If the IVA is failing, then you could save the monthly payments for a fe months until it has been saved in full. During this time creditors may chase you for payment but I would imply say go away..i am going bankrupt
I am not aware of any help to support the funding for bankruptcy. Have you any relatives / friends that could help?
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
The only other way is to let one of your creditors make you bankrupt by failing the iva and not making any payments to them. I know some of them threaten Bankruptcy. Perhaps this action being suggested to them may open up some discussion re settling the account with some kind of token payment.
I would speak to your IP and complete a new income and expediture form to see if a lower monthly payment can be accepted. Im sure they will be able to offer support and understand your new circumstances at work
"Always remember that the future comes one day at a time."
IVA completed . Just started a blog, if you get chance please take a look. http://rich.blogs.iva.co.uk/
Although creditors threaten BR I don't know of any cases of them actually going through with it as it's an expensive procedure - it costs them more than the £700 for a debtor's petition.
When my IVA failed I saved the payments I would have been making and used them to go BR. Some unions and utility companies will also help.
