I have been in an IVA since May 2008 and was doing ok with the payments of £300 a month until i had to leave my job in October 09.
I am a single parent of 3 and my hours of work were not working out with having to revolve around my middle son just starting reception at school. My work offered me an alternate position and hours but they are evenings and early mornings and were also no good so i had no choice but to quit and go onto income support.
My last IVA payment was in November and i made a token payment in December. My IP was talking of a variation meeting this month but that was with the chance that my boyfriend *might* move in with me but he just cannot afford to take on my debts as well as cover his own debts(and our)living costs as he is not bringing in much himself either.
How likely is it that they will accept a variation if i am on benefits?
I have already used up my 3 months of missed payments earlier on during the year when i moved and needed to buy a cooker and carpets for my property so i cant fall back on that now either.
I am considering bankruptcy if the IP decides not not to persue a variation as i have nothing to lose, I dont own my house or have anything of any value - but i cant even afford the bankruptcy fee at the moment.
The last few months my bank have been charging me for missed direct debits so i have been having to pay bank charges which means the money i am getting is being swallowed up by repaying bank charges although i am looking into opening a post office card account to get it paid into there.
Of course, i will be looking to find another job asap, but as everyone knows there really isn't much out there.
Hi
Move banks so that you are no longer in the downward spiral of bank charges.
If you feel that you can't afford the payments then I would seriously consider bankruptcy.
Regards
Sorry to hear about your problems, you really have been through the mill haven't you?
You do need to speak to your IP about this, I really don't know how they will view a variation with benefits.
Bankruptcy is an option to consider - you could put everything behind you and start again.
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
Work out a revised income and expenditure budget with your IP to see if you can offer any form of viable variation. If not, then it seems that bankruptcy might be a sensible solution to put all of this behind you and move on with your life.
