BR before IVA default and Car Query

[TheDerbyRam]

Hi..i am in my second IVA and despite my best efforts it is going to fail.
I am about to go to court to register BR but just wondered do i need an official default letter from my IP before i can do this?

Also, i have a car worth around £2000 but everything i read says you can a car of this value if you "need it for work".What does this mean ? I use my car to get TO work and save 4 bus journeys a day and also to stay at my partners at the weekend (35 miles away!).Will the OR allow this or would i be able to borrow from my parents an amount to satisfy the OR that any excess value is paid.Hope this makes sense...i am at my wits end.Just need some peace in my life

[MelanieGiles]

You can declare yourself bankrupt at any time during an IVA, but out of courtesy make sure that you inform your Supervisorof your intentions.

Your car wil probably be safe - but you will be unlikely to get a public transport allownace on top.

[TheDerbyRam]

Thanks Melanie.I certainly dont want a public transport allowance anyway so thats ok
One last question if anyone knows..i expect i will have to pay an IPA or IPO for up to 3 years of around 50% of my disposable income..BUT..i am unlikely to be able to stay with my parents for much longer so am i right in saying that i could be paying some to the OR then as soon as my circumstances change and i rent a flat perhaps..and i have hardly any disposable income that it would be nulled and only my BRU (if applicable) would continue but no payments would be needed?
Thanks everyone for listening

[MelanieGiles]

You will need to discuss this issue with the OR once they are appointed, and give a good reason for needing to leave home.

[Reviva UK]

It might be worth reviewing your timeline before you go Br.

as melanie says the OR will want to know why you have chosen to increase your expenditure after Br so you will need a decent reason for this.

Depending on your plans it may be better to do this prior to Br incase you are looking at rented as your reference position will be viewed differently.

If you were moving in with your partners then your whole I&E will change including your fuel bill i guess.

Worth spending some time reviewing each of the scenarios and understanding the consequences of each