huge vets bills, son was in hospital HELP PLEASE

[horndog]

We have been in our IVA for a year now, and have missed 2 payments due to unrealistic payments being required. The payments seemed fine at first but then our dog was really ill and huge vets bills and our son was in hospital.We are now behind with counciltax again. On our IVA we are supposed to pay back 98 percent of debt plus the costs which means we are actually paying back more than we owed originally - HELP PLEASE

[MelanieGiles]

Hi horndog and welcome to the forum

Sorry hear about your sick son and dog. Hope they are both on the mend.

When you talk about unrealistic payments what exactly do you mean, and who do you blame for them being unrealistic - the creditors, your IP or yourselves? An IVA which pays back 98% of the debts is rather strange, and what other options were you provided with at the time you entered into it? Also, had you not done anything but carried on struggling, I would suggest that you would have paid more back in interest than the costs of the IVA, so please do bear that in mind.

I suggest that you contact your IP to see if a variation to the terms of the original IVA is feasible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
Can you post back how much your total debt is and what payments you are making each month ?
Also was a debt management plan discussed with you in detail prior to you entering into an IVA ?

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[horndog]

Hi

Our total debt was £21,539.78

Our repayments were months 1-5 £78, month 6 £192, Months 7-8 £227, months 9-12 £253, month 13 £403, months 14-24 £425, months 25-31 £467, month 32 £382, months 33 - 60 £686.

A debt management plan was never discussed, we were told that we fulfilled all the criteria for an IVA and we were so desperate that we agreed.

Now when I look at the figures, our son wants to go to Uni in two years time and we will never be able to afford it, we feel we are letting him down aswell.

Many thanks

[MelanieGiles]

Stranger and stranger when you see such a hotchpotch of contributions. May I ask which firm you are using?

Do you have any assets which would be at risk under bankruptcy proceedings - such as equity in a property? If not, these might be far kinder for you in the long run, and allow you to support your son which might become a higher priority for you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[horndog]

We are with Debt Free Direct.

As I work in a school my employment could be at risk so bankruptcy just isn't an option, we don't own our property though.
Once you are in an IVA is it possible for another company to such as yourself to re-do one if it fails?

[Lisa2009]

Hi

Our total debt was £21,539.78

Our repayments were months 1-5 £78, month 6 £192, Months 7-8 £227, months 9-12 £253, month 13 £403, months 14-24 £425, months 25-31 £467, month 32 £382, months 33 - 60 £686.

A debt management plan was never discussed, we were told that we fulfilled all the criteria for an IVA and we were so desperate that we agreed.

Now when I look at the figures, our son wants to go to Uni in two years time and we will never be able to afford it, we feel we are letting him down aswell.

Many thanks

Wow how did they come to the decision for such eratic payments?
Thats barmy.

mrs skint

[mish1953]

Horndog

What do you do at school ?

"You may not hold certain public offices. You may not hold office as a trustee of a charity or a pension fund."

Im a local govt employee and am BR - doesnt effect my job at all !

Slainte
Mish




Will an automatic discharge hurt.

[Skippy]

Is there anyone you can speak to in confidence to see if your job will be affected? If not it might be worth you contacting your local authority anonymously to ask the question.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[MelanieGiles]

I agree with Mish - I have several headmasters as clients, and it has not affected them - but of course do check your own contract of employment to be sure.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
Well if my arithmetic is correct you are paying in a total of 30k on debts of 21.5k
Doesn't seem like best advice on the info that you have given and very concerning that a debt management plan was not discussed with you.


Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[horndog]

Hi

I am a teaching assistant so my job probably won't be affected then. It is written in the IVA by debt free direct that as I am a local authority employee bankruptcy will mean I mat lose my job and creditors will not receive any money!!!
We really do not want to go bankrupt though due to the social stigma, we live in a small town and everyone knows everyone. Can an IVA e re-done by another company? we want to pay our debts.

[Adam Davies]

Hi
Only if your IVA fails first,then you can ask another IP to propse a new one,but this will not be easy.
You have several options
1]Ask your IP to call a variation meeting and reduce payments to an affordable level.
2]Stop paying into the IVA and look at a debt management plan with your creditors.
3]Bankruptcy

Strange statement by your IVA provider regarding losing your job as a teaching assistant in bankruptcy...........simply not true
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[lily]

Hi

Sorry cant help thinking that your fear of Bankruptcy is keeping you in this situation or better that the fear is a manipulation so that your IVA company keep seeing those pound signs.

Please do look into BR, read some of the bloggs on this site, I was terrified of it when I realised it was my best option and I was fearful of my career and people finding out also. It could free you from this nightmare, dont be ashamed, you have done everything you can to sort this problem out, the figures are crazy. If anyone out there judges you, shame on them, its their problem, hold your head up.

I am not an expert, just another person who has been through the misery of debt, I once was scared and ashamed but not any longer. I fell into the debt trap (my own doing I know) but I faced up to it. We all make mistakes.

lily

[OPTIMIST12]

hi horndog -

Can you please post details of why you were given such a range of monthly payments over the lifetime of your IVA? Were these all agreed with you at the start of your IVA?

What caused these ups and downs?

Good Luck!!