HELP MEI have just finished a payment break

[jimmy.s]

HELP ME
I have just finished a 6month payment break after being made reduntant and i am now working temp on a lower wage but my iva people think i can afford 22o pounds a month payment to carry on with my iva and we are think we will never make that payment and are thinking of declaring ourselves bankrupt i have paid 42 months of my iva any advice please on what action to take.
thanks

[MelanieGiles]

If you genuinely cannot afford to maintain payments in to the IVA, then ask your IP to talk you through the bankruptcy process which is relatively simple, or have a look through the Insolvency Service's website which is equally helpful.

[Skippy]

Mel, it seems a shame for Jimmy to have to go BR after paying 42 payments - would it be worth asking his IP to propose a F & F on what he's already paid?

[MelanieGiles]

Agreed and well spotted Skip.

Sorry I did not notice the 42 months, and it is a great idea to see if you could conclude the IVA on the basis of monies already paid in.