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
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
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.
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
