www.iva.co.uk

Hi,

This is my first post and I am at my wits end, hoping that someone can offer some advice please.

My wife and I took out an IVA about 18mths ago, as I was self employed the payments were quite low and affordable.... or so we thought. I wasn't earning anything like what was expected and we struggled big time but always made the payment. I had 2x cars on finance and incorperated in the IVA, However I sold one to fund a van which I needed for my work and also cleared the finance on it but again, I didn't tell the IP so that is one less payment leaving my account that they think is still being paid. After a few months I realised I wasn't going to get anywhere being self employed and I managed to secure a very well paid job...... but I haven't told the IP. This was in January and we are now in July.... not good I know. My wife was made redundant so for a few months she had no income, now she is doing part time agency work.

What do I do now.?? I know that I have to tell them but is this going to be an automatic failure of my IVA.?? Will they be able to reassess me at what I am earning now, I could pay vastly more than I am now and carry on.?? I realise I have screwed this up big time and I really don't know how this is going to pan out.... Another question.... Now that I am now in a position to pay my creditors alot more money can I cancel the IVA and make arrangements directly with them.?? Also will the IP try to/ be able to make me bankrupt even if I am earning good money now.?? This is the last thing I want as I would lose my house, we have only had it 3 years so not much, if any, equity in it so selling it probably isn't an option either. Could I offer a full and final settlement.?? If I can, How would I work out what to offer.??

Please don't think I am asking for advice on avoiding paying what I owe as I'm not.... just need to sort this mess out and would like a little advice on possible outcomes.

Thanks John

How would you fund a full and final??

If you are no longer insolvent in that you could now go back to paying your creditors then contact your IP and see what they say,though I cant imagine that they'd be over the moon about being kept in the dark so much.

You may find that what you have paid in the last 18 months will go towards IP fees and you are back to square one with your creditors but your credit file will be mince for another 4 and half years!!!

Paul

Hi
Chat through your situation with your IP, be frank and honest about your situation. Your wifes period of unemployment will offset some of your extra income and it may well be that your IP will agree to a new payment figure moving forward
Regards

You most definately need to have a chat with your IP to appraise them of your historical difficulties and your current situation. If you are in a position to maintain normal contractual repayments to creditors, then you could terminate the IVA and recommence those - but surely it would be better to continue to take the benefit of interest freeze whilst you are in the IVA - which will remain on your credit file for six years regardless of the date it ends.