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  • FIRST POST
    • Gizmo92
    • By Gizmo92 8th Apr 18, 9:10 PM
    • 6Posts
    • 3Thanks
    Gizmo92
    On IVA and in debt again
    • #1
    • 8th Apr 18, 9:10 PM
    On IVA and in debt again 8th Apr 18 at 9:10 PM
    Hello

    Apologies if I am posting this in the wrong section, this is my first post. I am currently on an IVA and have about a year and a half left. Unfortunately I have got myself into debt, again...stupid I know and I will never take credit out again once I resolve this. My IVA was originally for around 8,000 and I have somehow managed to get into about 8/9000 of debt again. I was managing my minimum payments but I lost my job due to depression and anxiety which stopped me going to work, i am now unemployed and signed off sick by the doctor. I am currently claiming universal credit and have a work capability assessment in a few days to see if I can claim the sickness element and not be pressured to get back into work. I can just about manage my 75 a month payments for my IVA but can in no way pay any of my other debts each month now. The only thing I can think to do now is to go bankrupt for my new debts but have no idea how this will affect my IVA and I can't afford the bankruptcy fee. Everything is such a mess and I have no idea what to do. I am struggling with my anxiety and depression and i am finding it very hard to cope at the moment. I know I have been so stupid to get in this mess again. I am 26 and have only recently matured and learned how stupid I have been, I will never touch credit once I resolve this. I am desperate for help or advice. I don't know if I would lose my car either if I went bankrupt? It's not an expensive car it's only a 54 plate Honda civic. I am not comfortable with public transport due to my anxiety and agoraphobia which stresses me out more. I haven't got the money to pay the bankruptcy fee either or know if I have broken the law by taken out more credit whilst on an IVA? I am desperate for help or advice please help. Thank you.
Page 1
    • beanielou
    • By beanielou 8th Apr 18, 9:14 PM
    • 52,709 Posts
    • 207,127 Thanks
    beanielou
    • #2
    • 8th Apr 18, 9:14 PM
    • #2
    • 8th Apr 18, 9:14 PM
    I cant answer your queries but just wanted to say hello.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • Gizmo92
    • By Gizmo92 8th Apr 18, 9:16 PM
    • 6 Posts
    • 3 Thanks
    Gizmo92
    • #3
    • 8th Apr 18, 9:16 PM
    • #3
    • 8th Apr 18, 9:16 PM
    Hi there, no problem. Hello and good evening to you
    • beanielou
    • By beanielou 8th Apr 18, 9:22 PM
    • 52,709 Posts
    • 207,127 Thanks
    beanielou
    • #4
    • 8th Apr 18, 9:22 PM
    • #4
    • 8th Apr 18, 9:22 PM
    Is there a CAB near you or a money advice centre near to you that you could go to for some advice?
    It is quite difficult as I am almost sure that there is a term in your IVA that you shouldent take out further credit.
    Or who adminsters the IVA for you?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • Gizmo92
    • By Gizmo92 8th Apr 18, 9:34 PM
    • 6 Posts
    • 3 Thanks
    Gizmo92
    • #5
    • 8th Apr 18, 9:34 PM
    • #5
    • 8th Apr 18, 9:34 PM
    Hi benielou.

    There is a CAB near me which I will call in the morning, thankyou.

    My IVA was taken out with Knightsbridge insolvency but a company called Creditfix have taken over all of knightsbridge's IVA's. I didn't realise I couldn't take out more credit whilst on an IVA but I think you are right, I have looked online and the terms say you are not allowed. I know it's quite complicated and hard to answer but thankyou for suggesting citizens advice, I will call them tomorrow.
    • UncannyScot
    • By UncannyScot 8th Apr 18, 9:50 PM
    • 1,371 Posts
    • 7,615 Thanks
    UncannyScot
    • #6
    • 8th Apr 18, 9:50 PM
    • #6
    • 8th Apr 18, 9:50 PM
    Hi Gizmo,

    Didn't want to just read n run... like beanielou I cannot answer you and can only advise, as they have, to contact your local CAB.

    I am sure your situation can be resolved
    BUGGRITMILLENIUMHANDANDSHRIMP I TOLD EM! - Foul Ole Ron
    It is important that we know where we come from, because if you do not know where you come from, then you do not know where you are, and if you don't know where you are, then you don't know where you are going. If you don't know where you're going, you're probably going wrong.
    R.I.P. T.P.
    • Gizmo92
    • By Gizmo92 8th Apr 18, 9:58 PM
    • 6 Posts
    • 3 Thanks
    Gizmo92
    • #7
    • 8th Apr 18, 9:58 PM
    • #7
    • 8th Apr 18, 9:58 PM
    Thanks UncannyScot
    • enthusiasticsaver
    • By enthusiasticsaver 8th Apr 18, 10:44 PM
    • 6,255 Posts
    • 12,395 Thanks
    enthusiasticsaver
    • #8
    • 8th Apr 18, 10:44 PM
    • #8
    • 8th Apr 18, 10:44 PM
    You are correct in that you should not have taken out more debt after an IVA and yes bankruptcy is an option if you can find the fee. I think you would be allowed to keep a low value car if the receiver allows it. You could contact stepchange to see what they suggest.

    I am sure you are not the first to find yourself in this situation and stepchange or CAB will give you good advice. Another option is to contact your IVA provider and admit to the new credit. You have broken the terms and conditions of the IVA but I am not sure that is technically against the law. They may have to dissolve the IVA though and you move straight to bankruptcy so your IVA payments will go towards the fee for that instead.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Gizmo92
    • By Gizmo92 8th Apr 18, 11:22 PM
    • 6 Posts
    • 3 Thanks
    Gizmo92
    • #9
    • 8th Apr 18, 11:22 PM
    • #9
    • 8th Apr 18, 11:22 PM
    Thanks for your advice enthusiasticsaver, much appreciated.
    • beanielou
    • By beanielou 9th Apr 18, 4:30 PM
    • 52,709 Posts
    • 207,127 Thanks
    beanielou
    Let us know how you get on.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger.
    • Gizmo92
    • By Gizmo92 9th Apr 18, 5:34 PM
    • 6 Posts
    • 3 Thanks
    Gizmo92
    I will do thanks beanielou
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