www.iva.co.uk

which will be better for me to do if i am looking to renting in the next year? carry on with iva or bankruptcy i have a large amount of debt but iva is in arrears as lost job now i have to ever go bankrupt or try and get the creditors to agree with a much lower payment on my current iva...??

Hi and welcome.

You need to speak to your IP in the first instance.

Br could be an option but you may be able to sort out lower payments.

Hi Gemma, welcome to the forum. Lower IVA payments and BR may both be an option for you. Your IP will be able to give you the best advice as they have all your details.

Did you speak to your IP about losing your job? I only ask because they can often arrange a payment break and these payments are tagged on to the end of your IVA. Was this option available to you?

Regards renting: I rent and an IVA can cause problems but generally less so than with BR. As with everything, there is a way round it:
1/ Offering a larger deposit (2 months rent instead of 1)
2/ A guarantor
3/ Paying six month's rent in advance
4/ Your IP can call or write to the agent and/or landlord reassuring them that your rent takes priority over your debts and explaining what an IVA is.

I have found that smaller agencies credit check for BR and CCJs while the bigger, high-street estate agents do a full check. With the former, your IVA won't even show up. This is a generalisation but I hope it helps a little bit.

There is always a way!!

ive tried getting advice but i dont seem to be getting anywhere...

Hi again jamjam,

Which company are you with? Have you tried getting advice directly from your IP?