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| worryhead |
Posted - 23 March 2008 : 19:55:55
hi, i am in the process of entering an IVA and my creditors meeting is on Tuesday 25th March (2Days away) i thought everything was going well and starting to look up if this is agreeded, but now i have another worry, i am living at my friends and pay her £250 per month board, and with all my other expenditure my IVA is proposed at £210 per month. My friend informed me today i can only stay a few more months as things are serious with her new partner and he is gonna move in  I am happy for her and i know i am being selfish but if i have to get my own place i wont be able to keep up the payments i have no assests just a car valued at £695 which i need for work, you think my IP will advise banruptcy? i really wanted to pay and avoid this, but if i have to move what are my choices as the £250 would not even cover a months rent on a small flat never mind council tax and bills i feel so ill and scared, i really need some advise |
| 6 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 24 March 2008 : 08:40:30
Hi Worryhead,
Have you thought About trying to find a furnished property this time round, this will enable you to collect your own furniture over a period of time.
All the best.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| worryhead |
Posted - 23 March 2008 : 22:53:22
thanks julian
Fingers crossed i can sort something out, just stressful with everything going on, plus i need houshold essentials to top it all off as everything in our home at the moment is my friends. Just feels like money is so tight already when you have no extra money to furnish a home, looks like i will be living on my bed with no appliences. What an absolute nightmare |
| JulianDonnelly |
Posted - 23 March 2008 : 22:10:18
Hi Woryyhead,
As Melanie and Alan, have suggested get put the IVA on hold and sort out you new accomodiation first,
Maybe right to your creditors and offer them a nominal sum whilst you review your options, you may find an opportunity will present itself in the form of another house share whereby the IVA payments will again become affordable, but as Melanie said would save up the £485 for the time being.
I wouldn't worry to much regading the firgures uded for you income and expenditure in your IVA as these are about to change and the Income payment agreement in bankruptcy will be calculated on your affordability after you have found yourself new accomodation, also you will find the expenditure allowed by the courts is much more realistic than that in an IVA.
All the Best and try not to worry I've been where you are now and know what it's like, but there is always a light at the end of the tunnel and tommorrow is another day.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| worryhead |
Posted - 23 March 2008 : 20:44:51
thanks for your replies, yes i have been on iva forum before 
i am really gutted because i want to pay my debts i really do, i thought i was going to die when she sat me down today and told me, i was just getting my head into the IVA and waiting for tuesday, at least she has given me notice but when i told her iwas entering the IVA she said not to worry i could stay as long as i needed, i know things change but its only been over a month since i started and now its going to pot i paid Kingsgate a £450 fee to start this so i guess i have lost that, plus i think it says i have to pay 3 payments to them as well so its not looking good on my proposal it says my creditors will get nothing in bankruptcy but i would be paying £105 a month for 3 years. I guess i need to speak to them tomorrow if there open, its been a really bad weekend to as i had to close my bank account yesterday as my wages was due in on tuesday and they was going to keep them as "right to offset" so they are going to bounce back and god only knows when i will get them, it just all seems to be happening at once. feel like going to bed and burying my head n never getting up again  |
| AlanO |
Posted - 23 March 2008 : 20:17:55
Hi worryhead,
As Melanie said it appears sensible to withdraw your current application and wait until your position is clearer.
At that stage you can review your options and I am sure one of the experts would be pleased to do this with you to see what the best way forward is.
All the best alan
www.debtdr.co.uk |
| melanie_giles |
Posted - 23 March 2008 : 20:02:10
Hi worryhead and welcome to the forum. I think we have already been chatting together on iva.co.uk!
If you will be unable to match your current rental in an alternative property, and therefore be unable to pay the IVA payments in the near future, it would be sensible at this stage to have a rethink. It sounds to me as if all of your £250 surplus income is likely to be absorbed in higher living costs, so you would be very unwise to enter into an IVA simply for it to fail in a couple of months.
I suggest that you withdraw your current application until your finances are more certain, and use the £250 in the meantime to save up for a rental deposit firstly and secondly your bankruptcy application fee which stands currently at £485. |
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