going bankrupt whilst in iva

[priti]

i have been in an iva for 1 year now, it was going fine, however now my circumstances have changed i will have to pay much more towards rent and other household bills,
am i able to go bankrupt whilst in an iva, i have no assets.
my only concern is that i no longer have any credit card statments, or old bank statements.
would my ip be able to help me through the bankruptcy process or would it be better if i do it on my own.

[MelanieGiles]

Hi priti

Could you explain why your circumstances have changed so severely that you are worried you will not be able to afford your IVA payments in the future?

You can declare yourself bankrupt at any time during an IVA, but you will need to demonstrate that your application is made due to changed circumstances.

Your IP ought to be able to assist you through the process, but the forms are relatively easy to complete. They will certainly be able to provide your with details of your debts and copies of statements of account you originally provided them with.

I would certainly have a chat with your IP before leaping into something you may reget at a later stage. It might be possible to vary the terms of your IVA to reduce the payments to an affordale level and thus keep the IVA going.

[priti]

i am going to have to move out of home, at present i pay very little housekeeping, when i move out rent will be at least 3 times what i pay. so am quite worried also my iva says i can not have any variation in 24 months so i don't know what i'm going to do

[MelanieGiles]

It is essential that you discuss this with your IP as soon as possible, who I am sure you will find very supportive. With rent costing you three times as much as you are currently paying, and having no assets, it would appear that bankruptcy may be the only solution, but take their advice first.

[priti]

thankyou melanie,you have been very supportive ever since i came on this site, just over a year ago.