Are there any other options to my iva ?

[wizard71]

Hi, i am into an IVA, (3 years) (debts around £40,000) but didnt make payments for a year as i had a lot of personal problems, and kind of lost the plot for a while. As a result, a year was added onto my iva. My net income is £1000 and my current payments are £478, which seems a bit high. I am really struggling to pay, in fact, i have been struggling so hard to meet my living costs, i have stupidly gambled money i cant afford on more than one occasion. I am at the point where i just want the stress of it all to end and am considering BR. Are there any other options? I would really appreciate some advice. Thank you

[indebtforever]

hi welcome to the forum one of the experts will be here to answer your question soon

[MelanieGiles]

It sounds to me as if the IVA is not the way forward for you - and if you are paying almost half of your income in the IVA payment that makes it very tight for you to manage a reasonable existence. If you have no assets which would be captured under the bankrutpcy, then I genuinely feel that this would be a better option for you - as the OR will not take anything like £478 from you on a monthly basis.

[wizard71]

I should also mention that i am currently living with my parents at an expense of £260 pcm rent. They are selling up and moving so i need to rent a place to live next month, which will cost at least £400 pcm not includiing council tax and utility bills. I am aware that its very difficult to rent with either an IVA or BR, i have an option of moving in with a friend for slightly less money, so do you think i should inform my IP? As i have had a stay of excecution once already (they did not contact me once in the whole year i didnt make payments, i contacted them.) an they re-negociated with my creditors, is it possible they will do that again, or is it more likely that they will pursue BR?
Thank you

[MelanieGiles]

I think that you ought to have a frank and open discussion with your IP about the way forward, but given the circumstances I do not see the IVA continuing unless you can negotiate a major reduction in payments.