Then you would have a problem but together with your IP you can find a solution. If you are made redundant then you could possibly get a variation to lower your payments for a time.
As I say everyone is different - my IVA works for me
If you lose your job whilst in an IVA it's important to speak to your IP sooner rather than later. S/he will be able to arrange a payment break whilst you are looking for work.
I'm glad you're happy with your IVA Ray, it's nice to hear positive things as a lot of the people who come on the forum are unsure of what to do.
BR was right for me, and you're right, it's not the easy way out, but it's not as bad as people think - if it's the right decision.
Last edited by Skippy on Mon Mar 02, 2009 1:21 pm, edited 1 time in total.
Great posts - just goes to show how individual any debt solution plan is ,what works for one may not work for someone else.
As others have said its about finding the solution for you and your family, even if this means going form an IVA to BR during the IVA. We did just that and the relief has been enormous.We are now looking forward to the future rather than wishing our lives away to the end of the IVA which was swallowing up all our money ( despite the IVA only being my hubby's).
IVA's are the best solution for some and a lot of it depends on how the IVA is set up and managed. That of course comes down to having a good IP - something that unfortunately we did not have.
BR is not the worse thing in the world - the thought is worse than the actual.
timeforchange wrote:
What happens if you are made redundant in your 30 months or days and hour cut with reduced income?? Would your IVA sound sweet then?
I think at the end of your day if you become redundant your IVA has to sit on the back burner till you find alternative work. Keeping your IP informed at all stages is critical to IVA's running smoothly.
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Ray, I'm with you there. My IVA has certainly changed my life for the better in the last 12 months, I just have a bit longer to go than you!
I would never knock bankruptcy. It is whatever solution is right for you.
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. http://kallis3.blogs.iva.co.uk
I can't believe how quickly the first 12 months has gone!
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. http://kallis3.blogs.iva.co.uk
I know tell me about it - seems like yesterday when I started the IVA, just counting those months down now and then I am going to celebrate (Party hard) - cash only of course lol [:D]
Bear in mind that most IVAs run for five years and consolidation loans run for up to ten, an IVA is not such a bad option. Many clients I have spoken to would have taken out twenty year consolidation loans if such a product had been on the market so paying back what you can afford for five years was not such a sacrifice.
IVAs are certainly not for everyone but neither is bankruptcy. I believe that if more people were aware of IVAs there would be fewer bankruptcies. I also believe that if the income and expenditure accounts demanded by creditors were less stringent and more realistic, there would also be less bankruptcies and certainly fewer failed IVAs.
I also believe that if the income and expenditure accounts demanded by creditors were less stringent and more realistic, there would also be less bankruptcies and certainly fewer failed IVAs
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As you are IP, thats a professsional view,I hope the rest of the profession shares it. I personally think with the banking drama unfolding into new lows all IVA should be accepted at lower acceptance levels. O.F.T have won a major victory in the Appeal court on Bank charges and I can see the bank tills emptying AGAIN with 8 years of payouts of illegal charges.This is XXX amount of money. The Consumer is winning on the debt purge issue.
But will have to wait until the House of Lords gives a final ruling - see my latest blog.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
