Hi there, I'm thinking of entering into an IVA, I'm at the lowest limit in regards to offering monthly contributions, I think it worked out at 26p in the £. What happens if for example I underestimated by monthly outgoings eg gas or electric? what happens if my car tax or insurance premiums increase...

I'm about 56k in debt and have negative equity in my house, I thought about an iva but was told that bankruptcy may be the better option. But i just can't have my name appearing in our local paper and friends and family finding out. My parents are elderly and I think this would worry them into an ea...