IVA and ill health

Potatoooooooo

Hello, I got myself into 22k of debt in the last couple of years, and I was paying it off successfully with a DMP through StepChange. 
However, I have a long term illness which means I had to recently reduce my hours. I applied for a DRO with Money Wellness, but they suggested an IVA, which I am now on. 
I am due to give up work because my illness has worsened and I am worried about my options. I can't afford the fee for bankruptcy. Any advice would be gratefully received as I am extremely worried.
Thanks. 

Grumpelstiltskin

Why did you fall for an IVA? Totally not suited for such a relatively small amount of debt, Why did they say a DRO wasn't suitable?

You do realize they don't make any money with a DRO but they do with an IVA.

fatbelly

The is the sort of story we thought we'd hear when the government's MaPS gave tens of millions to MW instead of stepchange to do DROs

Please get your complaining hat on.

https://debtcamel.co.uk/complaint-iva/

Potatoooooooo

Grumpelstiltskin said:

Why did you fall for an IVA? Totally not suited for such a relatively small amount of debt, Why did they say a DRO wasn't suitable?

You do realize they don't make any money with a DRO but they do with an IVA.

Because clearly I have no idea what I'm doing and I trusted them to help me. They said because I had more spare income that £75 a month, I didn't qualify for a DRO. I thought because StepChange recommended them, they were trustworthy. I realise now that they make no money with a DRO but do with an IVA, but when you're desperate, you take any solution offered by someone who you believe has your best interests at heart. That's how I got into this mess in the first place. None of that matters anymore though because the main issue I have is that I can't afford the IVA and wouldn't be able to afford the DRO either.  Which is my issue and the one I need help with.

Grumpelstiltskin

OK Have you stopped paying your IVA?  If not stop now and let it fail.

Nothing terrible will happen and it will take some months to fail.

The worse thing you can do is panic, that's how you got into this mess, don't contact any creditors  keep posting on here.

ManyWays

You may have had over £75 a month spare when you started the IVA, but MW should have discussed your health and possible need to give up work to see if the IVA was sustainable.

I suggest you go back to them and point this out, and ask for their help to get the IVA failed quickly and a DRO set up.