bankruptcy

[Jean.89]

[:)]Afternoon to all
is there anyone who could answer this question for me please.
I'm a registered foster carer with a private agency and although I have a child in placement at the moment things could change at any time. I'm aware that I'm allowed payment breaks if I have no child in placement because I have gone months without one and while I have an empty bed I don't receive an allowance but what concerns me is, if at some point in the future I'm de-registered (for whatever reason) would my IVA cease and would my creditors go for bankruptcy against me. I have no assets as I don't own my home.

[Shining]

Hi, if you were hypothetically de-registered would you look for alternative employment? That way you would/could fund your IVA payments.

[Jean.89]

I have tested positive for lupis, further tests are being carried out and to be honest I haven't informed my agency until it's been confirmed. I have good days and bad days which I cope with but if it is confirmed then my health will only get worse. I have arthritis in the joints of my fingers and wrists which my agency are aware of but next year I will have to under go my 2 year medical then they will know. I'm now panicking. I'm wishing I hadn't allowed myself to be talked into this IVA.

[Shining]

Sorry to read that Jean, how long have you been in your IVA, was bankruptcy not discussed with you or does fostering prevent this?

[Jean.89]

In IVA just over a month and bankruptcy not an option it would certainly end my career as payments received are not an income but an allowance for the child and I'd hoped to have had everything paid off before my medical in 2015. I wish I'd just kept paying into DMP which I could see light at the end of the tunnel, but having read all these horror stories about IVA's I'm going into panic mode. Everything was fine until my husband was taken ill last may and was admitted to hospital then on sick until he went back in for surgery late November. Then letter arrives from company stating his 28 weeks are up and they've terminated his employment but they said that when he's fully recovered he can reapply. He's now claiming ESA. It's ok for IP's to say you can have a payment break for 6 months if needed but what if I loose this my licence and unable to work then what, i'll certainly be up the swanny. Sleepless nights now back and panic attacks.

[Shining]

Hi, there may be many horror stories about and when we think about this that is usually what is reported on. Not the good outcomes, why not have a read of the blogs section and see if it can help you feel more positive.

You can indeed fail your IVA and go back to a DMP but that way you're not protected from creditors and interest and charges may be added on to your debt, whereas one of the advantages of an IVA is you're protected from any further action from your creditors as well as all charges and interest ceasing.

Why not have a word with your IP about the situations you describe and take case specific advice.

I sincerely hope all works out positively for you and do keep in touch and use the forum as we're always here for help and support if needed.

[Jean.89]

Thanks Lesley