just cant see me managing for 4 more years

[Simon F]

had an iva 4 10 months, £500 p month, £38000 debt. due to car repairs recently have already had a payment break. just cant c me managing for 4 more yrs. considering bankruptcy but will it affect who i live with? i currently rent a room off sister to help with debts las yr but need to move later in yr n cant afford to live anywhere else with current iva. i have no assets.
do i do this through iva company or do i just declare myself bankrupt??

[markiboy]

I am sure the experts will give you some advice. If I was you and you can live wit BR then go for it. The OR may ask you to pay so much depending on you income, but if you don't own a house the BR maybe the right choice.

[MelanieGiles]

Did you consider whether it was feasible to live with your sister for the full five year term when you entered into the IVA? Bankruptcy is definately an option for you, but a shame to occur so early on in the arrangement.

[Simon F]

yeah but good news is my sis is pregnant so need to consider moving out sn!!!!

[chris.g]

Hiya Simon, as Melanie says, br is always an option for you. Have you contacted your ip regarding possibly getting the payment reduced? I think this should be what you should do before you decide to go down the br route. Ask your ip about br also, they should give you info on it so you can decide.