I started an iva in october and am having a circumstances review because we've had our first child, can i declair myself bankrupt even after having an iva accepted? and what will be the changes that will occur in payments to creditors, the only asset we have is a £4000 car!
You may find that you are able to reduce the payments to your IVA if your creditors are agreeable.
Otherwise, if you wish to go bankrupt then you will have to let your IVA fail by missing three payments. You can use this money towards your court fees for the BR which are currently £510 each.
See if your Ip can sort things out for you first though.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You can declare yourself bankrupt, but only when your IP can demonstrate to the Court that you have defaulted on your arrangement - usually after three missed payments.
Your car will be at risk in bankruptcy, so it would be sensible to consider selling it and purchasing one of around £2,000 prior to making your application, and then keeping the balance of funds to hand over to the Trustee once he/she is appointed.
