www.iva.co.uk

Hi All,

I am currently in an IVA (18 months done) paying £368.00 per month. (I owe £37K total and paying back £18K over 5 years)

My question(s) are that my payments have gone up twice in the last year and are likely to go up again for my review. I have had a payrise not significantly and obviously all costs travel, petrol etc have shot up. I live with my parents, have a car and nothing else of value. I also have a partner whom I do not live with because I cannot afford to because of the mess I got myself in and a daughter from a previous relationship.

Am I best to go bankrupt because of the above because I am thinking because of the fact that I dont have anything of value etc.

Just do not want to be saddled down for the next god knows how many years and just want to start again.

Hi
You could go bankrupt but you would almost certainly have to make payments for three year to the OR.As you have three and a half years left in your IVA you may be best to stick with it.
Do you own a car and how much is it worth ? as this may be under threat in bankruptcy
Speak with your IP about your concerns as an IVA should be affordable.
Regards

Hi Andy,

Thanks for the reply. Car is only worth about £1300.00 and I use it mainly just to get my daughter when I have access and they live quite far away.

I see your point: 3 and a half years to go so may just stick with it.

Thanks