have got myself more in debt

[vikki]

I've been in an IVA for almost a year now - when it was entered into i was living with my partner and his earnings were taken into account with the amount i can afford to pay back. We have recently split up and i'm struggling to pay my monthly contribution of £328 and have got myself more in debt - i cant afford to move out from my current flat, and to be honest, my rent is about the average price of a 1 bed flat in the area in which i live. I am considering declaring myself bankrupt - can i do this myself or would my IVA organiser have to? I'm rather embarrassed to go to them and admit how much of a mess i've got myself into.

Also, i wish to change my bank account (clean start etc) can you recommend a good bank account that i can open? Not natwest/lloyds though . Thank you

[MelanieGiles]

Hi vikki and a warm welcome to the forum

I agree with you that your best option is now bankruptcy proceedings given your change of circumstnances.

You will need to discuss the implications of this with your IVA Supervisor, but I suspect that they will not have collected enough money to petition for your bankruptcy directly, and is you are up to date with your payments they would also have no grounds until you had missed at least three payments.

I suggest that you save up the £490 which is needed to pay for the bankruptcy application, by ceasing to make your IVA payments now, and then petitioning in a couple of months time.

Do keep your Supervisor in the loop with this, as there is nothing worse for an IP than to discover a client has made themselves bankrupt without your prior knowledge.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[DebtDummy]

hello vikki, there are banks that offer a basic account. CO-OP, NatWest, Thinkbanking and a few more. Search this forum and read the posts regarding basic accounts. I am sure you'll find a bank that's right for you. Each basic account has its good and bad features. It simply depends on what you require.

Take care

All I have left is my humour.

View my blog http://www.debtdummybankruwoman.blogs.iva.co.uk.

[iva experts]

Hi Vikki and Welcome,

I am sorry to hear about your situation, there is no shame in realising you have a debt problem and taking action to solve that problem, don’t beat yourself up!

I agree with Melanie that contacting your I.P and discussing your current turn of events is the best way forward.

Some basic bank accounts that I can recommend are:

- Abbey, Card Cash
- Barclays, Card Cash
- Nationwide, Flex Account
- Co-operative, Cash Minder Account
- Think Banking
- George Pennington Account (through RBS)

I believe that the last three accounts mentioned do charge an account keeping fee.



Best Regards. IVA Experts