At my wits end - I don't know what to do

soulmate19

I entered into and IVA last year and after 12 months I lost my job and had a mental health crisis. I stopped paying the Iva and I think it's been closed now. I want to get on track with paying things off but I don't know how to get started again. I would be ever so grateful for any advice from anyone. I'm not currently able to make phone calls as I can't deal with talking to people yet - I really need to communicate through email or post. I have a new job and I'm more stable in my life but the debts are such a huge worry. Please help me I am so anxious about this and I don't know where to start

RedFraggle

Hi. I can't offer direct advice but didn't want you not to get a reply. You are in the right place and the experienced posters on here will help you. Hang in there.

RAS

There are folk who have more experience with IVAs. In your case, I suspect that it's going to be important to find out if your insolvency practitioners have terminated your IVA or if it's just in limbo? Do you have any paperwork from your IVA providers received in the last year or so?

It may also be appropriate to check that an IVA was and is the appropriate debt solution for you. Roughly how much did you owe? Do you rent or have a mortgage? How much monthly were you paying? And how much do you earn now compared with when you started the IVA (not necessarily figures at this stage but relative)?

fatbelly

Check the register

https://www.insolvencydirect.bis.gov.uk/eiir/

Is anyone writing to you?

sourcrates

I`m guessing its currently in limbo, and not yet truly failed, due to the timescales you quote, as it can take a full year or more for the IP to wind down your arrangement.

If they have not already done so, your IP will write to you informing you the IVA has failed, and until that happens you remain under its legal protection from further action by your creditors.

Once it does officially fail, and it will take some time for this information to filter down to whoever now owns your debts, in due course they will start writing to you.

So then you will need to decide a new strategy, it will most likely be a debt purchasing company, or a debt collector working on their behalf that writes to you, they won`t all come out of the woodwork at once, debt collection can be a very long and tedious process, so see who writes and take it from there.

Can you remember how much debt you entered the IVA with?

MEM62

Please help me I am so anxious about this and I don't know where to start

Others will be better placed than me to offer the more technical advice. My advice would be to try not to get yourself into too much of a state over it. Many others have been in the same position as you and have got through it. There will be a solution for you.

Brie

I agree with the other posters about waiting to be contacted. In the meantime build up your cash reserves in case there's the possibility of making a full and final settlement of any of the debts.

Also has your mental health has been poor all along or is this a more recent thing? Either way you might want to get a debt and mental health evidence form ready to provide to creditors when they do start to materialise.

more info here - DFW Sticky-Provit/Statute Barred Letters, Defaults, Mental Health Help and Guidance, all here. — MoneySavingExpert Forum