More debt after taking out an IVA?

i%26#039;ve had an iva for 3 years now, and last year my bank offered me a credit card, then a loan and its been a downwards spiral ever since, and now i%26#039;m strugging to make the repayments, i only need to make it to april next year and i%26#039;m home free, but if i miss one of the iva payments i%26#039;m likely to be made bankrupt, also if they find out i have more credit (which is a little on the naughty side) im likely to be made bankrupt (i think) are there any people with knowledge that can help me on what to do?

cheers

More debt after taking out an IVA?unemployment rate

I have struggled with my IVA to. Debt Free Direct, my IVA company have this advice:

%26quot;If the situation is temporary you may be allowed to make a reduced payment and make additional payments in the future to rectify the position.

In the event that this is likely to be a permanent problem then the situation would have to be reviewed. As for missed payments it may be possible to vary the arrangement with the approval of your creditors to allow a lower monthly contribution.

If you are struggling to make payments it is important that you contact us immediately so that we can review the position and advise on an appropriate solution. This will minimise the risk that your IVA will fail.%26quot; This an other questions can be found at http://www.debtfreedirect.co.uk/faq/exis...

I think you need to talk to you you Insolvency Practitioner ASAP and tell them you%26#039;re struggling and see what they can do. They are not going to want you to fail so close to completion.

Good luck!

More debt after taking out an IVA?

loan

You have answered your own question. You must at all cost make the payments for the IVA or you will be made bankrupt.

You cannot have two bites at the cherry.. you must either find more ways too save or more ways of making money.. you will olose what ever assets you have got left at the end of the IVA|||What possessed you to start the downward spiral again? I am sorry if i sound unsympathetic but surely you would have learned your lesson the first time round. Get help now to make the repayments or come to an arrangement with the bank. You know the score and handle your finances better in the future or you know the consequences. I hope that you don%26#039;t end up having to go bankcrupt, it has so many repercussions. Good luck!|||Oh Peter you know you shouldnt have any credit without your IP,s knowledge. You will have to finish and hope they dont find out or you will be in breach. The bank should have done checks before giving you credit as well so i blame them too. If you do go bankrupt it will probably be for longer than the usual year because of this. Pull your reins in get finished and dont have any more credit , its the only answer I am afraid.|||Hi.

I am in an iva and requested a couple of payment breaks and they have been ok with that. With debtmatters i think it is 3 missed payments and they have another meeting with your creditors.

But ask for a break for a month,sure they will be fine.

Hope this helps!!|||Yes, there are people with knowledge who can help you...Citizens Advice Bureau!