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Sue
Starting Member
1 Posts |
 Posted - 21 January 2009 : 01:32:41
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Hi everyone
My husband has had an iva for the last 18 months
We felt realy guilty at getting into so much debt and tried everyway to pay
We thought an iva would be a saviour and enable us to pay the 16,000 back
Despite bad health my husband worked every hour he could and most months paid double what he had to, but we still had a couple of creditors of small debts calling because the iva company hadnt contacted them.
When we informed them about the iva they said the debt would be written off
Through trying to sort this out we found out not one creditor had been paid anything, apparently the company gets the first years, even though he paid double
We felt sick at this, it was over £4,000 that we could have paid off his debts
My husbands work situation changed, his overworking made his illness worse and he had to stop the overtime and we found it a struggle to pay, but we still did
He asked them to drop payments and they refused
We then missed 2 payments because he was on the sick and he was told his iva would be extended by another 2 months
It was at that point we realised what a mistake we had made
With his illness this could keep getting extended for years and years because of missed payments through times on sick
It seemed it could be never ending
I have to say at this point, my husband was advised 3 years ago to stop work but refused
He realy wants to pay his way as much as he can
Because of the health problems and it affecting his work and causing him to take sick days he is now talking with them about going on a 3 day week, so it will be easier for him to cope healthwise and they will be more sure of his attendance
It would then be impossible for us to meet those payments so after talking to the iva company he has decided on bankrupty and they have said they will send him a iva failed notice in 8 weeks
I think we are looking for him to go bankrupt in about 3 months.
We received a letter today sayin how much is still owed to creditors.
It hasnt gone down at all and all he paid was a waste of time :(
I am absolutly petrified
I know it is my husband that will be taking the bankrupty but we are married and so are in this together
I completly agree my husband would cope so much better on a 3 day week but wouldnt the court come down hard on him doing this?
I cannot work as I am disabled otherwise I would to help us out of this, as it is all I can do is be by his side but I am finding it increasingly harder to not fall to pieces myself :(
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 21 January 2009 : 09:40:45
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Hi Sue
Welcome to the forum
I was in an IVA like yourselves, I lasted a year , before I made the dicision to go BR, which happened a couple of weeks ago,
My Ip took me to court so I did not have to pay any fees, Before you make the Jump to BR please contact the Help line, they are the experts,
On a personal note, I am glad I went BR, it is not as bad as you immagine,
all my Debts are gone and I can now sleep at night not worrying about where the money is going to come from.
You will get alot of support here,from people who have been through the same thing.
all the best
Leakie |
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CMJ
New Member
96 Posts |
Posted - 21 January 2009 : 13:18:28
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Hi,
I havn't gone through an IVA we decided it would probably fail anyway due to current employment issues, as my husbands career is in the house building industry. So we went atraight for BR last NOV I can honestly say I wish we had done it sooner!!!
I can sleep at night and the stress levels are slowly coming down
Don't worry yourself sick , go for it and take each day at a time, you'll get lots of great advice and support from this site so keep posting.
Good luck
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 21 January 2009 : 15:05:08
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I must admit in hindsight I wish I had gone the BR route instead of the IVA
I would have been Discharged by now.
Good luck what ever you decide.
All the best
Leakie |
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