We agreed to an IVA out of desperation. We are on benefits and my wife is my full time carer. We receive UC,, ESA and carers payments along with a full PIP allowance for my long term illness. Basically with the UC upgrade coming up as well as the well advertised rise in fuel prices when we agreed to an IVA I was told my leased Motability scooter could not be declared as a payment as it was classed as a luxury I can accept falling into debt was careless and totally my own doing. our total debt was approx 13k which includes the cost incurred by the company dealing with our debt which amounted to over 3k we agreed to 120.00 per month for 6years if I have the misfortune to live that long I will be nearly 70 years old is there anything I can do to improve my situation thank you SP
Are you a homeowner ? If not I would have a word with Stepchange about a Debt Relief Order, if your disposable income is low enough ( I question your currently assessed amount of £120 being corrrect ) . Another alternative could be simply to go bankrupt - you should be able to get assistance with the fees --- Citizens Advice can advise.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
If your only incomes are benefits then you should qualify for a DRO. If StepChange say No, then talk to National Debtline or Citizens Advice about this.
Once it is settled that you will qualify for a DRO, you can let your IVAs fail by stopping paying. This usually takes 3 months. But you can get going on the DRO applications so they are ready to be submitted as soon as your IVAs fail.