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Hi all.. I began my IVA in March 2007 and all was well but have recently been off work with ill health as i am about to go on reduced pay im not sure what to do as with regards to paying my IVA.. I have been advised by friends to apply for bankruptcy as i dont have any assests but im unsure about what course of action to take..I am also concerned about my job due to the length of time ,i have been off.. Any suggestions?

What were your reasons for doing an IVA in the first place and did you thoroughly reseach bankruptcy then?

If not you'll get a lot of useful information from the Insolvency Service website at http://www.insolvency.gov.uk/ and there are lots of people who post on this site who hace actually gone through the process and can give you some practical advice.

If you have no assets then bankruptcy could bring some closure on yout debts quicker. However, if you wanted to continue along the IVA route your IP may be able to vary your agreement so that it brings it alongside your reduced pay.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Given the uncertainty of your future earning ability, I would have thought that bankruptcy proceedings may be a sensible option to consider to avoid ongoing stress and worry about affording an unaffordable IVA. As you have no assets which would vest in a Trustee, the process can be quite painless, but do discuss this with your own IP to ensure you are advised about all options available to you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk