www.iva.co.uk

hi ive got an iva but im considering bankruptcy.would anyone know if there would be any chance in losing my job ?im a retail manager and handle money on a day to day basis.hope everyone ok xx

You need to check your contract of employment to see if 1. You are obliged to inform your employer of bankruptcy, and 2. whether this would result in you losing your job. In the absence of it being a condition of your employment, as a retail manager you are not by law required to inform your employer of bankruptcy, unless they were to lend you money in excess of the limit (still £500 ?), for instance as an advance on expenses.

You should be aware though, that bankruptcy orders are advertised in a debtor's local newspaper, so it might be difficult to keep quiet about it.

Hi Nicola

Could you share with us why you are considering bankruptcy as you are already in an IVA? Are you finding it a struggle to make the payments, or were they initially set unrealistically high? How long have you been in the IVA?

Hey Nicola, did you manage to sort all your problems out with your IVA company in the end? Hope you're ok. X

hi im sorry ive been ages replying but its my mums laptop and can only use it when im there.i feel that after making 3 payments in to the iva(which is just short of £1000) its not cut down the stress that much.its nearly impossible to get in touch with my iva company and when i do they dont do anything to help.i mentioned the other day about having trouble with one of my creditors still, that being the halifax.i had 5 different debts to them one being a loan.this was originally missed off my first proposal by my iva company.it was then re drafted and the correct figures were sent out for the meeting which was accepted on the 28th april.the chairmans report came through and the loan wasnt listed at all(the only one not on it)and thats the one giving me the hassle by letters, calls and texts.my iva company assured me this was fine but i was worried and i rang the company again but the only advice they could give me was to send them the chairmans report with a covering letter.the halifax asked me to tell them to fax the details to them also but that was 2 weeks ago and the iva company still hasnt done this.ive now e-mailed my ip tonight to see what he says because i dont really know what to do next.i think its because its such a big part of the debt that its concerning me so much and also that im just going round in circles.the halifax is not going to get off my case until the iva sends the right details but they wont do this so im stuck.as for managing on the budget its not that easy but im willing to stick to it if i can sort out the hassles.i think the amounts allowed for things were about right even though its going to be a pretty basic life for 5 years though my family think its quite unmanagable.xx

If the loan was not listed on the Chairman's Report, that is not necessarily an error on the part of your IP, but perhaps an indication that Halifax did not vote on the loan. This does not mean that they are not bound by the terms of the IVA - but they should certainly not be hassling you.

Don't give up on the IVA - remember you entered into it wanting to repay your debts, and have already made good progress, although I would draw your IP's attention to the fact that you do not appear to be getting a good level of service from his/her staff.

Nicola ... just wanted to wish you good luck, I really hope that you find a solution.

Do you have any assets that you would lose in bankruptcy and are your family supportive of you taking this course of action?

Check to see what your employment contract says.

All the best

Debbie

hi thanks for that no i dont have any assets at all.my family are supportive.my mum would prefer it if i went for bankruptcy because she dosent want me to struggle for five years.my opinion is that ive spent it(with a little help from my ex boyfriend) so i should pay it back.how long have you had yours for debbie if you dont mind me asking?xx

Hi Nicola

I had my IVA for just over a year but it was jeapordised by an old financial liability (long story!) and I eventually offered, and was accepted, a F&F offer ... so I am debt free now ... yippee! However I was on the verge of petitioning for BR and by that stage did really feel that it would be the best, fresh start I needed.

Debbie

hi debbie thanks for that im going to stick it out and try my best with it.well done with yours it must be a fantastic feeling!xx

Keep in touch Nicola and let us know how you are getting on ... remember that we are all here to support you through.

Debbie

Nicola, as Debbie says, we are all here for you and I hope you get a good response and can move forward with your IVA. X