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bennieblueeyes
Junior Member
211 Posts |
 Posted - 22 June 2008 : 23:56:26
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I have an IVA, served two years out of the five, just begining third year. I will be declaring BR at the end of this year as I will be retired and on a state pension of £106 per week with no other income. I will have to get help with my rent and council tax from social services. I intend not to pay a few payments of my IVA at the end of the year to pay for BR.
My question is, My IVA company ( a bad lot ) is also saying if I dont pay, the creditors will declare me BR. They have sold the debts so I am sure are not interested in declaring me BR. All money I have paid so far has gone to the IVA company, none to anyone I owed money to. So who will declare me BR.
Should I be pro active and do it myself, or should I let the IVA company do it, and will it cost me more that way. At the moment I need dental treatment I cannot have, no money to pay for it. Also my cat is ill and I cannot afford to take it to the vet.
The only money I can pay for these urgent things with is the money I pay to my IVA. Not sure if to stop payments now and pay for these things or wait til I retire in 5 months time. and hope my teeth will wait and the cat will survive. I can afford to have the cat put down but not pay for treatment.
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melanie_giles
Senior Member
1191 Posts |
Posted - 23 June 2008 : 00:28:45
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What a shame you allowed yourself to enter into an IVA in the knowledge that it was almost certain to fail upon your retirement. It seems odd that an IP would agree to represent you on this basis, but if you no longer have the income to suppport the payments then bankrutpcy is probabably a better option.
I am sure that your creditors will not want to make you bankruptc, as you have no assets and this will cost them approximately £2,000, so it seems sensible for you to now cease the IVA payments in order to save up the money to fund the bankrutpcy application. But please do keep your IP informed of your intentions in this regard.
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 |
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Skippy
forum expert
United Kingdom
3290 Posts |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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bennieblueeyes
Junior Member
211 Posts |
Posted - 11 July 2008 : 11:18:53
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quote:
Originally posted by melanie_giles
What a shame you allowed yourself to enter into an IVA in the knowledge that it was almost certain to fail upon your retirement. It seems odd that an IP would agree to represent you on this basis, but if you no longer have the income to suppport the payments then bankrutpcy is probabably a better option.
I am sure that your creditors will not want to make you bankruptc, as you have no assets and this will cost them approximately £2,000, so it seems sensible for you to now cease the IVA payments in order to save up the money to fund the bankrutpcy application. But please do keep your IP informed of your intentions in this regard.
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
Hi Melanie. My IVA company new my age and never once asked me about retiring. I did privately think it may be possible for me to work on at the time. Now 21/2 years down the line I have very bad arthritus and will not be able to do my job, so will retire at 60. Also this company was using a lot of pressure. In hindsight an IVA was not right for me at all. A lot of things were not discussed with me and three times I asked a direct question and was lied to. Did not know they lied intil after the IVA had been through the court. They are a very unscrupulous company. Carol
company.
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 22:30:33
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It is possible that you may have grounds for a formal complaint, but at the end of the day you signed the agreement so perhaps the best thing to do now is to seriously consider bankruptcy as a way to put the debts behind you.
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 |
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hope my teeth will wait and the cat will survive
