Decision made................

[quark2008]

Ok,#13;#10; So the meeting went ahead,main creditor was not present, however to cut a long story short, They made a modification, want £66 extra per month, bringing the monthly iva payment up to almost £600. I think not. #13;#10;#13;#10;IP will sort something out about keeping the payment as is, or extending the term, and will contact the main creditor with regard to re voting. Whatever. #13;#10;#13;#10;I think i know what i am going to do next.

[kallis3]

Oh Quark, not quite what you were hoping for eh?

You going for BR or DMP? Can't remember what you said in previous threads - memory not what it used to be!

[quark2008]

Sensibly in think BR ,my studies and my health are really suffering,I think i will go and see the CAB as i cannot afford any more fees.#13;#10;#13;#10;I am going to need some serious time and stuff to sort all this out.#13;#10;#13;#10;I petrified.[:(]

[kallis3]

Quark, I feel so bad for you. BR is probably the best way forward. If you are not paying your creditors, perhaps you could put this money towards the fees? I do think it is silly that when you have reached the point where you can't pay anything that you get charged for trying to sort it out!

Your health is far more important, so you sit down and sort things out. Keep us posted.

Sending you a big hug.

[quark2008]

I am not going to budge on the £524 into an IVA.I can just about manage that.Will be tough though. But if they want more from me and are just being plainly rediculous in expecting more, then i will make token payments to all of the creditors and seek advise from you guys, pull myself together, and file for bankruptcy.I have nothing to lose.I have said i will pay my debts and have paid £600 in fees to prove so. If they continue to say no to the iva then i will say yes to the bankruptcy, simple as that, it's in their interests to agree isn't it ?#13;#10;

[kallis3]

Hopefully your IP can pull things round for you. Personally I think they will be silly turning you down when they will get far less in BR.

I'd be b****y minded now just to make sure they did get less!

[quark2008]

I've been so honest.They know i am trying to study.I am not budging though, they accept £524 or they will get less.Am i being arrogant? I am utterly terrified about what i will lose when declaring bankruptcy.What exactly will i lose ?

[kallis3]

If you have no assets, you won't lose anything. You may have to pay into it for 3 years but then you will be debt free. Sometimes there is a restriction order put on, but I doubt that would affect you.

You will still be on the Insolvency Register, but you would be anyway with an IVA.

Wait until your IP gets back to you before making any rash decisions.

[quark2008]

Thank you Jan.It's going to be a difficult weekend.My IP will ring me on Monday.

[kallis3]

Try and put it to one side (not easy I know) and enjoy your weekend. Let us know what the answer is. Fingers crossed that they will see sense.

[quark2008]

I'm working this weekend so at least i will be kept busy.I'm almost thinking of ringing the B&E back and saying yes to whatever has been agreed.This is probably the wrong thing to do isn't it ? I just feel quite empty really at the moment, dunno what to do with myself.I was hungry now I'm not.What a pain in the a**e.

[kallis3]

Quark, don't do anything hasty. You need to think about what is going to happen when the IP phones back. If you cannot afford the extra money there is no point agreeing to it because you will not be able to manage and will probably fail when you are just a few months in.

Try and get a good nights sleep (though I doubt if you will), and just concentrate on your work.

[freelili]

Quark

Please dont agree to this, as you said in the previous thread this is an unrealistic IVA as it is. You said you could only afford it for one year until your rent goes up dramatically. You have said youre suffering with your health to the point where your clothes are falling off, dont let this continue. If this IVA goes through even at the level, I cant help but think you'll be right back where you started from a year from now.

BR is a much better route for you, this is a blessing in disguise. Stop making payments, file for BR and put this whole thing behind you. I am not anti IVA but you have suffered enough, they know you are already paying more than half of your income, with rent and other things, you will barely be able to afford to eat, even if you could keep anything down.

If you own anything worth thousands of pounds, such as antique furniture or a flashy car, then you might lose them but you dont, do you???

Its sounds scary, BR is a huge step but then so is an IVA. Your level of contributions if you actually get and IPA would be set at a very fair level and only for three years.. Look into this and see for yourself. Go to the sister site and read the post of people that have been there.... Dont agree to anything you know wont last the course...

Good luck, I wish I could give you a hug....

[quark2008]

What do i do to get the ball rolling now then ? Lily, you give fantastic support, thank you.

[freelili]

Hi Quark

If your mind is made up and you feel its the best way forward go to the insolvency site, I am not sure of the web address, I am sure someone else will post it and start filling in the forms online, include everything. They are quite long. Skip, Jane, Chris and others will advise you better, I did fill the forms in but I didnt go BR in the end.... Then its a question of booking the court in your area and getting the order. Stop your Direct debit with the company, just save every penny until you have the fees, I thinkthey are around 485 pounds. If youre unsure of anything I am sure someone here will be able to help. Once you have the order you will have an interview with an OR, usually by phone, then they will assess if you have to make contributions out of your income, but it wont be as tight as this IVA was. If so it will be for 3 years.



Good luck, and thanks for the kind words.