OK, IVA started May 2010, but failed this March just gone. Massive change of circumstances, not envisaged at the time the IVA went through.
I moved in with a new partner (we didn't get together until after the IVA), October last year. Various things happened, but basically my partner lost most of her income, bar child benefit. This meant that my IVA had to fail.
Just in the last month my partner has started a new job and she is getting on well.
I have approximately £60k debt, my partner around £10k (charges and fees will have increased this by now).
We have 2 cars, but generally need them due to shift patterns not matching and school runs etc. We both work nearly 6 miles from home. The kids would have to walk 2 miles each way on school days. The youngest is 4.
One car is worth around £400 the other about £2000. We are both paying maintenance towards children our absent children. When all 5 children are down we need the 7-seater.
Could I even think of starting another IVA, or would that likely be refused? Would BR be most appropriate for us both? If my partners debts exceeded £15, could we have a joint IVA? Or alternatively, I go BR and my partner enters into a DMP.
In BR, we could lose one or both cars, and that would make life very difficult.
We rent, and the only assets have are 2 cars, modest domestic possessions (mostly 2nd hand stuff), and of course each other.
I would contact your IP to discuss the possibility of re-starting the IVA. I believe it's possible and if your income is now stable your creditors could potentially get more under an IVA than BR.
I would seek advice from a few companies - if your income has stablized then an IVA is possible, however if your income is going to fluctuate etc then bankruptcy may be the better option - either way I would take advice from some professionals !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You can try for another IVA, but BR could also be an option for you as you rent and have no assests.n Depends upon how much your cars are worth and what you need them for as to whether or not you would lose them.
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
I can see no reason why a second IVA would not be accepted by creditors. So long as you are seen to be making the best offer possible, why not. I have successfully presented a few cases like this for clients over the last year, and not one of them has been rejected.
