We have stopped our IVA payments to raise money to petition our own bankruptcy as not enough in the estate. Our IP is no longer able to advise us. We are one month behind with our mortgage and had an agreement to catch up add extra to our monthly payments. Should we advise the mortgage company of ou...

Thank you so much, I was a bit quite upset by his reply as we have paid a total of £3750 in to the estate, although the first 2-3 payments were before IVA approval. We are one month behind with our mortgage and had an agreement to catch up add extra to our monthly payments. Should we advise the mort...

I have made contact with our IP to discuss our plans. He has said sorry it didn't work out, and told us what court and how much we will need to petition our own bankruptcy. He said there are not enough funds with him to do this, as we expected. He also said this is him out of the picture now. I was ...

Does anyone know the answer to below please: If we continue our plan and go abroad, should we be saying this, as understand there may be attachment to earnings and don't know how this would work if we are not here? Also found out our car is worth around £3000, not £5000 as thought. Would we be able ...

Thank you Melanie. I will contact the bank today and ask their policy with regard to bankruptcy. We did open after the IVA and were upfront at the time, so hopefully they will consider and be lenient. I will contact our IP and let him know are plans. Just want to be so clear and worrying about every...

Thank you all so much for your replies. There is a clause to petition our bankruptcy when in default of two payments. There is not quite enough funds after fees for our IP to do this yet. We have missed this month, but not heard from him yet. Should we tell him we plan to petition ourselves, but nee...

If we stopped payments and waited for our IP to contact and make us bankrupt (as we do not have the fee to do ourselves), would this make a worse reflection on us in the bankruptcy court?

Thank you both for your advice. We will write everything down and contact our IP.

One point really worrying me again, is if our bank account is frozen, how do we access any of our wages for living costs and pay utility bills?

We are also struggling to meet mortgage payments for the first time ever. We have no funds to pay our own bankruptcy without missing payments to accumulate this for a bit longer - is this common? We are so unsure of everything and haven't contacted our IP as don't want a snowball and panic. We have ...

Hi Melanie Thank you for replying. Our IVA states that if we are in default the IP supervisor can petition our bankruptcy. I have not informed him yet that we have not made payment this month. Can I ask how quickly we would loose our house and how quickly bankruptcy can be decided? We just want to g...

Hello, I am new to the site and would really welcome some advice. My husband and I have been in an IVA for 5 months and have combined debt of £110,000 - paying £750 jointly over 7 years with a proviso that our house is valued in 4 years and a remortgage taken out to give any equity to creditors. I a...