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Lack of Sleep
Starting Member
United Kingdom
2 Posts |
 Posted - 06 March 2009 : 00:12:12
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I am currently on an IVA nearly completed 2 years, but in the last few months things have got worse.. 1st My head gasket & water pump went on my car resulting in £600 bill - this meant I didn't pay 2 months IVA payments... which I did inform the company straight away.. Now my fuel pumps gone which will be covered almost by the warranty (Warranty cover £1000, Main dealer quoted £2865!!! - Car worth £1900) but now I am handing the car back to the finance company once fixed as I cant afford to run it I have discovered I have 2 payments missing resulting in £440 owing.. yet the finance company cant tell me how they haven't chased me as they are quick to ring me when the money is due!!
I currently have 3 jobs including running a part time business, full time day job and weekend bar job (fri-sun) & having a 9 year old and as a single parent in rented accommodation can't see any way out now with the IVA.
If I go through the BR route will I lose my business.. I don't owe anyone regarding the business as it's used the little spare cash and it has taken me over a year to start becoming established. I also only have a basic bank account which has no credit options available and opened for my IVA - will I have to close this down and restart again....
At this moment in time I am paying for 2 cars as I have taken on my brothers as I cant get finance and paying for a broken one and have put in for a voluntary termination for the finance on my car but unitl they take the car and I will have charges from they I am paying £440 for both cars plus £300 IVA payments.
Really worried that I will lose my dream of my business as a result of stupid spending and advice from VERY VERY bad debt management company!!!
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Edited by - Lack of Sleep on 06 March 2009 00:16:27 |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 06 March 2009 : 08:30:04
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Have a word with your IP and see whether there is any leeway for you with regard to payments, it would be a shame to end the IVA after 2 years payments, and also the bankruptcy option may leave difficulties with you with your business. A phone call to the IP may result in your DI being reduced or a payment break, don't get fobbed off with an admin clerk ask to speak to the IP and fully explian your dilemma. Your IP is working for you so you are fully entitled to speak to them. I would most certainly do this before you consider bankruptcy - you would have to inform the IP anyway before commencing bankruptcy as you would need a certificate to show the IVA had failed - the court would not make the BO with sight of that, (and sometimes the creditors will fund bankruptcy out of payments made into the IVA)
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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Lack of Sleep
Starting Member
United Kingdom
2 Posts |
Posted - 11 March 2009 : 01:21:24
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| Thanks Melaine. Am going to Speak to my IP, feel the original information I received was incorrect and advice given very wrong.. especially as my circumstances changed very close to creditors meeting.. Thankfully my orignial IVA company was brought out and although things have been a slow with the new company they do seem more helpful and can start to see the light appearing back at the end of the tunnel again. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 11 March 2009 : 08:29:22
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let me know how it goes, and remember don't get fobbed off with an admin clerk insist on the IP - The IP I work for is always available for client queries and concerns, and so they should be, after all they are acting for you (though sadly from the sister site iva.co.uk I realise that my boss is 'unusual' in that many people complain about never having spoken to their IP)
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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