www.iva.co.uk

I have been in an IVA since Feb 07 & paid on time every month until I was made redundant last August whilst 6 months pregnant when I had to take a payment break until my circumstances changed.
I have managed to get a lump sum from a relative and offered this to the creditors of which they rejected, I know the dividend was low but why would they reject any money over no money? plus the creditors who did agree to the sum will now get nothing due to the one that didn't accept. I understand that it will be either bancruptcy or bayliffs now but why? my IP explanations make no sense after 30 minutes of explaining. To be honest if I hadnt just had a baby I would consider ending it all, I have been in debt for so long its making me ill and to be honest if I died I wouldn't have all this to deal with anymore would I? I don't care if the bayliffs do come round as they will only get £300 worth of things anyway so why bother? My husband is also £30k in debt so they will have to beat his bayliffs to it or they will come to an empty house! Any suggestions welcome!

Hi Pinkmink

You have done so well to have come so far in your IVA well past the half way mark its a shame to give up hope now you deserve alot of respect. The problem with IVAs is that 5 years ahead in these troublesome times are hard to predict for anyone entering these arrangements dont worry about bailifs at this moment as in the IVA you have complete protection anyway, however your post has little information about your assetts and liabilities as well as your partners I am sure if you give a bit more info someone can help you, You are obviously at a place now you would prefer not to be, but please keep fighting you will be one day rehabilitated your problems are not in any way unique.

Hi Pinkmink, firstly here a warm welcome to the forum & a virtual {{{hug}}} from me.

Not one penny of debt is worth ending of your life. You have done everything you can to try & pay your debt, you entered an IVA your circumstances changed & then you put an offer on the table & the creditors refused. U have done everything you possibly can, it is not worth ending your life.

Has your IVA completely failed now? Going Bankrupt is not as bad as what you think & if would go in your favour because you have tried everything you possibly can to pay your creditors.
There are members on this forum whom will be able to advise you further.

There are solutions out there & ending it all is not the answer. x

I just want to echo Lyns post nothing is worth ending your life over. Speak to some one to consider all your options either your IP or the Citizens Advice Centre they have great debt counsellors that can give great sdvice and support.

I know you will get great suipport from here as well

Take care
Jan

Hi Pinkmink, ,sorry things seem so bad, but nothing is worth ending it all for, especially when you have a child and a husband.

Even if it ends in bankruptcy, which is the worst thing that could happen, then you just start again, learning from mistakes and building a bright new future for you and your family.

I agree that is does seem like madness for creditors to reject some money over no money in the current climate, but it's their loss,and you can hold your head high as you tried to resolve the situation.

Ask your husband for a hug, and look foreward to the future, not dread it.

I can only agree with what the others have said.
Maybe now Bankruptcy would be a huge relief to you both, it will draw a line under it all and allow you to get on with your life without feeling the way you do. Family and happiness are far more important than worrying about debts.

I agree with the others. Bankruptcy could be an option and allow you to move on with your life.

You and your family are the most important things to consider here.

Hi Pinkmink... what a shame your IP couldn't make the creditors see sense. There is only so much you can do honey and it seems as though you have explored all the avenues. You really need to focus on yourself and your precious little one now. Going bankrupt isn't so bad, just get some advice first.

We're all here for you xx

Hi
What a pity your full and final was not accepted given your circumstances. Can you post details of any property that you own, the value and outstanding mortgage ?
Regards

Which creditor rejected the offer?

Hi Pinkmink hope you're ok. No debt is worth the feelings you've experienced and remember on forum we're all here to offer support and the professionals can offer their expert advice. xx

MelanieGiles wrote:

Which creditor rejected the offer?

Hi there

It was RBS who rejected the offer, I was under the impression from the IP that they would keep going in with the offer until they accepted.

Andy Davie wrote:

Hi
What a pity your full and final was not accepted given your circumstances. Can you post details of any property that you own, the value and outstanding mortgage ?
Regards

Hi there

Thanks for your reply, I have no assets at all, no house, car, not much furniture, no expensive items, husband has no assets either.

Then return the £7000 and go bankrupt, 12 months done and dusted, no assetts to lose only the misery of being in debt you tried to be reasonable, cannot understand the logic of creditors these days

The Major wrote:

Then return the £7000 and go bankrupt, 12 months done and dusted, no assetts to lose only the misery of being in debt you tried to be reasonable, cannot understand the logic of creditors these days

I will consider that now although I was quite willing to pay it off as much as possible as it is my debt, I am thinking of moving towns so my name will appear in that local paper and not where my family live, thats what bothers me most, my dad is a vicars server in the village I live in...need I say any more about the shame it will bring on me and them!