Should I have opted for bankruptcy instead?

[nikky]

I'm one year into an IVA, and struggling with the payments. I've included a list of my income/outgoings - and am in the process of lowering my outgoings. Changed food shopping habits - to cheaper shops, and in the process of changing gas/electric supplier to one which is slightly cheaper.

Should I have opted for bankruptcy instead?

The only problem I had with opting for bankruptcy was that...........

The debts mounted up over a few years, when I had a very difficult breakup with my ex-partner. It ended with me moving house, while he was serving a prison sentence for assualt on me. I left the home with our two children - and nothing else, two days before he was due to be released therefore, having to build up a home from scratch.

5 years on, we're living happily in a rented house, about 5 miles away from where he now lives in our old home. He has no idea where we live, and if i'd gone for bankruptcy, i was terrified about him finding out my new address from the bit they put in the local papers.

Is there a way around that?, should i stick with struggling with the IVA for another 4 years?, and is the IVA reviewed ever?

My salary - £504.27
Tax Credits - £782.25
Child Benefit - £126.32

Total - £1412.84

Monthly Outgoings:

Mortgage/Rent - £250
Council Tax - £62
Gas & Electric - £117
TV License - £10.99
NTL (Phone/Internet & TV) £40.00
Food - £400
Parking - £80.00
Petrol - £80.00
IVA - £280.00
Home Ins. - £15.00
Water - £21.00
Phone - £40.00
Childcare - 150.00

Total: £1545.99

nikky

[Adam Davies]

Hi Nikky
You should have a yearly review with your IP and this is the time to discuss your problems.On the figures that you give you certainly need to do something.Are you upto date with your IVA payments ??
There are ways that your IP can help you,but am surprised that you are so much short each month,has your income decreased ??
I can understand your reasons for not going bankrupt but given the shortfall and the fact that you do not own a property it may well be worth discussing with your IP.
Please let us all know how you get on with your IP.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

[nikky]

Thank you for replying Andy.

I've have kept up to date with my IVA payments, and am trying my hardest to spend as little as possible on food and daily living expenses.

I don't think my income has decreased, or increased, but just about all of the bills have increased in the last year, some quite considerably.

One thing i forgot to include on my income was £240.00 per month DLA which i receive for my severely disabled son. In the past this went into a separate bank account, to be used for expenses for my son, nappies (he's 10), bedding, clothing, specialist occasional childcare etc. I was suprised that this was included as my income in the IVA, as the extra expense for him wasn't, but the company concerned insisted it should be. Is this normal?

But, even with this extra £240, my outgoings still exceed my income.

I'll get everything down in writing, and give Accuma a call in the morning.

Thanks again.

[tracy.h]

Hi nikky
it sounds like you have had a really hard time,and it seems sad that you should still be having such hardship,but regarding your iva,as Andy says you will have to go through your ip,and im sure they will advise you of all your options.
I really hope you find a solution for you and your children and that you can find peace of mind in what ever you decide to do we are all here for each other on the forum,and the support is exceptional,i hope you will keep posting to let us no how you are doing,and i wish you luck for the future.
Take care
Tracy.H x

[Skippy]

Hi Nikky, I'm sorry to hear that you are having such a tough time. As the others have said please speak to your IP - they are there to help you. What company are you with?

A question for the experts - I appreciate that if you are made BR your details appear in the paper, but are there any special circumstances where the OR would agree not to list your address? Surely a situation like Nikky's would warrant this?

Onwards and upwards!!!

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

[MelanieGiles]

Hi Nikky

There is no way to avoid your address being put in the paper unfortunately under bankruptcy proceedings, but as the other posters have mentioned you cannot carry on as you are, struggling.

You therefore really have two choices - persuade your IP to put forward a variation for you based upon current disposable income - your figures indicate you can only really afford £150 so I think it may be unlikely that creditors will accept this, or go bankrupt.

From the facts you have presented, and the other post I have just replied to, I think bankruptcy would be the kindest option, but do give this serious consideration as the most important thing is you and your family's future.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk