www.iva.co.uk

Hi all,

As some of you may remember i was made redundant in June ( I worked for a housebuilder so no surprise there) but have since found it hard to get another permanent job even though I have 15+ years customer orientated skills.

I am currently working temporary and am prepared to do various things and have considered working in a supermarket just to get some money coming in permanently (nothing wrong with this just the only way i could think of typing it!) but if i do that I know my IVA will fail as there will be very little money to pay out for it after rent, food, travel etc etc, compared with what i was earning. I also know if i dont get anything at all it will also fail - I have started temping and the pay dates were all over the place so my IP agreed that i could miss 1, maybe 2 payments and possibly just add them to the end but this has already made me 1 payment in arrears after 1st sept. I dont really want my IVA to fail but i can see this happening as they have said that they would have to go to creditors if it went 3 payments in arrears which i was aware of.

Not sure what i want people to say really - just maybe its nice to get it off my chest and have a moan!! [:D] but also what would happen if i did end up going bankrupt? how different would it be to being in an IVA?

Thanks!

Gavin

Full-time employment is far more important that continuing to pay into your IVA, so don't turn down an opportunity if one presents. Bankruptcy is not as bad as you may think.

Hey Gavin, sorry you're feeling so down, I understand completely. Do you have any assets that might be at risk if you did have to go BR? I do know that your IPA payments might actually be less than your IVA payments. Things might change for you but I don't blame you for planning ahead. Good luck. X

I have a car but thats only worth about £2000 so should be ok with that i think. Do you know if a PC would be count as an asset? its only worth probably about £150 but obviously at the moment it is helping with the search for a new job!

I would hope that the IPA payments would be less - i'm looking at jobs that are £3-5k less on the salary so its quite a jump really and cant see my creditors having anything once ive paif out for rent and everything if i carry on with my IVA!

Your computer would be safe Gavin so don't worry about that. I hope something comes up for you but if you have to go BR then I'm sure you'll be fine. I've heard that the allowances in BR are a bit less strict than in an IVA.[:)] X

If you've not got much in the way of income, you may not have to pay a lot, if anything if you go br.

I would think you could keep your PC as well.

I don't think you'd even need to declare your PC if it's worth £150 Gav. You should be ok to keep your car, especially as you're looking for a job.

Thanks everyone - makes you feel a whole lot better when people put your mind and rest and answer these questions! thank god for the forum!

Hi Gavin
Maybe this is the time to clear the decks[bankruptcy]and start a fresh.
You may have to take a lower paid job and build yourself up,this will be easier to do if you don't have the IVA payments to worry about.
Regards

Hi Gavin
I agree with all the above, a steady permanent income, though it be a lower one is more important than your iva. I hope you get settled soon, and all the best with whatever solution you decide on. keep us posted and try to get to frugal friends if you can, is slough anywhere near you ?

Ang xx

thanks Andy and Ang, I am seriuosly looking at the bankruptcy side of things now so will let you know.

Slough is a bit far for me really Ang and more so without any spare money LOL will def come to the Birmingham one.

Hey Gav

Sorry your having a poo time. My dad is in a similar predicament due to the building industry working two weeks at a time with the threat at any point that he may have worked his last day. The downside for him is that he is 61 [:0]

Hopefully you will find steady employment soon and make a decision as to whether you go BR or stay with your IVA. I am happy with my IVA but I looked into BR and spoke with Paul Johns and Andy Daie about BR verses IVA at the last FF, they both put my mind at rest. BR is definately not as bad as it sounds.

Good luck. XX