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ann
Junior Member
170 Posts |
 Posted - 16 February 2007 : 10:20:23
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I have been doing an Iva for the past 2 years and unfortunatly my income has dropped however my payments haven't which means i have no money to life on or pay my bills. I have been to see my supervisor and had long discussions about lowering my payments but she just refuses to listen!!!!
I have had to borrow money from friends and family to pay bills and my fridge is empty!!! the bottomline is, i am extremely struggling!!!
what will happen if i start fail to make payments...
Really need help as this is starting to affect my health |
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BankruptcyHelpline
Junior Member
United Kingdom
195 Posts |
Posted - 17 February 2007 : 18:12:45
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Hi Ann,
Thanks for taking the time to post on here, it's obvious the IVA you were "sold" was a little too ambitious as far as fair payments were concerned, usually after 3 missed payments the IVA is deemed to have failed, the company you signed up to are carrying funds acquired from you to enable you to go bankrupt, they will probably write to you and let you know the IVA has failed, bankruptcy is the next step.
I would advise against borrowing money from your friends, STOP paying the IVA, use the money for your essential living expenses.
Keep us informed!
Regards, Dennis,
www.BankruptcyHelpline.Org
02086269366 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 February 2007 : 15:08:57
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Hi Ann, I can understand what you are going through. My IVA was approved 4 months ago today, and I am struggling to the point that I have told my IP that I am considering bankruptcy. My partner has been bailing me out for the last 4 months (and obviously before that due to my debts) and I can't carry on like this for 5 years. I am not paying my IVA this month, and unless my IP can perform a miracle I won't be paying it again. What really brought it home to me is that my uncle died earlier this month and if my partner hadn't helped me I wouldn't have been able to send flowers.
If you don't mind me asking, do you own a property or rent? The flat is in my partner's name, so all I have is my car which is why I feel that bankruptcy is the way forward for me.
Good luck x
Where there's life there's hope! |
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i am extremely struggling!!!
