www.iva.co.uk

first post here.
We can't afford the payments & every month is a struggle that is just getting worse.
I have cancelled the direct debit & going bankrupt looks to be the only solution but I just don't know who or where to turn to.
tbh I am scared to ring them (freeman jones) & could quite easily go & hide under my bed for ever. [:(]

Please don't lose hope just yet. Speak to your Ip as soon as possible...now even.

They can reduce your payments by up to 15% and can possibly reduce them further with creditor approval. It isn't in anyone's interest to see you go bankrupt and I'm sure they will do whatever they can to make the iva sustainable.

We just can't afford to keep doing this every month.
All bills have been paid & we have £70 left in the account after needing a big shop - with 3 little mouths & 2 adults to feed as well as new school uniforms last month etc.
I have put their payment aside for now but I will have to use some of the money this month.

We have spoken to another debt company who have said they will help us go bankrupt but they want £1400 - so confussing.....

Please speak to your IP 3littlegirls, don't use any debt company that charge you to help with bankruptcy.
If bankruptcy is the best option then you can do this yourself a lot cheaper, but talk to your IP and see about a revised I&E.

What is a revised I&E?

We will speak to them, the other company said not to pay them for 3 months & then freeman jones would have to take us to court & we could then prove how unsuitable the IVA was for us in the first place.

Thanks for the replies, I only found this forum today & will benifit from reading & posting because the IVA really wasn't explained to us very well.

Is the £1400 on top of the court fees as well? That seems a lot of money to do something you can do yourself.

You do need to pick up the phone and speak to your IP to explain how you are struggling, they may well be able to help you.

If you were to think of bankruptcy do you have any assets such as a house that might be at risk?

I&E is Income and Expenditure, from this your IP knows how much you have left in order to pay your IVA.

It sounds like this other debt company is one of those trawling the insolvancy register for business.

I had the house valued by 2 estate agents yesterday & it's worth the same as what we paid for it 3 years ago.
We are on an interest only mortgage & have a secured loan of 30k for another 25 years which is anither £300 a month we struggle to find.

I sound like a right whinge bag!! I'm not always this blue, just havinga bad day [:(]

ST1100 - the other company sent us a letter about our IVA - how do you know who are the bad companies then?

Any company contacting you out of the blue offering to charge you to help you go Bankrupt would be a start.

You have done the right thing on joining here, I have only been on a few months but have picked up some great advice and there are quite a few experts on here that are always willing to help with advice.
Good luck.

Ignore these companies - they are just out to make money from you, nothing else. Which company was it as a matter of interest?

If you decided to go bankrupt then your house would probably be safe as long as you continued to pay the secured debts on it.

Sounds like youand your IP need to look again at your income and expenses to make sure they are set at a level you can live on. Did the firm challenge your expenses when your first submitted them? As a mother of three I expect you are an expert in the supermarket but I had to change the way I eat...lots more baked potatoes and beans! This frees up my housekeeping money to help with other areas. I'm a single gal so don't know about allowance s for families but hopefully one of the parents on the forum can help. But please don't panic until you have spoken to your ip...they may be able to help as soon as next months payment.

I may be completely wrong here but I thought Secured loan repayments were built into expenditure.

They are but you have to keep up the payments on them.

As with an IVA, bankruptcy disposable income is sorted out once all priority payments are made.

We are with freeman jones & the paper work that arrived yesterday from the other company is from
IVA Debtline.

Looking again at their letter they want £350 a month from us (the IVA is £400) for 4 months & then £600 to the court for bankrupcy......

*I've removed the link - we don't want to encourage people to go there!*[:D]