To be or not to be??

[rayb]

Hi All,

I am currently in an IVA (18 months done) paying £368.00 per month. (I owe £37K total and paying back £18K over 5 years)

My question(s) are that my payments have gone up twice in the last year and are likely to go up again for my review. I have had a payrise not significantly and obviously all costs travel, petrol etc have shot up. I live with my parents, have a car and nothing else of value. I also have a partner whom I do not live with because I cannot afford to because of the mess I got myself in and a daughter from a previous relationship.

Am I best to go bankrupt because of the above because I am thinking because of the fact that I dont have anything of value etc.

Just do not want to be saddled down for the next god knows how many years and just want to start again.

[Adam Davies]

Hi
You could go bankrupt but you would almost certainly have to make payments for three year to the OR.As you have three and a half years left in your IVA you may be best to stick with it.
Do you own a car and how much is it worth ? as this may be under threat in bankruptcy
Speak with your IP about your concerns as an IVA should be affordable.
Regards

[rayb]

Hi Andy,

Thanks for the reply. Car is only worth about £1300.00 and I use it mainly just to get my daughter when I have access and they live quite far away.

I see your point: 3 and a half years to go so may just stick with it.

Thanks