Posted: Sun Jun 20, 2010 11:12 pm
Hi everyone. This is my first time posting here so a big hello to everyone. Anyway, here's my tale:
I'm 2 years into an IVA (just about to start year 3). The original debt was 18,500 and Im due to pay back 13,200 over the 5 years. I pay £220 p/m and have paid this religiously, on time every month. My situation has changed however and my girlfriend (who has nothing to do with the IVA) is pregnant and due to drop on xmas eve. We're both really happy but I'll now have to start paying for everything. I'm not complaining at all about this but at the moment she pays half of most bills and the rent so my financial circumstances are going to change a lot. Basically, I worry that I'm not going to be able to pay the IVA. I know there is bankruptcy but I really don't want this at all because one day I'd like to buy a house and all the other stuff most people want. My dad mentioned he might be able to lend me a lump sum to get rid of the IVA. By my recogning I've put about 5K into it over the 2 years which would leave about 7k left. My dad (who is not by any means a wealthy guy) said he might be able to give me £5000 as a loan to help. My question is would this be enough to get a full and final settlement on the IVA or am I just living in a dream world?
Any help / advice that anyone could give would be most appreciated. Thanks a lot for taking the time to read this to the end!
I'm 2 years into an IVA (just about to start year 3). The original debt was 18,500 and Im due to pay back 13,200 over the 5 years. I pay £220 p/m and have paid this religiously, on time every month. My situation has changed however and my girlfriend (who has nothing to do with the IVA) is pregnant and due to drop on xmas eve. We're both really happy but I'll now have to start paying for everything. I'm not complaining at all about this but at the moment she pays half of most bills and the rent so my financial circumstances are going to change a lot. Basically, I worry that I'm not going to be able to pay the IVA. I know there is bankruptcy but I really don't want this at all because one day I'd like to buy a house and all the other stuff most people want. My dad mentioned he might be able to lend me a lump sum to get rid of the IVA. By my recogning I've put about 5K into it over the 2 years which would leave about 7k left. My dad (who is not by any means a wealthy guy) said he might be able to give me £5000 as a loan to help. My question is would this be enough to get a full and final settlement on the IVA or am I just living in a dream world?
Any help / advice that anyone could give would be most appreciated. Thanks a lot for taking the time to read this to the end!