we are already in an IVA but feel the amount we are having to pay to meet agreement is way over what we can afford. Can we declare bankruptcy or do we have to let the supervisor of our IVA team to declare us?
Speak with your IP and explain - there may be something they can do to avoid you going bankrupt .. If you feel this is the only option, then when you have missed three IVA payments your IP can end your IVA as a failure and they can then put you through to bankruptcy - some of the money already paid in may be able to be used for the court costs
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
You need to speak to your IP and ask if your payments can be reduced. They can usually do this by 15% without resorting to another creditors meeting.
Have your payments gone up by a lot, or were they set high in the first place? Have any of your circumstances changed.
Your IP won't declare you bankrupt unless it is written into your proposal, but you will have to let your IVA fail first if that is the way you want to go.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Absolutely - speak to your IP as a matter of priority to see if the payments can be lowered to a more affordable level. There are lots of people in a similar position to you right now, and IPs are used to taking these sort of calls.
Speak to your Supervisor (IP) and give him details of your current circumsatnces - a variation is always possible.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
