Can payments be frozen ?

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nicola.l

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Post by nicola.l » Mon Aug 25, 2008 11:36 am
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Hi there
I have substantial debts of over £15,000 and i have missed several payments to creditors resulting in considerable amounts of arrears. i have struggled to pay my debts on time, and i am interested in initiating an IVA, the problem i have is that i am hoping to move to London in September 09 to become a full time student. How will this affcet my IVA repayments? Can these payments be frozen until i enter full time employment??
many thanks
Last edited by nicola.l on Mon Aug 25, 2008 12:00 pm, edited 1 time in total.
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plasticdaft

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Post by plasticdaft » Mon Aug 25, 2008 12:49 pm
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I dont think an IVA would work given the considerable drop in income when you become a full time student. Creditors would not freeze payments to allow you to study.
Discharged today the 8th feb 2012. View is much brighter now.
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MelanieGiles

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Post by MelanieGiles » Mon Aug 25, 2008 12:53 pm
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Definately not!
Regards, Melanie Giles, Insolvency Practitioner
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janderson

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Post by janderson » Mon Aug 25, 2008 2:16 pm
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Hi Nicola

Welcome on board, I would suggets Banckruptcy, unless you are wanting to enter a career that may be difficult to pursue with that over your head. Seek help from a professional before making a final decision. Use the IVA links on this site.


Good luck


John
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kallis3

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Post by kallis3 » Mon Aug 25, 2008 2:48 pm
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If she's hoping for student finance to fund the further education, I wouldn't think you'd get it if you are BR.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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TheMatrix

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Post by TheMatrix » Mon Aug 25, 2008 2:57 pm
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Your not going to be able to get any credit for 6 years if you go BR, but it would have been the same under a IVA too.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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