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T O P I C R E V I E W
emptyspaces
Posted - 16 February 2013 : 20:07:53 hello all
i am currantly 1 year into a iva and am finding the repayments a strugle so am thinking of bankrupcy but my concerns are as fallows
how do i fail the iva?
how do i make certain sure that i do not get a payment order awarded to the creditors?
i have only one asset which is a vw golf with 95k on the clock and is a 1999 registerd car so it is over ten years old and vw value the car at 950 which i have a letter from vw to confirm this would it be at risk of being taken from me?
i am in fulltime employment with a income of 1000 per mth after tax
would the baylifts come round and take tv etc?
i am currantly paying 126 per mth into iva
i always run out of money just over half way through the mth so have to barrow of famaly
if any one can help or have any ideas i will apeciate the help
thanks
2 L A T E S T R E P L I E S (Newest First)
Viki.W
Posted - 19 February 2013 : 18:42:11 Hi emptyspaces,
Have your circumstances changed since you started the IVA?
It could be that your payments were set too high to begin with so as Niobe has suggested, speak to your IP and tell them you are struggling so that they can review your income and expenditure.
Please feel free to post any questions or speak to an expert.
Posted - 16 February 2013 : 21:16:37 Hi and welcome to the forum,
Firstly, have you spoken to your IP to see if your payments can be made more manageable?
Secondly if you really feel that you can't cope then stop paying the IVA for three months and it will fail and you can use this money to save for your court fees of £700.
You can't be sure that you will not have an IPA - if you have disposable income over £20 a month then it will all go towards paying your creditors for three years.
The bailiffs are unlikely to call round and take your possessions.
Please do speak to either your IP, Viki who posts on here or visit your local CAB.
