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Lee2023

Posts: 5
Joined: Tue Jul 25, 2023 6:53 pm

Post by Lee2023 » Tue Jul 25, 2023 6:59 pm
Hello I’ve been in an Iva since Feb 2019,

Had a recent house move as landlord was selling ect, and as we all no cost of living isn’t easy! I have accumulated more debts while being in an Iva and I feel quite daft to say the least! ( phone bill ect ect and other things )

Now I no my Iva ( debt movement ) probably won’t deal with these as it’s my own fault, but I am now struggling with payments for the Iva plus coping with the new debt!

It’s all getting ontop of me again.

Here comes the question : would I possibly be able to go bankrupt and end my Iva and cover all my debts? As I just don’t want it to get more out of control than it is already? Would debt movement make me bankrupt or doesn’t it work like that? Could I apply off the gov website? And how does bankruptcy affect you differently to an Iva?

Sorry for very long message

Lee

kallis3

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Forum Expert
Posts: 77166
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Jul 25, 2023 9:03 pm
Hi,

Yes you can make yourself bankrupt and can pay in instalments if you can. You will be discharged in 12months but may have to make payments for up to three years, dependent on your income. Your credit record will be shot for a further six years from the date you are declared bankrupt.
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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