i recently lost my job and cannot afford my iva repayments as my new job is only part time and my wage is the best part of £200 a week less than my last job. my provider hasnt confirmed that they have received my letter yet and i''''m a bit worried they will force me into bankrupcy. where do i stand, whats my next move?
You should inform your IP of the drop in wages and ask if your payments can be reduced at all.
Unless it is specified that your creditors can make you bankrupt, then it is unlikely that they will do.
If your IVA fails, however, you will be back to square one with the creditors chasing you.
Is there any reason why you could not go bankrupt? Do you have assets?
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
Jan is right - creditors are unlikely to want to see you bankrupt, but this might be the best solution for you if you are left with no disposable income. It really is not as scary as you might think - and if you have a read of Skippy13's blog - this is likely to provide you with a lot of valuable information about her experiences.
