IVA or Bankruptcy?

[Toonster]

Ive had an IVA now for less than a year and have just recently lost my job; I informed the IVA folks and they said to keep them updated and when i get a job i will have to increase my monthly payments to catch up on any monthly payments missed - surely they know i cant afford to pay anymore when i do get a job, what should I do? Ive even thought about bankruptcy, at least when i do get a new job the wages will be all mine for the 1st time in my life......any advice?

[zoe]

Hi there
If you are made bankrupt they will go through your income and expenditure, although not as strict as an IVA, they will require if any surpless some of that depending on how much, there is an IPA scale on the forum
Hope this helps


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[Toonster]

Hi Zoe, thanks for your advice. Would it be best to do the BR through CAB or through the people i have me IVA with? Sorry about the questions but im new to this.

Kerrie x

[zoe]

Kerrie
I did it myself, it was easy!!!
Z
x

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[Toonster]

I would do it myself but i dont know where to start.

Ive just read your blog, geez you went through a rough time, im glad you got through it xx

[zoe]

Hi Kerrie
go to www.insolvency.gov.uk and you can download the forms or ring your local county court and ask them to send you the forms. They are straight forward you then book at the court, pay your £485 and goes from there.

Thanks for reading my blog, hope you found it useful!


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[Toonster]

Thankyou, youve been really helpful.

Kerrie x

[aguise]

Hi toonster
Just another suggestion could your ip not give you a payment break for say six months and add it on to the end .That way the payment wouldnt change it would just run a bit longer and you may get a job quicker and not have to extend that long.

Ang

[MelanieGiles]

I would certainly try Ang's suggestion if you are looking for an alternative to bankruptcy proceedings. I have successfully varied a few IVA proposals in my time when people have lost their jobs - the missed payments are tagged on to the end - and they have successfully concluded. But Zoe's advice is equally valid, and you may now see this as a clean break to enable you start afresh free from the debts.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Toonster]

Hi Ang,

I didnt even know i could take a payment break as no-one has suggested this to me, its another option i can think about thankyou.

Kerrie x

[aguise]

Hi Kerrie glad to have helped ask your IP. To the best of my knowledge it can be extended for another twelve months, but if you got a job sooner then you may only need a break for a couple.

Ang