| T O P I C R E V I E W |
| Sarah H |
Posted - 02 January 2014 : 13:12:32
Hi,
I work in sales and my husband does a lot of overtime. Would any of my commission and his overtime need to be paid into the income payment agreement like it does into an IVA or are the payments fixed?
Thanks for any help! |
| 6 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 03 January 2014 : 13:40:58
Hi Sarah,
As Niobe has said, it seems a shame to fail it now.
Have you spoken to your IP and gone over your income and expenditure? Who told you that you can't go any lower on your payments?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
| Niobe |
Posted - 03 January 2014 : 08:59:26
I would seriously reconsider letting it fail. You have come so far and if you went bankrupt then the six years would start all over again, you would be subject to an IPA for three years for all disposable income if it is above £20 per month.
If you are struggling then please speak to your IP to see if there is a way forwsrd.
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
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| Sarah H |
Posted - 02 January 2014 : 19:12:17
We've been in it 4 years and have 2 to go. We should have gone bankrupt in the first place as we are in negative equity (after the IVA we would still owe £35k over our mortgage on our property through a long term secured loan). We are also struggling with nursery fees. We're paying the lowest we can pay on our IVA. |
| Niobe |
Posted - 02 January 2014 : 16:35:20
Is there any reason why you want to fail your IVA? How long have you been in it?
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
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| Sarah H |
Posted - 02 January 2014 : 16:20:20
Hi,
Yes, we are both strongly considering failing our IVA's and going bankrupt.
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| Niobe |
Posted - 02 January 2014 : 14:04:39
Hi and welcome.
Are you both looking at Bankruptcy?
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
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