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I’m
sad
No happiness while in an IVA; why?
15 months into our IVAs and my wife and I are struggling.
I have recently taken on a new job (with better pay) but this isn't helping yet as I am living away from home during the week and returning at weekends.
We have had to purchase a 2nd car and pay for insurance/tax/MOT/fuel for this. I am also having to pay to rent a room in a houseshare and these costs have, so far, completely outweighed any benefits we have gained by me changing jobs.
We have completely stopped any recreational spending and have cut back to the absoulute minimum on our household spending.
We are miserable all the time, our relationship has suffered and our standard of living has reduced.
We are approaching Christmas now and have no money at all to buy presents for family (or each other) and it's the first time I won't be able to see my children.
Why aren't we experiencing the joys that other clients seem to be experiencing?
Can we take a payment break to help over the Christmas period?
Should we concider bankruptcy?
Dave
I have recently taken on a new job (with better pay) but this isn't helping yet as I am living away from home during the week and returning at weekends.
We have had to purchase a 2nd car and pay for insurance/tax/MOT/fuel for this. I am also having to pay to rent a room in a houseshare and these costs have, so far, completely outweighed any benefits we have gained by me changing jobs.
We have completely stopped any recreational spending and have cut back to the absoulute minimum on our household spending.
We are miserable all the time, our relationship has suffered and our standard of living has reduced.
We are approaching Christmas now and have no money at all to buy presents for family (or each other) and it's the first time I won't be able to see my children.
Why aren't we experiencing the joys that other clients seem to be experiencing?
Can we take a payment break to help over the Christmas period?
Should we concider bankruptcy?
Dave
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With any change in circumstances it is always best for you to get in touch so we can conduct a full assessment of your current finances and see how any change is going to affect the IVA. We would request that you supply a breakdown of the additional costs due to your new job, such as living away from home, etc so we can see whether the IVA is still going to work, bearing in mind that there are clauses in the IVA that bind you to paying additional income earned over what is stated in your original IVA proposal.
With regards to Christmas – it is not usually permitted to grant payment breaks over this period. As by the terms of the IVA you cannot miss more than two payments without putting yourself in breach of the terms - if you were to take a payment break each Christmas in your IVA this would total 5 months. Additionally, it’s worth noting that if you do miss any payments into your IVA then you will be forced to increase your payments to make up any arrears.
In terms of bankruptcy, this is something we can’t determine without speaking to you first and going through your finances in more detail. As you are a ClearDebt client, I have arranged for your supervisor to give you a call to discuss.
Living in and IVA can be a difficult adjustment and people react to the change in different ways. To show a realistic view of people who have IVAs we’ve published an account from someone in an IVA on the ClearDebt blog: The IVA Journey of Struggling 63 and another of our clients has been documenting their IVA via an anonymous blog which is linked to here: ClearDebt thanked for their debt management services.Comment -
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