I'm very worried as from September my hours are being cut to 2 fifths of what they currently are, which is obviously a massive drop in pay. Also to add to that I'm pregnant due in January. The drop in pay and added cost of baby is totally panicking me. I can't see how we'll manage. We've been in our IVA just over a year. What are the disadvantages with going bankrupt?
First of all, congratulations on pregnancy! Try not to worry, easy for me to say, but not good for you! Someone will be along soon with some advice, Im still learning the ins and outs of this! Im sure you will get some sound advice on here, I have had alot of help on here x
Speak to your IP in the first instance to see if you can take a payment break and then maybe lower your payments.
As far as BR is concerned, if you have no assets, then it is an option. You would have to let your IVA fail first by missing three payments - this would allow you to save up the fees.
Speak to your IP first.
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
Congrats on your pregnancy - try not to let money worries spoil this special time for you. Easier said than done I know.[;)]
You need to contact your IP ASAP - you can complete a revised I&E in Septemebr to reflect your change in circumstances with the reduced working hours. It maybe possible for the creditors to agree a reduced sum and therefore continue with the IVA.
Does your IP know about the pregnancy? Does your company offer enhanced maternity pay or will you get SMP? Again, if you keep them informed they can advise on the best action re: the IVA.
Re: BR - it all depends on your personal circumstances as to what the pros and cons are. Do you own your own home, what type of employment you are in etc. If you want to post more we can advise, my hubby's IVA failed and know he's BR so have some knowledge.
In the first instance though, tell your IP everything and see what options are available.
