currently in arrears with my rent and iva

[lauren.h]

I am currently 18 months into an iva.I am in arrears with my rent and now the iva company have emailed me saying i have missed 5 payments totalling £1500.They are saying if i dont make the arrears payment asap they are pushing me into bankruptcy.
I have no mortgage and no car.
Would it be more beneficial to accept bankruptcy as that is the way i feel would be best for me.Can you advise me please

[Skippy]

Hi Lauren and welcome to the forum. I'm sorry to hear you're struggling with your IVA - have you spoken to your IP about the reasons for this?

BR is an option for you, although please bear in mind that your credit rating would be damaged for a further 6 years from the date of your BR. Also, if you have more than £100 surplus income per month you will have to make payments on an Income Payment Agreement for a period of 3 years. However, the allowances in BR are usually more generous than in an IVA meaning payments are usually lower - for example I paid £459 per month into my IVA and am now paying £186 per month into my IPA.

[Adam Davies]

Hi
I would try and get your rent payments upto date and allow your IP to bankrupt you
Regards

[Soulgrowth]

Hi Lauren ... and welcome to the Forum, you have certainly come to the right place for a bit of support [:)]

I think that's good advice from Andy. It's important to keep a roof over your head ... and if you allow your IP (or one of your creditors) to bankrupt you it would save you the fees.

I am interested to know why things have taken a downturn for you ... do you think that your IVA allowances were wrongly made in the first place?

All the best ... and thinking of you.

Debbie

[neil277]

Hi
I would get rid of the debt if you have family i would move back home and do a job which pays small money, this way there will be no surplus money for the courts, within one year you will be free but you must learn by your mistakes.

If you can move back to your family i would forget about the rent.

Do people know Simon Cowell from the x factor has been BR.

Best of luck

Neil

[Reviva UK]

Hi Neil

Assuming that you are paying 300 per month and have been in the IVA for 18 months ( 5r of wich have not been paid) then you have contributed around £3900 into your IVA.

Please dig out a copy of your IVA proposal to see how much the fees are ( Supervisors and Nominee's ) and have a look at the termination section.

You may find that you have actually not paid in sufficient funds for the IP to make you Br.

Which IVA firm are you with?

[neil277]

Hi
Once you have missed three payments then normaly you are on the road to BR, if the IP will not BR you for the questions Paul spoke about, then i would apply for BR myself. In lauren.h case this only my view i would get rid of the debt and start again.

If you try to solve this problem with your ip the debt will spirel out of control at a later date.

Why i mentioned Simon Cowell this was to show there is always life after BR and his advice was very good to what i mentioned.

I'm not going BR but if at a later date our situation changed i would make sure there was no surplus money.

I feel lauren.h should not pay anymore money because they always say never chuck good money after bad.

We all have our own views

Regards.

Neil