no longer realistically afford to pay IVA

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ccca

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Post by ccca » Fri Dec 07, 2007 1:27 pm
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hi, im currently in an iva and can no longer realistically afford to pay it, i want to go bankrupt, is there any legal binds stopping me from doing so in an iva
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louisa.s

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Post by louisa.s » Fri Dec 07, 2007 1:35 pm
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No nothing at all although out of courtesy you should inform you IP what you intend to do and don't forget you will need the fee which is £485 to go bankrupt. If you do not have this then I believe you can use your IVA payments to fund this although i'm sure the experts will be able to confirm if I am wrong.
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louisa.s

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Post by louisa.s » Fri Dec 07, 2007 1:39 pm
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Sorry forgot to welcome you to the forum - how rude of me! Anyway welcome to the forum!!!
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Skipper

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Post by Skipper » Fri Dec 07, 2007 1:47 pm
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BR may make more sense to deal with debts. You could be discharged as little as 6 months or longer.So a clean start for you awaits.

IVA are not for everyone,if you have no assets of any sort to protect,BR is argueably a better deal - or not - but make sure you are sure before going ahead. Or ask your IP to see if you could reduce payments?? They would not gain if you went BR.


"Always think outside the box"
Last edited by Skipper on Fri Dec 07, 2007 1:53 pm, edited 1 time in total.
"Always think outside the box"
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Skippy

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Post by Skippy » Fri Dec 07, 2007 6:52 pm
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Have you spoken to your IP about a variation meeting to lower your payments? If you do need to go BR inform your IP that is what you are going to do and as Louisa says use the IVA payments to save for your BR fees. This is what I did when I knew my IVA was going to fail.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/
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