feel totally out on a limb here

[welshj]

hi everyone ...hope you can help i'm in such a state....our iva( debtmatters) has failed got a letter this morning to say a meeting was held and its been agreed its failed ...no petition foe bankrutcy just a termination notice coming to us ...heelppppppppp ...what does this mean now ..we wer ein arrears but paid a lump sum at xmas from my aunty to the ip and was told this would keep the failure meeting from going ahead we feel totally out on a limb here ..we own our house and have about 60k equity can someone help...typical they wait to send the letter on a sat. no one in at debt matters feel sick and am arguing all the time with my better half who just wants to kick their heads in !!please advise so at least i can sleep tonight

[MelanieGiles]

Hi welshj and welcome to the forum

First of all you need to clarify directly with your IP why they went ahead in the manner they did, if you had paid off some of the arrears and had been assured that this would be OK.

Depending upon the outcome of those discussions, if the termination is deemed to be valid, you are back to the same position as you were before you entered into the IVA - ie needing to deal with creditor claims directly. How much do you actually owe to your creditors, and what dividend was the IVA actually offering? Could you also confirm the value of your property.

[oldcazza]

hi mel ...welsh jax here under a new login as ive had problems getting in ....we owe 61k and were paying 26p in the pound...our house is worth about 185k and we owe 135k on the mortgage....im so scared and dont know what to do ive cried all weekend and can't tell mam as she will worry so much as my father has just passed away .please can you help me rgds jax

[MelanieGiles]

So sorry to hear about your Dad - I've been there too and know exactly how you must be feeling. It gets easier, trust me.

With regard to the IVA, if it has failed then there is nothing you can really do to revive it. It might be better to let it fail and then take stock of your financial situation, possibly taking advice from a more supportive IP firm.

[oldcazza]

its been an awful 6 months with one thing and another but i try to remain positive...just this was the final straw so to speak...we were doin fine or so i thought...what are our options now...i have 300 pounds a month allocated to iva and still will if i can arrange it with my creditors..will they let me and since no bankruptcy was petiotned is that the end of it???? dream on...i hear you say i need so direction to head in .

[MelanieGiles]

There is nothing to stop you proposing another IVA if the first one has failed, but do check to see exactly what the status of the current one is with your own IP. And also consider whether a DMP or even bankruptcy proceedings are better options in the long run.

[oldcazza]

didn't do the bankrupt route as i'm in banking..ironic!! so not an option ...who do we approach after i speak to ip 2 mora? do i need to contact creditors and tell them we have failed the iva and what about their payments ? im so confused can they proceed with the bakruptcy petition themselves ?

[Skippy]

Hi Jax, I'm sorry to hear about your dad and I also know how you are feeling. As Melanie says, it does get easier, but it takes time. Eventually you'll be able to look back and laugh at the things he said and did, although I know it doesn't seem like that at the moment.

Regarding your IVA, if there is nothing that can be done about this one, I would recommend speaking to Melanie. Sadly she wasn't my IP, but she has helped a lot of people on this forum, myself included. She will give you honest advice, and you will be able to work out the best way forward.

Please keep posting to let us know how you are getting on, and so that we can help you as much as we can x

[oldcazza]

thanks skippy...been a right whingey so and so today ...its not like me but things just seemed to be going well regarding our iva and wham ...letter lands yesterday the day we were scattering dads ashes at least i had a viable excuse for sobbing extra hysterically! i do feel better being on here as i can see its not the end of civilisation as we know it read through some old posts and someone had the same situation as us ..it may have been you advised to check the register and i did we're still on so will rind debt matters at 9am prompt and won't blow my top at them ...need some answers and then as dad would say best foot forward pet!!see i'm doin it already..can't type for the tears !! jax xx

[Skippy]

Oh Jax, you're going to start me off as well. Don't worry, you're not being a whingey so and so, and even if you were that's what we're here for! You've got so much going on at the moment and I really hope that you can get your IVA sorted out and take some time out to grieve.