I entered an IVA plan a few months ago.

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powerhouse

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Post by powerhouse » Thu Feb 05, 2009 6:16 pm
I entered an IVA plan a few months ago. One of the mistakes that I had made on my IVA is the estimated value I had placed on my basic grocery shopping. I didn't realise that most of the groceries had gone up in price from many years ago. And I had come to realise that it is virtually impossible for me to manage without cutting into my authorised overdraft. I have no other extra expenses. I just live on the basics. Will the fact that I am cutting into my overdraft be sufficient grounds to opt for a bankruptcy? Will it hold up in court? I am trying to stay away from bankruptcy by looking for a job that pays me better but for now this is the reality.
Appreciate any advice you can share.
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Lisa2009

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Post by Lisa2009 » Thu Feb 05, 2009 6:18 pm
Hi i think this question has been answered already.
You shouldnt have an overdraft, thats not allowed in an IVA as technically its credit.

If you want to file for Bankruptcy, just let your IVA fail by missing 3 months payments then apply to the court.
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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David Mond

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Post by David Mond » Fri Feb 06, 2009 8:40 am
Has not this been posted in another thread?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
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kallis3

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Post by kallis3 » Fri Feb 06, 2009 9:16 am
It has, and has been answered, so I'll lock it.
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
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