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sjones79
New Member
United Kingdom
82 Posts |
 Posted - 18 September 2008 : 10:00:36
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Hi
Ive been doing an iva for the last year and its due for renewal, at the moment im really struggling with all the cost which i will come to. and all indications on the renewal letter seems to say its only gonna go up? i cant afford this.
there are factors down to my own stupidity im struggling with the payments and actually living my life. when i took out the ive i was struck ill the next month. i didnt want to phone my dept company after a month and ask for them for help. It was coming up to x-mas i had no money and no choice but to try and cash some cheques at a local cash shop. The only cheques i had were for one of my banks i was using a iva for as they had kept my account open. Over time i started struggling to pay back these cheaques and the money shop would then cash them in putting me overdrawn on my account with no way to pay the bank straight away. u can imaging what kind of fines i got. I pay into the account as soon as i can but this doesnt stop them fining me even more when ever i go overdrawn on it more when i dont pay on time? Everytime i try and pay off the fines i get more fines and im in a spiral now where i just cant afford to pay.
This is all my own doing and i feel an idiot, but i just cant afford to pay this and my iva. If i contact my dept company will they be able to do anything about the fines? At the moment if nothing happens i cant see any choice but to go bankrupt?
also when i took out the iva, i never realised that they added overtime on top of my wages as monthly income. so i have to do 15hrs overtime just to make sure i have money to pay everything that month? is this right? with my renewal soon i would want that removed as my company is adding more and more staff so after x-mas there will be hardly any overtime going so i wont be able to cover this? will they remove it as this wont kick in till then and there is overtime going at the mo? So i cant prove it?
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andrew.m
Junior Member
United Kingdom
335 Posts |
Posted - 18 September 2008 : 10:30:55
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| im no expert but i can give the human side, it would appear you are in a downward spiral and in breach of the IVA which i think can end up with BR in itself, what is stopping you going bankrupt? is it the stigma attached? |
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sjones79
New Member
United Kingdom
82 Posts |
Posted - 18 September 2008 : 10:58:13
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quote:
Originally posted by andrew.m
im no expert but i can give the human side, it would appear you are in a downward spiral and in breach of the IVA which i think can end up with BR in itself, what is stopping you going bankrupt? is it the stigma attached?
Pretty much, thats why i chose the iva in the first place? |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 18 September 2008 : 10:59:32
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Hi
You are clearly in breach of your IVA by obtaining credit via the cash shop. You should contact your IP as soon as you can as you will be unable to resolve this yourself. They will have to either vary your IVA to make it more manageable or fail the IVA and petition for your bankruptcy.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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andrew.m
Junior Member
United Kingdom
335 Posts |
Posted - 18 September 2008 : 11:22:07
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mate,
just rememeber its not the end of the world, i was in a similar mess, use the boards on here, they helped me loads
andrew m |
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sjones79
New Member
United Kingdom
82 Posts |
Posted - 18 September 2008 : 11:49:05
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Ive spoken to my dept company and i beleive that bankrupty prob is gonna be my only option?
I need to speak to my job,landlord and bank etc now to see how im gonna be affected?
does anyone know if natwest who i owe no depts to and use a basic account with for my wages will continue to let me use that account?? |
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sjones79
New Member
United Kingdom
82 Posts |
Posted - 18 September 2008 : 12:35:19
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quote:
Originally posted by sjones79
Ive spoken to my dept company and i beleive that bankrupty prob is gonna be my only option?
I need to speak to my job,landlord and bank etc now to see how im gonna be affected?
does anyone know if natwest who i owe no depts to and use a basic account with for my wages will continue to let me use that account??
Have spoken to my bank and was shocked with what they told me? basically i wasnt aloud an account as all will be frozen when declared bankrupt? Which i asked a question how on earth do i pay bills and get paid etc? Which she didnt know. this ,makes me think natwest dont let u keep a account while bankrupt?
Reading some of the other posts on this site is giving me hope as when she told me that i was scared to death. So i can actually have an account somewhere then. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 18 September 2008 : 12:40:04
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Hi Sjones79,
It seems the account of choice at the moment for people who have just gone BR is the Co-Op Cashminder account. As long as you didn't owe them any money, you should be fine.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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sjones79
New Member
United Kingdom
82 Posts |
Posted - 18 September 2008 : 12:48:20
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Thanks to everyone on this site, its been a godsend!!
I will keep posted on my developments.
I truly am terrified about this and its good to know people are around who dont judge u and are willing to help. |
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andrew.m
Junior Member
United Kingdom
335 Posts |
Posted - 18 September 2008 : 12:49:02
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julien,
how will barclays deal with me, when should i approach them? i dont them anything.
andrew |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 18 September 2008 : 14:01:03
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Hi Andrew
I had a savings account with Natwest, the OR wanted the 2.80 that was in my old account and te bank opened another savings account and told me it would be fine, i dont owe them anything, today i had a letter to say that all monies will be sent to the OR as they are now aware im BR, which i told them and the account willk be closed. They really bug me.
Never mind.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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andrew.m
Junior Member
United Kingdom
335 Posts |
Posted - 18 September 2008 : 14:29:14
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| well im hoping barclays will be ok with me, if not its think banking im afraid, jo, are you with the co-op? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 18 September 2008 : 15:59:11
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Hi Andrew,
Barclays have been known to offer basic accounts to those who have just gone BR providing you don't owe them any money.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 18 September 2008 : 17:37:41
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Hi Andrew
Yes we are with the Coop so far so good they have been brilliant. We have had the account for nearly 2 months now.
Give them a call.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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andrew.m
Junior Member
United Kingdom
335 Posts |
Posted - 19 September 2008 : 08:43:55
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| cant, i had a co op CC |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 19 September 2008 : 12:19:51
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Oh how about Abbey basic account.
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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Not sure what to do??
