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Posted: Mon Aug 17, 2009 7:07 pm
by jason1976
i am 3 years in a iva...i have to pay 360 pound a month..i am starting to stuggle paying this..i take home 1255 a month rent is 400 pound travel on the tube is 180 pound plus bills etc i have nothing left at all am thinking going banckcupt would be a better option..what do you think..
Posted: Mon Aug 17, 2009 7:08 pm
by MelanieGiles
How much do you feel you could comfortably afford to pay in to the IVA moving forward, Jason, if your IP were prepared to consider presenting a variation of the terms for you to creditors?
Posted: Mon Aug 17, 2009 7:15 pm
by plasticdaft
What made you decide on an IVA over say bankruptcy in the 1st place Jason?
It would be a shame to go BR now after 3 years of an IVA. As Mel says with a variation to make the payments more affordable it is probably a better option.
What insolvency firm are you with?
Paul
Posted: Mon Aug 17, 2009 7:35 pm
by Lisa2009
Everybody is feeling the pinch of the credit crunch, creditors included.
Maybe your IP could call a variation meeting and have your payments reduced.
It would be a shame to let it fail so far in without even trying first.
Posted: Tue Aug 18, 2009 6:46 am
by kallis3
I agree.
It is in no ones best interests for it to fail now.
Give your IP a ring and explain that you are struggling and would like the payments reduced if possible.
I'm sure they will be able to help you.
Posted: Tue Aug 18, 2009 7:47 am
by Shining
Hi and welcome to the forum, I think a lot of us are struggling right now as Mrs S says with the credit crunch, consider Melanie's advice it's always very good. Hope you find a solution very soon x