I am currently in an IVA with payplan and coming to the end of my second year.Unfortunately the arrangement is not working to well for me as my wifes monthly income changes every month and I find that the amount I am paying each month is sometimes too high.I am still in catch up from 2 years ago with 2007/08 council tax ,HP arrears on my car,Swalec arrears and a few other historical bills.At the beginning of the IVA I just agreed a figure I throught I could afford not realising that these historical debts would come up behind me and give me a big kick.I have missed several payments to the IVA and the plan has now gone over the 60 months period >The payments in the next two years are very high. I should have learnt my lesson a long time ago but I have just recovered if you can say that from despression/anxiety and a lot of my actions regarding my finances were made when my head was not right.I have been bankrupt before after my first marriage failed and I was left to clear up the pieces.(no regrets with that) but I found the pressure of starting a new family has been very hard and demands have been great(again no excuses).However I have recently had to look hard at myself and say do i want to continue.there does not appear to be any budgeting support from payplan they have really just left me.I have no assets and my wifes name is on the tenancy agreement.Has anybody out there got some advice on the way forward.I am a good listener.thank you
there is the sister website - IVA.CO.UK where you may get some advice about the current IVA.
For an IVA to work you really need to ensure that all of the debts are accounted for as the IVA already swalows all of your disposable income so clearly it would be difficult to catch up with other things.
Couple of questions :-
what do you do for a job how long ago were you made B what payment are ou making in the IVA.
It may be possible to reschedule the payments / time period in IVA, alternatively you may want to speak to a bankruptcy expert for some free telephone or face to face advice.
thank you - i work as support staff for the police and I was bankrupt in 2002 for 3 years. my payment to my iva is £206 per month but goes up after my other bills.agreements end
If you were to enter Bankruptcy again you are highly likely to get an extended bankruptcy dur to the very recent Br.
They would also take the view that entering into a 3 year Br it was not long afterwards that you went into an IVA and subsequently 2 years later declared Br.
These things are not an exact science but I suspect that they would look at 3 - 5 years.
As with any Br should you have disposable income over £90 per month then you would be required to make payments under an income payment agreement of about 50% of disposable £
Also we should review any agreements you have ( HP for car etc ) as there are some mplication here too.
Happy to have a totally free conversation if you like - I can be contacted via my website - www.revivauk.com
Dear Paul,,, Thank you for that advice.From the information that you have given me I will continue with the IVA as my best option.I looked at your website and saw that Snowballing section.The only problem I seem to have is that I cannot organise a proper budget to make sure that the IVA is paid on time and that my other bills are managable.Would you be able to help with this
the sowballing solution is only any good for debts not in an IVA and unfortunately you cannot just drop out and try that solution.
The other solutions to help you manage a budget are ;-
1. open a pre paid debt card and leave all the money required to pay standard bills & iva in your bank account, then transfer the remainder ( living money) onto the pre paid debit card. Tuxedo.tv do a card.
2. There is a bank account thet prioritises payments - so if you identify rent / IVA / council tax etc then this money is ringfenced every month and you can't get your hands on it. I am sorry I can't remember the name of thr bank but drop Andy Davey on iva.co.uk a line and he will remind you.
Going Bankrupt a second time
Posted - 05 March 2008 : 21:05:10
