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| golfer |
Posted - 11 April 2008 : 21:54:45
my wife and i entered into an I V A in Nov 2006 owing £34,ooo,my wife is now the only one working as i am out of work ,we cant afford the payments of £576 per month what would you advise
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| 2 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 11 April 2008 : 22:08:01
Hi golfer and welcome to the forum
As a practising IP myself, I will answer that if I were your supervisor if that is OK. First of all I would want to chat with you about your difficulties to see if your problems are temporary or more permanent. If temporary, then perhaps a short payment break of one to three months might be in order. If permanent, then perhaps a variation might be offered to creditors to extend the payment break period until you could realistically expect to find employment.
It may be that you might decide that the IVA is not worth continuing with, in which case I would talk to you about other options such as bankruptcy proceedings or a Debt Managment Programme. Depending upon the terms of your specific IVA, it might be possible for the supervisor to fund the cost of bankruptcy proceedings if that is the route you ultimately decide to pursue.
The trick here is not to take a knee-jerk reaction but to carefully consider your options before proceeding.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| Reviva UK |
Posted - 11 April 2008 : 22:06:18
Hi there golfer
a warm welcome to the forum.
Couple of things that would be useful information so we can help.
Do you own your own house? If so can we have details on mortgage / value etc.
At 576 per month you are making a serious contribution towards the debts and including IP fees you are paying back 34k over ( i assume ) 5 years.
I suspect that the best First step is to have a conversation with your IP / Supervisor to discus the situation. They may well welcome the opportunity to work with you and reduce the contributions for a while to allow you to find alternative employment.
If they are unhelpful then you may need to have a conversation with an Assisted Bankruptcy Specialist to get a plan B
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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