I have just started an IVA, previous to this i was in a debt management plan. The real question is whether bankruptcy is a better option. I work on a zero's contract in an industry that means i work away. Due to HMRC IR35 i am unable to claim expenses. My car is on HP and i don't own property.
I'm unsure on how to continue as i am being offered full time contracts but this will be for less and will possibly mean moving.
The bottom line is i feel locked in and should i wish to give up working away then is it likely the IVA company will petition bankruptcy if i am no longer able to afford the payments they are asking for?
Sometimes the option for bankruptcy is includedin an IVA if it fails. However, most of the time is not. You will have to read your proposal to find out which it is in your case.
If the IVA fails, and automatic BR is not written in, your creditors could still decide to make you BR themselves --- but it is not likely, given your circumstances. BR, for creditors is expensive.
How much was your original debt?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Agree with foggy re reading your proposal for specific detail.
If you let your iva fail and then go for bankruptcy your income will still be taken into account in any bankruptcy hearing and you may still land up paying a similar figure...
I think you need to take some professional advice before making a decision as what's right for one is not right for another
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
It really depends on your financial position - we cannot give advice without knowing more information but I'd be happy to chat to you and explore your options.
or try my video here as a starting guide with more detailed videos available from the You Tube Channel:
