hi, i have an IVA which has been ongoing for 9 months. i m finding it a real struggle to make payments. i have a car on HP which ends in august and the iva people also want this money paid to them once the car is paid for, making the IVA payments around £400!! I am considering filing for bankruptcy as i cant see a way out from this. please give me some solid advice as i am now receiving mail from the IVA council?? thanks
Hi Zebb welcome to the forum Did the iVa provider discuss all the solutions to debt prior to entering the IVA?
If we can get a little more information we will be in a position to assist with the answers.
what make of car do you have, how much are the monthly payments and what is its current value?
Also do you own a house or any other assets?
It might be good to know your type of work so we can advise if this is a problem. Would also be worth reading your employment contract to confirm that Br is not a problem.
No doubt the IVA council have said stop paying your iva for 3 months and pay them 1200 !
if you have no assets this service is certinly not worth 1200.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
As your IVA is fairly recent, the Supervisor may be able to reduce your payments by up to 15% without recourse to creditors for permission. Might be worth a shot if you are feeling the pinch, and it would be sensible to prepare a revised income and expenditure account to see what you can actually afford to pay.
The car HP payment is a fair one - if you are not paying it to that creditor, then the others should share.
please give me some solid advice
Posted - 03 April 2008 : 15:09:29
