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DebtRidden2011
Starting Member
2 Posts |
 Posted - 15 October 2011 : 03:03:58
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Hello Everyone,
this is my first time here. I know about the IVA forum as i am in an IVA so i have looked up posts before. But now i am considering banruptcy.
Heres the story:
I have been in an IVA for just over two years now. Things i guess were ticking along, i was learning to adapt to living tight and to a budget.
I recently a few months ago had my working hours cut due to risk of redundency, and also a condition i suffer from which gets worse due to stress. so from a health point of view, it worked for me, but from a financial point of view, my salary has dropped by around 400 a month.
My iva payments were decreased but hardly (280 dropped to 250).
And since then, yes life has been stress free from a working point of view, but im living tighter than ever. which is starting to stress me out a lot, which is worsening my condition.
I know i got myself in this debt in the first place and i like to think i have paid back a lot already.
But im not in a situation where i have gone down the payday loan road as well as having the IVA, and the past few months i have got a few bank charges (due to a change in my payday and this not working well with my direct debits on the account) so theres a mini cycle of mess going on there. I have had to cancel my direct debit for my IVA this month as i just couldnt cover it. Im scared to talk to the comoany who run my IVA.
Ive just had enough and i really am considering the Bankruptcy route. My health is always going to be more important than stressing over debts, and if i carry ongoing on the way i am, i will make myself worse.
From what i have mentioned, do i sound like a candidate for bankruptcy? also, if the answer is yes, can i go and sort this out without my company knowing about it (my company do not deal with bankruptcy) as i cannot bring myself to discuss this with them.
Im single and still live at home so i dont have anything secured against my name.
Id be grateful for any information that could be provided.
Thanks...
DR2011 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 15 October 2011 : 08:17:36
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Hi debtridden,
Sorry your IVA hasn't worked out. Please don't be scared to talk to your IVA company, they deal with this kind of thing every day and they are working for you, they are not there to judge you.
You must tell them to see if they can help, if they can't then you will need to miss 3 months payments and have the IVA fail, you have to do this before you can petition for your bankruptcy in court.
Do you have any assets that are going to be at risk?
Speak to your IP and I advise you speak to an expert on here too to have a chat about everything.
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
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 October 2011 : 08:34:26
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Hi,
I agree with Viki - please talk to your IP and see if there is a way round this. You might be able to do a variation meeting and lower the payments even more.
It seems a shame for it to fail now you are so far in.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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DebtRidden2011
Starting Member
2 Posts |
Posted - 15 October 2011 : 12:09:47
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Thankyou for the replies :)
The thing is, the last time we spoke, when my working hours were reduced, i was told that they can only drop it by the amount that they did. They said that any further, and they would have to go back to creditors and it probably wouldnt work out in my favour. :-/
I have no assets at all so i wouldnt have anything seized from me in that sense..
Im very new to this site, how do i get directed to to the experts...?
Thanks again for the advice.
DR2011 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 October 2011 : 12:13:20
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Viki has already posted on your thread, which i read as her inviting you to make contact. Viki is great, very calming and helpful
alternatly all the experts are listed on the TAB to the left, although we are down a few at the moment
follow
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 October 2011 : 12:51:36
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Any of the experts will be able to help but please speak to your IP first before making any decisions.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 October 2011 : 13:21:17
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I've no idea how anyone could think Viki was suggesting Debtridden contacts her!
Debtridden, like the othets have said, your IP should be your first port of call as they may be able to help you.
Good luck and please let us know how you get on.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 15 October 2011 : 15:46:07
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hi Debtridden
definitely go back to your IP not the clerk insist on the IP there fees are by now paid insist on a variation the creditors either help you and get something or fail you and get nothing |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 October 2011 : 16:01:27
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You can contact your IP directly via this link:
http://www.insolvencydirect.bis.gov.uk/fip1/
Daniel - not all of the fees will be paid as there are ongoing costs throughout the whole of the IVA.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 October 2011 : 17:08:17
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Hi Debt Ridden
yes you should contact your IP in the first instance but as you have already spoken to them and they are not really offering anything that will help you you need to gain further knowledge. Once you have further knowledge you can then decide which option is best for you.
IP's tend to have a minimum threshold for the IVA to be viable to them.
we only have two "practising" experts at the moment. I have heard positive things about Blackie and Viki. call them both makes no difference but was i was intimiating and perhaps not typing clearly that as Viki has a little bit of knowledge about your case may be easier to speak to her
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 15 October 2011 : 17:13:21
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It maybe that debtridden has spoken to a member of the office staff and not the IP.
If he/she emails via the link I posted above then they may get some help.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Topic |
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IVA to Bankruptcy?? Help!
