IVA

Xohayz

Hi,

I am currently nearly 2nd year into my IVA. I’ve been reading this forum and questioning whether an iva is right for me now. I fell for the ads on social media and foolishly didn’t do enough research. Nevertheless I’m stuck in it now and making the best out of a bad situation. 

I needed to sort my finances out as was in a very unhealthy relationship I rent but did have a car at the time which was over £2000. My debt level was £34,000 so couldn’t do a DRO. 

My rent and cost of living has gone up and credit fix have halved my payments for 4 months…hopefully waiting for outcome of creditor meeting and will extend iva.

i have a daughter who I don’t get child maintenance for as her dad has her a few nights a week and we pay half towards her school, it’s just something we have always done. 

I am having sleepless nights and find myself stressed as 1) not sure if the reduction has been accepted and 2) my bills are ever increasing.

I owe £5.4k left on my iva and my payments have offered to pay the balance to stop my worry. Do I offer £5.4k or offer £5k and see if they will accept? 

fatbelly

We can't tell you what you should do but you probably have more options than you think.

From April 6th DROs become free, and from June 28th the debt limit goes up to 50k.

If you qualify then it saves your parents 5k

https://debtcamel.co.uk/end-iva-change-to-dro/

Xohayz

Thanks for the comment would I then have an extra 2 years added onto my credit file? As the DRO would start and my IvA would fail is that correct? 

fatbelly

The other way around. The IVA has to fail, then you can apply for a DRO. It's in the final section of debt camel's article.

Your credit file is the least of your worries.