Any emergency and my IVA would fail straight away. Was it the wrong decision ?

[jayne.64]

i have just entered into an iva but feel it is the wrong deceision i am not a home owner but they insisted on 6 yrs plan . i pay 200 a month but find it hard. if i tried for BRO would i have to pay them 200. i cannot carry on any emergency and my iva would fail straight away.

[Adam Davies]

Hi and welcome

It is likely that you would pay the same if not a little more in a BRO, however it would only be for three years.

Your IP should be able to grant you a payment break in an emergency

Regards

[Niobe]

Duplicate thread:

http://www.iva.co.uk/forum/topic.asp?wh ... 257#462970

[kathvegas]

Hi

I entered into an IVA almost a year ago at a monthly cost of £230. I have almost no disposable cash and I think it was the wrong thing to do. I had a directors loan account added a couple of weeks ago (should have been added at the start so now mine has gone from 6 to 7 years. I've decided to go BR. Had I done this at the start I'd be ready for discharge now and I would happily count down the 5 years until my credit file looks better.

Also, had a call off my IP tonight to say I now have to try and claim back PPI and that they'd call again tomorrow to go through all the paperwork. How much more stress are we do endure?

I'm gutted about BR as until my business failed I had great credit. Brand new car etc but here I am and either way I'm insolvent for now so for me better for a fresh start and to be totally debt free in 12 months.

Good luck

[Niobe]

If you have a brand new car Kath you are likely to lose it if you go bankrupt.

Max allowed is £2.5k and some Receivers are going for less than that.

Don't forget that if you have DI over £20 per month once your normal bills are paid then the lot will be paid across to your BR.

[kathvegas]

Hi there

My BMW went back. When I lost my business I also lost my home. I'm now in rented accommodation so I have no assets anymore.

Wasn't aware of the £20 thing. I've been advised that BR is the best way for a "fresh start" in fact the only way to get back on my feet.

At the moment it's the knowledge to my landlady that worries me as she has to be told of the BR. I do work full time so earn and as she gets her rent each month on time I'm hoping it will be ok.

Don't think I could cope with much more stress.

Thanks

Katie

[Niobe]

I wasn't aware that your landlady would be informed. I would think that it is up to you whether you tell her or not but I do stand to be corrected on that one.

[kathvegas]

Yeah, I've checked it. Landlords, courts even bailiffs are notified of any BR order.

Hard to believe isn't it that you could be at risk of losing you home by BR.

[kathvegas]

Rent property that is.

[Foggy]

Anybody in a finacial relationship is informed as far as I know. Rent, for instance will have to be paid in advance, not in arrears ( as this would constitute offering a BR credit).

[Broke of London]

Hi,

There are contingency plans for coping with emergencies. Payment breaks, reduced payments etc are all available in the event of a genuine emergency such as car repairs, home repairs etc..

Your creditors benefit more if the IVA succeeeds so every effort is made to ensure that it does!