Hi,
I am so worried as I am certain to have my IVA failed. I have also incurred further debt with payday loans to get my son out of trouble. I have moved house and wrote to my IVA supervisor to inform them also asking for a suspension in payments as would be unable to make the payments. posted another letter 3 weeks ago. I am understandably constantly hounded by payday people. As i am certain that my IVA has failed I don't know what to do? I cannot afford to pay £200 per month and as I have incurred further debt I doubt they will or can help me. I know I have been stupid. My IVA is with DFD. Please help?
Ive read similar posts from other forum members re payday loans and whilst not ideal in terms of complying with the terms of your IVA, the best course of action is to contact your IVA co
I know if i say try not to worry thats of no help to you, but its not in your IVA companies best interests to see your IVA fail.
Contact them asap and if there is a solution, they will do their best to come up aith one or indeed a compromise
good luck and please make the move to contact your IVA co
Last payment made April 2012
Certificate received 1st Nov 2012
Ably...I am sure by picking the phone up your IP will be able to offer advice and support. Don't leave it any longer.....you may be able to come to an agreement that allows the IVA to continue
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
First of all DFD will want to try and help you to resolve this matter, so the best thing to do would be to contact them to see what can be done. You may have made a mistake, but this is probably one which can be easily rectified so long as you seek your IPs guidance at an early stage.
Is your IVA currently in arrears, and how much do you owe to the payday loan companies?
Thank you all for your replies. DFD are calling me today to talk through my situation. I am terrified that they will fail my iva. My iva arrears are 4mths. I owe about £1700 in payday loans.
My situation started with a death in the family and the expense of travelling then i was injured and had to take time off work, then my son got into trouble and needed money. I feared for his safety so i borrowed and borrowed as he promised he would pay me back by selling items he owned. I did not get the money back and could not pay back the loans. Before I knew it i was knee high in debt again! I almost lost our home because of frequent police visits and neighbours complaining. Eventually i had to ask my son to leave and he has since settled and has remained out of trouble but never paid the money back. I have moved home to start again with my little girl and all is better now. But i am scared now as i do not know how to deal with the payday loans and my iva is not closed but in arrears. I have changed my bank account to dodge the payday lenders. I will know today how things will go but i am so scared. I want to pay my debts and live without fear.
Hi, i am renting. i have just got off the phone with DFD and I am very sad to say that they have advised that I go Bankrupt. I do not have enough money to pay into the iva and pay off my payday debts as they cannot be included and would have to be paid seperately. What a mess! I dont know what to do or where to start but i do know that i dont even have the money to pay the fees for bankrupcy. I am now in a desperate situation.
Your IVA may not be failed straightaway and if you stop paying it and also make no further payments to the payday loan companies you could save up the money to petition.
It sounds like DFD have given the correct advice so gather the money, go bankrupt and move on with your life. If the payday loan companies have your bank details cancel the debit card or move banks to stop them getting any more money from you.
Thank you Micheal. I don't know where to start as I actually dont have enough money to save to petition. DFD has put a note on my files and they were sympathetic and honest. But, what do I do now? I have changed bank accounts to stop paydays from emptying my account. They want their money plus interest back. The only way my IVA will not fail is if I can clear the payday debts and prove that they are clear and reduce the iva payments with a 12mth extension. If i didnt have the payday debt then I would probably manage on the reduced mothly iva payments but I have no way of clearing these debts. Bankruptcy is serious and it terrifies me. Standing up in court, being shamed scares me. I am at my wits end and I feel desperate and upset.
You may not even have to go into court never mind stand up and there is no shame. It will probably be three months before the IVA is failed which hopefully gives you enough time to gather the money for the bankruptcy petition and just ignore the payday loan companies in between.
It may be worth going to see the local CAB who could help you with the paperwork and also help with keeping the paydays off your back and they should be able to explain how bankruptcy works to your favour and is no longer the punishment it was in days of old.
Michael, do i wait for the iva to officially fail before i go to CAB? I am presuming i need to show them a letter stating its failure. I thought everyone has to stand up in court if going bankrupt? I have ignored the calls from paydays even though they call my workplace. I do not know how to deal with them. Do i tell them that I am likely to be bankrupt in the near future? I doubt this will stop them. Can DFD help me with bankrupcy or do i need to do it myself? So many questions and thank you for your help and patience.
You can do the bankruptcy yourself and it is usual for the court to want to see the certificate of failure before they grant the bankruptcy. It is not essential but it would suit you to wait as it gives you protection from the IVA creditors while you save the money. The CAB can help with the paperwork and you do not need to pay anyone to this for you.
Have a look at the sister site to here www.bankruptcyhelp.org and you will find that bankruptcy is nothing to be afraid of and you can start over afresh.
Hi Mazbrown, No they wont, I have spoken to a few and they have set figures to clear debt. I offered less but they refused. Also without clearing these debts completely my iva cannot continue as i would not afford to pay iva plus paydays. I don't know how i can save up money for bankrupcy petition either. Thank you for your suggestion though.
