IVA help

Ed28022023
Ed28022023 Forumite Posts: 3
First Post
Newbie
Hello,

I see there is a lot of questions about IVA here. I will also try and read up to see if anyone has the same problem as me.

I am not happy with the company running my IVA. I'm 35 months into the arrangement. I have been struggling with the agreed monthly payment of £150. I'm unemployed and on Universal Credit. I explained to the insolvency company that my circumstances have changed with regard my health and my daughter's condition. My daughter has a significant brain injury and lives with us. I find it hard to make my Universal Credit cover the bills. 

I explained this to the insolvency company, and they said they will consider if my IVA can be cancelled. They said they had a meeting with my creditors in January 2023, last month, and since this time they have not supplied me with the feedback of this meeting, or a report, and I have withheld the £150 for two months. I know this places me at risk of further action, but I am finding it hard fighting many battles at once, with IVA, social services (for my daughter), and my own health, with heart problems. 

Comments

  • RAS
    RAS Forumite Posts: 31,928
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    How much did you owe?
    The person who has not made a mistake, has made nothing
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,655
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    edited 28 February at 7:47PM
    My advice would be (pending any further news from your IP) to let the arrangement fail.

    You can`t be paying that amount out every month when your only income is benefits.

    There won`t be any further action in your case, if and when collection letters start arriving again, write and explain your circumstances to them, and ask them to make a commercial decision and write the debts off, if that fails the first time, make £1 token payments and ask again in 6 months, rinse and repeat until they do.
    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 [email protected]. 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-letter
  • Ed28022023
    Ed28022023 Forumite Posts: 3
    First Post
    Newbie
    RAS said:
    How much did you owe?
    £25,000 ..
  • Ed28022023
    Ed28022023 Forumite Posts: 3
    First Post
    Newbie
    My advice would be (pending any further news from your IP) to let the arrangement fail.

    You can`t be paying that amount out every month when your only income is benefits.

    There won`t be any further action in your case, if and when collection letters start arriving again, write and explain your circumstances to them, and ask them to make a commercial decision and write the debts off, if that fails the first time, make £1 token payments and ask again in 6 months, rinse and repeat until they do.
    Thank you for your time and advice. I am going to discuss this option. 
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