work. My husband earns about £40.000.0
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In your circumstances the IVA was one option you could have taken, however in order for it to be successful, you need to have a stable income for up to 6 years, I understand about your health issues, but insolvency does not, you have an agreement to pay x amount per month you see, so that is what you must pay.
Your IP has discretion to lower payments by up to 15% (but the missed amounts still need to be repaid at a later date).
In order to permanently lower your payments, a creditors meeting must be called, and they may not settle for the reduced amount on offer, with your new income.
This is but one reason why you should never rush into a debt solution without taking proper advice, especially an IVA, as they are the number one mis-sold debt solution in this country.
If your health is going to be an problem here, then perhaps you may want to look at other options which are more flexible.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 -
sourcrates is being very polite.
Of your total debt, how much is yours, how much is your husband's and how much is joint?If you've have not made a mistake, you've made nothing1
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