I am currently on IVA debt management plan. At the moment am unemployed. Struggling to pay my plan. Am a single mother of four children. This is surpose to take five years to be written off or get out of the debt. I am not coping with it. some days we go to bed hungry.
Is there a way to get out of this debt sooner than later although I am on the IVA. Please help me out
For those that might not be aware, an IVA is an Individual Voluntary Arrangement (IVA) and is used in the UK as well as some other countries. The IVA allows people with problem debt to come to an agreement to repay less than they can afford over five years as a full satisfaction of the debt.
The equivalent in the United States would be like binding debt settlement plans that would stop all creditor action while the payments are being made.
I certainly understand why you are unable to make the continued payments, and going hungry is never a good thing. Because you are living so close to the financial edge the continued IVA could be very dangerous.
There are two likely options to explore. The first would be to call the local council or Citizens Advice Bureau and see if you are eligible for any additional support or benefit programs to lessen your other financial demands and make room for the IVA payment.
The second would be for you to contact your IVA Insolvency Practitioner and explain your situation. They will most likely need to fail your IVA and that would set the creditors back upon you.
But you could discharge your debt with bankruptcy and be done with it quickly. Bankruptcy would make logical sense if you have no other assets at risk. Talking to your Insolvency Practitioner will help to clarify your risks of bankruptcy, if any.
The quicker we can get you back to being able to properly care and feed your children, the better everyone will be.
Please let me know how you get along with this.
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