Almost at start of Year 3…..

Ryd3r88

Hi all, as the title suggests I’m about to start year 3 just waiting for my EOY review!

I’m not sure really what to put …… but I feel overwhelmed and like I’m drowning!
Don’t get me wrong I haven’t missed any payments etc but I’m constantly living in a state of anxiety. I feel like I was ushered into this “scheme” when at my lowest and most desperate but can’t prove it so to speak. A friend of mine who used the service was in a totally different situation life wise and was perfect for him!

I hate having it, hate being in it and wish to god I had spoke to someone before getting tangled in this….. but pride and embarrassment got in the way! I lost my Dad 3 weeks ago who was my anchor when talking about this (just wish I took his advice and spoke to him before doing anything) and without him I feel completely lost!

Any help, advice, pointers, alternatives would be very greatly appreciated.

Sorry for rant/sob story just needed to get off my chest and look for support.

thanks

Brie

If you are in an IVA and don't think it's right then stop and talk to someone about it before you carry on. Maybe a DMP or DRO would actually be better. Lots of people stop and switch to get to the right solution.

Maybe get through the EOY review and then see what enlightenment that might bring?

Ryd3r88

https://forums.moneysavingexpert.com/discussion/comment/81960336#Comment_81960336

Sorry yes it’s an IVA. Who would I speak about a switch or the options available?

Ryd3r88

I’m also panicking as when I took out the IVA I was blindsided by the possible savings etc making life easier to manage that I forgot my car was coming to and end in Feb 27. It’s on PCP so have no way personally of paying the balloon payment and I’m really stuck/scared of what my options are? I need a car to commute to work plus one big enough for 3 kids myself and the wife. Would the IP let me pay what I already do towards the vehicle to a family member if they paid the last piece of the vehicle?

Grumpelstiltskin

Many IVAs are mis sold, you only have to look at this section of the forum to see posts about that.

Contact the IVA company and tell th you are stopping payments, they won't be happy as they are making money out of you but stick it out and see what happens. Keep posting here if you need more help.

I think you realize now that you were taken in by their promises, it is a pity you didn't research more before you signed up.

Ryd3r88

https://forums.moneysavingexpert.com/discussion/comment/81960609#Comment_81960609

It really is, I let my pride and embarrassment cloud my judgement and went off the advice of a friend/colleague. My concern is if I let it fail what happens with my creditors? Obviously I’d end up owing more back (but could work OT and not be penalised) but what happens as I can’t afford to be pushed to bankruptcy

Grumpelstiltskin

Cross the bankruptcy bridge if and when it crops up, it is unlikely.

Read this

 

UK IVA Statistics 2026: Official Data and Trends · IVA Advice

Ryd3r88

https://forums.moneysavingexpert.com/discussion/comment/81960704#Comment_81960704

Thats why im scared and feel lost. We have a house, 3 kids and obviously myself and the wife. So can’t afford to lose anything or have any of it at risk all because I was miss informed.

Also compared to the site link you sent my payments are on the high end (£331 pm)

Grumpelstiltskin

What you need to look at are the percentage that fail. then you will realize you are not alone and very few of them end up in bankruptcy.

Ryd3r88

https://forums.moneysavingexpert.com/discussion/comment/81960752#Comment_81960752

what advice would you offer in this instance? Sorry to be a pain but I’ve just lost the one person who I could talk to about this and now feel totally lost and unsure what to do for the best

Brie

If you have a house (so mortgage rather than rent) then a DRO won't work. So a debt management plan DMP may be the option you need. If you DIY this (at least after initial set up) then you don't have to go to someone to discuss whether you are paying to a PCP or a relative in order to keep your car.

StepChange and NationalDebtline are pretty efficient at getting these started and will manage them for you. Citizens Advice, Christians Against Poverty CAP or Community Money Advice CMA can get your through the set up part and then you can DIY the rest.

Or you can do it all yourself maybe with a bit of guidance from people, possibly on the Debtfree Wannabe board. You might want to start by completing the statement of accounts (see my signature for the link) and post it there. Sounds like you know your finances fairly well now so that part should be easy. People will chat about possible ways to tighten up your budget and how to deal with the various creditors. In my opinion (others may disagree) the PCP thing can be sorted if you switch from having the finance company as creditor to a family member instead.

Sorry about your dad, some parents can be very helpful and good sounding boards. Insensitive thought perhaps - is there anything coming your way due to his death? If there might be that should be something to be included at some point in your calculations.