Hi. I need some urgent help as am very stressed and its taking over my life.I started my IVA in feb last year. It has just recently failed 2 months ago. I have been sent the letter from my IP to say she has informed the creditors and me and it has now failed. I dont have enough money to apply for Bankruptcy. Should I be waiting for my creditors to apply for my Bankruptcy. I havnt heard from them in two months and am getting very stressed and scared. Please help. Thanksyou.x
I think that it is very unlikely that any of your creditors would want to lose more money by having to pay for you to be made bankrupt. If you cannot afford the Court fees in one go, try and save a little each month until you can make your application.
As Melanie says, its unlikely the creditors will petition you for BR. They are more likely to start charging you interest and fees again, chasing for the debt tp be repaid etc.
If you are on certain benefits you may get help with the BR fees. Otherwise, try saving the money as quickly as you can and apply to your court for a BR hearing date.
