I am about 2 years and 8 months into my IVA but lost my job 2 months ago, I still have not found work and I am currently living on Jobseekers allowance which you can imagine is not alot. I had informed my IVA company Synergi that I would not be able to make the last 2 months payments and have now informed them I won''t be able to make Decembers payment so I have now missed 3 altogether. It is not likely that I am going to find work before Christmas, so I was wondering if going bankrupt would be the best solution now as I can''t cope with this situation anymore. What would happen if was to bankrupt and how long would it take, also would I have to pay for it as mentioned before I don''t have alot of money to my name.
If someone could give me some advice I would be most grateful.
Sorry to hear about your job loss, and that you are finding it difficult to get another one.
Such a pity about your IVA as well as you are over halfway through. When you miss your third payment, as you will be doing, your IVA will most likely fail.
Do you have any assets? If not, bankruptcy would seem to be a good idea. You would have to pay for it yourself. Normally it is £495 but I think as you are on benefits you can get it reduced.
Why not give Paul Johns at Reviva UK a call, his details can be found on the experts page. He specialises in BR and could give you some advice.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
As an alternative, you could ask your IP to apply to creditors for a longer payment break - say for six months to a year to allow you to find alternative employment.
It seems to me that you entered the IVA with the very best of intentions of trying to repay the debts and it would be a shame to loose the opportunity to conclude the IVA without reviewing the options.
I agree with Melanie tha it is certainly worth a discussion with your IP to see how the IP and creditors could work with you to get a better solution.
Before making the leap into Br it is definately worth exploring these options first. If you need help with the conversation with your Ip I am sure one of the experts here will be pleased to assist for free.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
