A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[timberflake]

Ok, long story short, I currently have two years remaining on my IVA. In May 2007, my contributions were £500 pcm, however, I split from my partner and had to move into alternative accomodation. I asked my IVA admins (Synergi) how much it would cost to settle my IVA and they came back with a figure of 50% of what I would pay if I continued my monthly contributions until the end of the term.

I couldn't afford that so asked for a reduction in my contributions which was granted 4 months later - a 30% reduction. Although its been a struggle, I've never missed a payment. However, to keep my head above water I'm having to purchase my clothes on things like my Rackams storecard and additions account and my family help me by paying these and buying me food etc.

Its now go to the point where I really can't see how I can keep this up for a further 2 years and would like to settle the IVA in full and final. On the same basis as last year ie 50%, settlement is now in the region of £4500. Is there any way I can raise this money myself? My family can't get a loan for me as they have their own commitments, but paying what I currently pay, I could settle £4500 in 12 months as apposed to 24 which I would find much easier.

Bankruptcy is not an option as I would lose my job.

Can I also ask, if the IVA admins become aware that I have currently got credit, what are the concequences and if they fail the IVA what would be the next step?

I basically feel that Synergi are charging so much in fees (it looks like they take half of my contributions!) this could jepourdise me completing the IVA.

Would appreciate any advice.

[Hg]

I don't think organisations so desperate they have to resort to spamming message boards well be any help!

A much better step would be to phone Myvesta on the number to the right and talk to them. They can offer friendly and unbiased advice, and won't try to get money out you.