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T O P I C R E V I E W
bigbadjohn
Posted - 29 November 2009 : 23:39:31 me and my wife been in a iva for ten months but struggerling with payments i earn 1150 a month and pay 517 a month iva for 49k debt.wife earns 850 a month and pays 142 iva for 14k debt .both been working 7 days a week but half of our overtime payments go to iva and still struggerling .havent missed any payments yet but just got a bill for £444 cant pay it we are both thincking of going bankrupt any advice thanks
4 L A T E S T R E P L I E S (Newest First)
Hallway123
Posted - 30 November 2009 : 19:32:33 I struggled in an iva for 2 years until my husband lost his job.I had no option but to go bankrupt,at the time it was all so scarey, but looking back for me it was the best route I could have taken.Got no ipa because income was too low and after 5 months I was discharged,now for the first time in years I have no debt and no sleepless nights over money.
In 2 Deep
Posted - 30 November 2009 : 15:15:39 Welcome Bigbadjohn,
If you are struggling in an IVA after only 10 months, your allowances have certainly not been calculated correctly.
Which company is dealing with your IVA?
Your IP should be the 1st person you should be speaking with. They have the ability to reduce your payment by 15%, and can authorise a payment holiday.
This of course only paper over the cracks in relation to your I&E, and again this needs to be adjusted as you should not be struggling in an IVA - 10 months in.
Gd luck.
quote:Originally posted by bigbadjohn
me and my wife been in a iva for ten months but struggerling with payments i earn 1150 a month and pay 517 a month iva for 49k debt.wife earns 850 a month and pays 142 iva for 14k debt .both been working 7 days a week but half of our overtime payments go to iva and still struggerling .havent missed any payments yet but just got a bill for £444 cant pay it we are both thincking of going bankrupt any advice thanks
Treat EVERY Penny as a prisoner.
chester2005
Posted - 30 November 2009 : 00:17:08 hi and welcome to the forum the allowances in BR are generally more favourable to those in an IVA and the OR will only take a % of the Disposable Income DI available (over £99) up to a max of 70% the IPA income payment agreement is also only for 36 months to qualify for BR you would have to have failed your IVA normally 3 months missed payments and the IP will issue a failure certificate if debts are less than £15000 with no assets and little DI a Debt relief order could be applicable in your wifes case. it may be worth your while running your figures through with a professional expert the ones that help on this forum are Paul Johns from RevivaUK and mel from jones giles. either will happily give you more detailed advice free
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
debtinfo
Posted - 30 November 2009 : 00:15:43 I think the first thing is to to speak to your IP. See if the can do anything for you before you consider other options
