Iva problems?

i got an iva out in april this year, it has been a realy tough time, ive 2 kids and live with my partner, in a rented house, we both have a car each for work and taking the kids to and from school, at the time of getting the iva, id heared on the radio about it so decided to give it a try, lots of info was given to me, then they asked about the debts i had, i was thinking so much about the debts and couldnt focus on the day to day bill that you have to pay and i forgot to mention a lot of them, after the iva had gone through my tax credits were reduced a lot, like 20 per week and i kept on getting charges from the bank, forgot to mention school lunches, my partner is lovley but is fed up of us having no money and is concidering leaving us because of the stress and arguements its causing, i wish id never taken it out, and just filed for bankrupsy, as im possibly going to have to do that anyway if my partner decides to go, has anyone got any advice

Iva problems?

a simple remedy you apply to have your iva reviewed and the company are obliged to to review the situation if I were you would go for bankrupcy it is almost the same thing and you wont have to pay out each month and hardly any difference to your credit score if you are working it will cost you approx 鎷?85 to file for banko ifyou have not got that kind of money renage on the IVA and let your creditors foot the bill. they probably wont send you banko because it costs money so after approx 12 months of phone calls asking for payment they will give up and sell the debt on to a collection agency ignore the letters they send for a further six months and eventually all will get written off.

forget what all the people on here say like the debt will never go away or you get sent to nick they have not got a clue what they are talking about just refuse to pay anybody and believe me nobody can do nothing to you whatsoever anybody who says different is living in cloud cuckoo land cheers for the points

Iva problems?

Have you been in contact with your IVA company and told them about the things you forgot to mention?

They are supposed to be there to help but I know how you feel, my husband took one out almost a year ago and to be honest it hasn%26#039;t made things much easier. Also did you remember to consider car tax and repairs and birthdays, Christmas etc?

Iva problems?

Hi

You could have your iva reviewed and they may lower the payments but more than a 15% change and it would have to go back to a meeting of the creditors. Bankrupcy will as wilf says cost you 鎷?85 and 150 less if on benefits. You may have to make payments depending on your disposable income ( an IPA ) but it is usually only 50% of the disposable and would be for three years. If alll your money is eaten with expenditure then there would be no payment at all. They are usually more generous than an iva on expenditure. If you have a car you may lose it if the OR deems it not necessary, and this can be a possibility as I know someone who thought it would be allowed for work and the OR said that public transport was sufficient, but this is not always the case. You would probably be discharged in a year or less. The damage would be to your credit rating but the same as an iva about six years and then you would have to build another if you really want one but I would steer clear of credit once free.

The trouble with an iva is if you dont make your income and expenditure right at the beginning then you can start to struggle quite quickly. Anyone reading this consider everything right down to prescriptions, pet food, dental bills, if it is considered too much your IP will say so. If you accept a payment that is too high for your avaliable disposable income then it will be doomed to failure.

Good luck I hope your relationship works out, there are more important things than money you just dont realise it until something happens that money cant change.