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furrycat690
Starting Member
1 Posts |
 Posted - 20 December 2008 : 22:38:59
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I have had my IVA now since September: I pay £300 per month from a takehome amount of around £1200. I had previously managed my payments to creditors by living in my overdraft every month.
My normal expenditure is £1065:
IVA £300. Rent £360. Council Tax £94. BT Phonecard £20. Water £38. Car Insurance £36. Mobile Phone £35. Internet £12. Gas £20. Electric £20. Groceries/Toiletries £40. Petrol £80.
My difficulty is this...I budget each month and pay my bills but every month since I've had my IVA payments going out I have had a big bill on top of everything else. An MOT of £200; a final council tax bill for £65. A final phone bill for £70. A "normal" phone bill for £60. A vets bill of £150...amongst other smaller things like new bulbs for the car and things like that.
I spend my days in a constant state of panic that something else is going to come up that I won't be able to cover. As it is I don't have the heating or hot water on...the gas is too expensive per month.
I have squeezed my budget so carefully but now I think I am at the point where I think I can't do this for the next 4 and a half years as I'll go insane. I work and I write my budget each month, ticking things off as they go out on Direct Debit. I find myself despairing, though, as no matter how well I budget something keeps coming up and I find my existence is that of a hermit. I go to work, come home and go to bed then get up and repeat the next day. I see no end and no light at the end of this tunnel. My ability to cope is almost gone.
Does my income make me ineligible for bankruptcy? It seems the only way forward. |
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John
New Member
United Kingdom
73 Posts |
Posted - 21 December 2008 : 09:01:41
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Hi
I am no fan of IVA's but if you wish to continue speak to your IP and ask for one month's grace to get ahead of the game. In reality they can't stop you as being permanently one month "in arrears" throughout the term of the IVA is not sufficient grounds for the IP / creditors to fail the arrangement.
If you now feel bankruptcy may be a better option for you, seek professional advice from a bankruptcy expert (not CAB ; CCCS or IP)first.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 21 December 2008 : 09:32:55
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Hi Furrycat
Welcome. I agree with John here if you wish to continue then you need to talk to your IP provider, but as John has said if you feel that BR is the better option then you need to go over your options and make sure you get the right advice and make a plan so that it can all run smoothly and also becomes less stressfull to you.
I would give the guys at the helpline a call, its free and they can go over it with you, the number is 0800 078 9367.
You do need to have that plan in place though. I did call the CAB when i started to think about BR and for me they were about as helpful as a chocolate fireguard but everyones experience is different.
Do take care and do keep posting, it does get better.
Jo
x
Wishing you A Very Merry Christmas & A Happy Debt Free 2009
20 Weeks down
32 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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I have had my IVA now since September:
