Can I go bankrupt?

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1

karen833

User avatar
Posts: 1
Joined: Sun Aug 11, 2019 7:17 pm

Post by karen833 » Sun Aug 11, 2019 7:17 pm
Hi. I am currently one year into an iva. Can you declare bankruptcy and end the iva

Foggy

User avatar
Forum Expert
Posts: 29870
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sun Aug 11, 2019 7:24 pm
Yes -- you end the IVA first and then declare banruptcy. May I ask why ? It will cost you around £750 in fees and you could well end up with an arrangement to make up to three years monthly payments at the same sort of level as your IVA. Also the 6 years clock on clearing credit files will be reset.

I assume you have no assets to speak of and that your employment will not be affected.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

User avatar
Forum Expert
Posts: 75202
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Aug 11, 2019 8:34 pm
Agree - why do you want to do that?
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

bowline

Posts: 6
Joined: Sun Aug 11, 2019 2:31 pm

Post by bowline » Mon Aug 12, 2019 9:04 pm
why do you want to do that?
Any number of reasons. Falling income. Rising expenses. Separate from partner. New baby. Want to change jobs and will earn less. Health problems. Need to take time off work to care for elderly parent.

Perhaps IVA was never suitable in first place and a year of struggling has shown that. 5 out of 6 people who go bankrupt don't make any monthly payments. Any disability benefits are treated as balanced by extra expenses. IPAs are totally flexible, can fall to zero if necessary.

Foggy

User avatar
Forum Expert
Posts: 29870
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Tue Aug 13, 2019 8:11 am
It is true that, once things have been set up, BR is far more 'predictable'. Good luck with your choice -- if you go ahead. It would be interesting to hear how you get on and I hope that it works out for you and that you let us know.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”