i,m not bringing a enough money in to pay bills and the iva . i have ask iva company can i lower payments and gave them my income and expenditure form , which they agreed that i,m falling short of the agreed amount .but have been told the only solution avalible to me is a 6 mounth holiday break which means i,ll have to stay in iva for another year.
I know deep down that bankruptcy is my only option based on my income and exspenditure , and i fear i will loose my home and me and daughter will be homeless. I,m not in a position to sell my home due to building work wich needs to be finished , which i cannot afford .please could somebody help me with my proberlems advise who to speak to , and how to deal with it ..the stress is makin me ill
many thanks ...vinny
You've done the right thing keeping your IP upto date - I'm surprised they have said a payment break is the only option as it should be possible to call another creditors meeting and propose a reduction in payments. Has this been mentioned?
As for bankruptcy, it may be possible to keep your home. Is there any equity in the property? If there isn't ( or very little) then you would probably keep the house and a third party could purchase the beneficial interest.
How long have you been in your IVA and is there anything on your proposal that includes help towards bankruptcy? It may say that the IP will hold funds to enable you to go BR - if not you will have to fund the fees yourself.
There is a solution Vinny and please don't make yourself ill over this xx
thank you julie for your reply , i,ve been in the iva one year and i asked could i have reduced payments but ip said creditors would not agree to this ..no i do,nt think the ip has funds in place , i,ll have to check .i have already missed one payment so i,m one mounth in arrears .. i,m self-employed and work this year has been little and i feel that with work the way its at the minute i,m not going to be able to keep this for 4 more yrs , i,m proberbly going to fail at some point
when i completed the forms with ip i was not 100 % happy because on my income and exspenditure forms , asked me to lower some exspences or i would not be able to enter iva and with all the worry and thinking i was going to loose my house , i agreed
Why does your IP recommend a six month payment break? Are your current difficulties only temporary? What are you currently paying into the IVA, and what do you feel that you can actually afford?
Vinny, I can understand you being so desperate to get the IVA approved, you agree to anything...we did exactly the same.
Which company are you using Vinny?
Reading your other post about the equity in your home, I would think BR is a possible solution for you. Do you have any other asetts?
I would go back to your IP and explain you are now seriously considering going BR. Give them a chance to see if there is any other way of making the IVA work. If not, you will need to miss 3 payments for the IVA to fail. In the meantime you could contact your local court and make an appointment to go BR.....if if does come to you going BR, we'll help you all the way.
thank you so much Julie for your help ...
i have no other assets i lease a van for my work thats the only thing i have ...
i will spk with ip as you say and exsplain situation ... if i apply to courts do they advise me on what i should do after applying
the company i,m using is debtfocus in wigan...
thank once again julie ,, if i need to ask question again do i contact you hear ....vinny
hi melanie Giles ..i contacted ip to explain that i mite not be able to manage this mounths payment and because my iva was up for review i exsplain that every mounth for the last year i was just making my bills and iva with nothing spare..and felt it was only a matter of time before i,d fail ...some mounths i did,nt have enough money and my parents gave me the rest . i,m a self-employed kitchen fitter and work as not been good this year.. i pay £350 a mounth iva , i have van (leased ) which i need for work , my morgage is £733 interest only 3 bills alone come to near 1500 amounth i,ve been earning 2100 a mounth ..jan is a very quit in my business not alot of work about in this mounth which proberbly means i,ll be missing another payment...
It might be sensible to arrange to have a meeting with your IP Vinny - take along you last year's accounts and some trading projections to demonstrate that things are tight but that you expect work to pick up later on in the year. A six months break will give you temporary respite, but if things have not picked up by the end of this period you may need to think about other debt solutions which may be more suitable.
thank you for your reply , i do,nt think there would be any equity in my property due the condition its in , i,m not sure ..
thank you for your help...
thank you Julie ,, not able to do anything at the minute due to xmas holidays...not being able to spk with anyone on the matter is kill me , just sat around thinking all the time...
i,ll keep in touch and let you know whats happening ..
have a good new year Julie ..spk soon ..vinny
