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T O P I C R E V I E W
Jean.23
Posted - 09 December 2013 : 17:17:06 Please cab you help my IVA has been terminated I took out a payday loan and this has caused termination. I owe £ 60,000 and the IVA company are proposing bankruptcy . I do have some disposable income of £ 700 per month and I know that this will be taken off me . Would Bankruptcy or Debt management plan be a better option ? I work in sales and get commission and my wage can fluctuate .
3 L A T E S T R E P L I E S (Newest First)
Niobe
Posted - 09 December 2013 : 18:14:56 Hi and welcome to the forum.
Sorry to hear that your IVA has been terminated.
I would speak to an expert about the solutions available to you. If you declare BR then the OR will keep an interest in your house for 2 years and three months so it is always possible that your house could be at risk.
You will have an Income Payment Order for three years if you have over £20 per month DI.
Is there any reason why you had to take out a payday loan?
Speak to one of the experts who post on here or visit CAB for advice.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
Viki.W
Posted - 09 December 2013 : 18:07:15 Hi Jean,
It seems a shame that your IVA is going to fail because of that. Have you discussed this fully with your insolvency practitioner.
How much is the payday loan for? If you needed a loan then your income and expenditure needs looking at as you shouldn't need to lend any money.
Has it actually been terminated? If so, then you have the option of bankruptcy or a debt management plan and you really need the pros and cons of each one discussed with you. Again, I suggest you speak to your insolvency practitioner.
