We are paying so much a month nearly £1000 by the end of November that we worked out we could pay our creditors without the IVA and have more money left over considering after paying everything they are expecting a family of 6 to live on £20 a week or £3.33 each a week.
I've spoken to them and they keep asking to email in our issuesd which we have and they responded by increasing the amount, if Bankrupcy is the only way out do the courts remove goods from the home? and will my wife be able to continue childminding from home, I believe there is an alternative way out.
Hi, it is certainly worth speaking to your IP directly rather than one of the office staff. If you come out of the iva and into a DMP the creditors may reinstate interest charges and you will almost certainly lose the money you have paid in fees.
Are you talking directly with your IP or a representative of the company? It would be advisable to talk directly to your IP about any issues. It is possible for the IVA to fail and for you to continue to pay your creditors yourself without the protection the IVA offers. Bankruptcy is another option and I would discuss this with your IP in the first instance.
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IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I agree that you should speak to the IP if you are struggling. If you get nowhere you could just stop paying the IVA and it would fail. It is unusual these days for clients to be made bankrupt after a failed IVA so you could do it yourself or enter a DMP.
I feel sure that this poster has indeed spoken to his IP today, and his IP has reminded him that the figure he put down for his housekeeping was his figure and that the IP has not changed it. So the IP does not expect him to live to those figures, they are figures which he himself provided.
