www.iva.co.uk

HELP ME
I have just finished a 6month payment break after being made reduntant and i am now working temp on a lower wage but my iva people think i can afford 22o pounds a month payment to carry on with my iva and we are think we will never make that payment and are thinking of declaring ourselves bankrupt i have paid 42 months of my iva any advice please on what action to take.
thanks

If you genuinely cannot afford to maintain payments in to the IVA, then ask your IP to talk you through the bankruptcy process which is relatively simple, or have a look through the Insolvency Service's website which is equally helpful.

Mel, it seems a shame for Jimmy to have to go BR after paying 42 payments - would it be worth asking his IP to propose a F & F on what he's already paid?

Agreed and well spotted Skip.

Sorry I did not notice the 42 months, and it is a great idea to see if you could conclude the IVA on the basis of monies already paid in.