As others have said Steve, if you are struggling to make your monthly payments then you need to take that up with your IP so that an up-to-date income and expenditure review can take place.
Working 19 hours a day just to keep your head above water shouldn't be necessary - getting through an IVA is a struggle, but it isn't supposed to be completely unbearable.
I don't totally disagree with what you say, really you have to decide for yourself whether 50% of any extra income (i.e. what you can keep) is worth the extra effort/impact on your life or not.
However, whilst to an extent I am not as 'loved up' with IP's as some posters are, I'm not really getting where your apparent resentment towards your IP or your creditors comes from.
Well to answer melanies post..it was explained to me how the I.v.a worked but I was never told of 50% of a second income would go aswell.my original d.m.p was going nicely till I was pushed into signing up for the I.v.a.....I thought "honesty is the best policy" was part of law but in this case scenario its far from it...where does it pay to be honest and declare a second income when you're going to lose half of it. ..and regarding the position im in against other struggling I.v.aers...if they got a second job then they'd probably be as resentful as me at having to give their money to some jobsworths. I was told as soon as an I.v.a is approved then the creditors money is assured so am I just paying commission for 5 yr then...oh and where does this disposable collateral come into it then.
Sorry but I'm struggling to find any sympathy here. Had you not been in an IVA, then ALL your extra income would probably have been going to pay off your debt - and it would take much longet to pay it off. Plus in an IVA you will be having a certain amount of the debt written off at the end of the 5/6 years. How long would it have taken you to pay off the WHOLE debt under a DMP or without any help at all?
Have you considered bankruptcy at all? An IPA only lasts for 3 years and it's usually a good solution if you don't have any assets. You will need to make payments but only 36 as opposed to 60.
It's not sympathy im after..the fact is with stupid laws like this theres no incentive to get work. .so how much of your 2nd incomegoes to jobsworths then iva jr?
Back to your original question about putting back your accounts Pre IVA, is this purely to go back to debt management,? or are you thinking about bankruptcy?
Well I seemed to be doing ok for 4 yrs paying it on a d.m.p...so if I cancelled the insolvency and went back on it then I probably wouldn't have to declare my 2nd income cos the payments have already been set.i am probably going to have to pack my other job in now as I am no way agreeing to pay half my wages to clear a debt that in reality the banks should not have been so carefree to issue in the first place.
Flipping heck, we're not allowed to be judgmental at at the end of the day the majority of us either are in IVA's or have been in IVA's through getting into debt, for all kinds of reasons.
Posting amended by admin to avoid any hint of a judgemental comment which is prohibited on this forum.
Its an idea but I would have to lose my property which incidently is negative equity thats why there's no collateral to go into the insolvency hence me having to bust my ba##s to pay the debt. ..I have no desire to pay more than was agreed especially when by paying extra the time scale of the I.v.a doesnt go down you just pay more until it get decided thst the debt has become disposableccollateral I.e swept under the carpet.
Well arent the banks etc the root of all people's shortcomings. .I.e quick to give loans and credit cards out etc probably not realising what could be around the corner..I.e laid off from work etc.
The responsibility that I have taken was to find a second income. What I didn't expect was to have my responsibility chastised away from me because my agreement obviously isn't good enough now..why should I half kill myself to pay back a debt that would be written off in say 10 yrs anyway.incidently...how many jobs have you got then?
Yes, a DMP is indeed a more flexible, but usually a far more lengthy option. Sadly though, you have signed up to an IVA (and insolvency)which, unlike a DMP, is legally binding on all parties. You cannot therefore just change your mind and go back on a DMP.
You would normally have to let your IVA fail (stop paying it for 3-Months or so usually does the trick). At which point you are back to square one with your creditors - only now they will add any interest/charges going back to the start of your DMP - statutory interest at 8% per year is a commonly touted amount. You will probably receive a nice bill from yout IP for their IVA-related fees to boot, and there is a risk that you will be made BR.
I must say though, that it sounds like at best that you have 'rushed' the decision to agree an IVA, without properly reading the agreement. At worse you have been mis-sold it, by someone at your debt managment firm looking out for their own interests, not yours.
Without knowing the amounts involved here, it is very difficult to advise, but you should not be working up to 19-hours per day to sustain an IVA. A 35-45-hour WEEK is much more reasonable in working out what you can afford to repay.
Before making any decisions, I suggest you obtain an impartial opinion on your current/projected financial circumstances from the Citizens Advice Bureau who will be able to help you, advising in your best interests - without profit/commission being a biasing factor.
Posting amended by admin to avoid any hint of a judgemental comment which is prohibited on this forum
My opinions are just that: Based on my experience and being a self-employed IVA customer.
its an idea but I would have to lose my property which incidently is negative equity
Who has told you that, if its in negative equity then surely it is not an asset of yours, so why would you lose it? unless of course you stop the paying the payments,
One word of caution re property -- the OR will hold the interest in your home for just over 2 years. At that point he will investigate equity. Will prices rise in the next 2 and a half years to an extent that you will have equity ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
