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  • #1

    IVA Failure Please help

    Hi All,

    I am currently going through an IVA and after 2 years I changed jobs and my wages decreased, because i can't afford what i was paying initially, the IVA company offered to increase my term by an extra year. I have a property in my name which is part of the IVA but it is in negative equity of about 15% of the value.
    Now I am really struggling as i have more people to look after in the family as we just had a baby and my wife is not working.
    I am considering declaring myself bankrupt but am fearing this could affect my job but can't afford the IVA either.
    I am really confused on what will be best action to take.
    Please help......
    Tags: action, bankrupt, bankruptcy, cash, companies, credit, credit agreements, debt, debt management, debts, defaults, dmp, extra, failure, family, finance, help, income, increase, iva, job, jobs, laundering, legislation, loans, management, money, payments, people, policy, property, questions, rules, state, wages, wife, working
  • #2
    Re: IVA Failure Please help

    Can you not afford the IVA even if the payments are reduced?

    Why do you think bankruptcy would effect your job?

    What sorts of debts do you have and when did you first take out any credit agreements?

    How much debt do you have overall?

    We need some of the answers to those before we can even start to suggest what your options might now be.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      Re: IVA Failure Please help

      @ Rizzel
      Thanks for the questions.

      My disposable income is less than what the IVA company are will to accept which they say is £100.

      My career path might have to do with finance in the future so I thought it might affect me.

      All my debts are insecured loans which is about £30K in total and my first credit agreemnet was taken in 2005.

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      • #4
        Re: IVA Failure Please help

        Originally posted by Flowerpower
        I know about someone who, having been offered a job, had his offer rescinded as a result of defaults found on his credit file.
        Yes, this happened recently to a user on here - sad state of affairs considering he was on a debt management plan and arguing that he only went on it due to losing his last job.

        Still the rules said no, ergo he was rejected. Shit really.
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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        • #5
          Re: IVA Failure Please help

          Do you think company policy to reject people who have been on DMP's is due to some part of the money laundering legislation that finance companies have to abide by?

          I know in my job, we are ment to report clients whos cash flow seems "questionable" of course, this isnt gonna happen, i may as well quit work tomorrow if i was going to do that. but it does make me wonder.
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment

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