Soon to be failed IVA & more debts obtained since - but terrified of bankruptcy!

ecg26

I was hoping someone out there may have some advice or even just reassurance about bankruptcy proceedings.. I have always seemed to have a problem with managaing my money, the more I earn the more I spend and through numerous loans, credit cards, store cards, family loans & catalogues over the years I have racked up a total of £47k debt.. As I am in sales my wages are not always consistant so I have found myself in a few monery management plans over the last 5/6 years and more recently 2.5 years ago, an IVA which seemingly solved my problems.. When the stress of owing money disappeared with the IVA I found myself feeling much more able to take on life and I got myself a better paid job (selling new build houses) my salary jumped up by about 15k and I begun to think everything is alright again, I can cope BIG MISTAKE! Anyway, I got out a couple more loans totalling 9k and loans from friends totalling 2k, I also began proceedings to start my own business as sole trader, so used some of the money from the loans to set website up etc.. anyway, realised that I feel too young to give my life up completely to starting up my own business after 6 months (I am 26) and closed the business, obviously I had accumilated costs for starting it up.. advertising, viurtual office etc.. now everything had been going fine, I was amnaging all of my debts and living costs just fine but during the last 5 months or so the credit crunch has really begun to effect the new build market and my salary with wondefully paying job has been slowly depleting over the last 5 months as sales are now non-existent, so whilst I have been steadily increasing my outgoings over the last 2 years in 4/5 short months my income has come right down and I am now about £1500 short on my outgoings everymonth. I have had to miss payments on my IVA and my other creditors simply to pay rent and put food on my table and also to be able to get to work and back.. I am so stressed I can hardly sleep and on the verge of tears all the time out all of the time, (if any of you have seen a girl crying stuck in traffic on the M25 around 5:30pm every day it is probably me!) I am now changing jobs (and industries) as I cannot handle the stress and I am also contemplating bankruptcy as it seems like my only option, I am taking a cut in salary as well which doesnt help matters but I just cant handle life at the moment or a high pressured sales job...
I have spent a good afternoon writing down all of my options and bankrucpty really does seem like the only option for me having already failed an IVA and acculimating other debts since the IVA was obtained..

I am very concerned about the while bankruptcy proceddings and how intrusive of my life it is going be, also a big concern is my father lent me a large sum of money some time ago which although having been paid back at a reduced amount anyway for the last 2.5 (since IVA) years and is now not even being paid back at all, I heard a rumour that the courts if they wish can approach my dad for the money I have paid HIM over the years in order to distribute to my creditors!!
Is this possible? My dad is barely keeping his own head above water and I couldnt bare to get him involved in my financial problems!
I am also wondering if as I will still be in a sales role, (although not as sales focussed) occassionally I will have a commission added to my basic salary (which barely covers just my living costs if I am honest) if they will take 'extra' money direct from my salary.. does anyone have experience of this?

Any advice will be appreciated as I have tried talking to my IVA people who have been incredibly dismissive of bankruptcy, saying I could go to prison because I borrowed after my IVA!! And that I should do a money management plan for the new debt to avoid 'people poking aorund', I explained I cannot afford my IVA now let alone a MMP as well but now the guy I was speaking to is just ignoring my calls and emails! I heard a rumour that they are no longer doing IVAs (it is Debtmatters) so maybe this is why they are so uninterested but anyway....

Please please help! (sorry if this essay has bored you to tears! and for the typos!)

dfwz

Forget DebtMatters and contact:
CCCS - http://www.cccs.co.uk
or
National Debtline - https://www.nationaldebtline.co.uk/

These are charities and will help you out for free. They will talk you through all options including IVA's and Bankruptcy, whichever is relevant. DebtMatters are a company and therefore their main agenda is their own profit, the charities focus is on helping you.

Also, don't stress so much about this. I know it's a difficult time, but it's not worth the ill effects of constantly being upset.

dodecanese

Hi, I dont know much about IVAs but just wanted to say hello- someone more knowledgeable will answer you worries.
As said before Debtmatters are making a profit from you- either in an IVA or a debt plan- its a multi million pound industry. It sounds like theyr using the prison/people poking around thing to manouvre you into doing what they want- ie go on a debt plan and earn them more cash.
Ring the CCCS or National Debtline ad get some free impartial advice.
All the best.

amanda460

Hi

I was just reading this thread from last year and wondered what had progressed from this. Its a shame i hadnt read this earlier as I could have shared my bankruptcy experience with you, or possibly still can if you havent gone down that route yet.
Anyway, i'm really interested in finding out what happened next.
Regards
Amanda

dalip

YES so would i amanda.dx

PS the poster has not logged in since 25/03/2008 so not chance we wll ever find out.dx