I have a problem and am unsure what to do.
I have had an IVA for about 14 months. No problem there but although I have a reasonably well-paid job in London, my mothers declining health will force me to move to the country to be nearer her and care for her. I don't want to be an 'official' carer claiming allowances etc but she needs regular help with several things. If I take a job in her locality I know I cannot hope to come close to the salary I have now and my question is what options are open to me. Would it entail taking full bankruptcy? Any help gratefully received.
Not necessarily, but you will need to talk to your IP to see how much flexibility you have in the original proposal, or whether you will have to rely on the generosity of your creditors to reduce your monthly contributions.
If your IVA were to fail, you could consider Bankruptcy as an option. What was your reason for avoiding Bankruptcy in the first place - do you have property?
I agree that creditors should look favourably on any reduction in payments. You should also claim any allowance for caring for your mother to which you are entitled because that is why we pay national insurance.
It you do have to go bankrupt your IP should be able to help you and ultimately the needs of your mother are more important than those of your creditors.
What an admirable thing to do for your Mum, in which case you deserve all the help you can get from both your IP and creditors. My elderly Mum lives with us, and I know first hand how demanding looking after them can be - especially when you come from a busy, professional background. She is worth more than any of the debts, and if they won't play ball with you, then bankruptcy perhaps becomes a very easy choice to make.
Many thanks for replies, It gives me some reassurance to be able to press ahead with my plans. I was afraid that a 'voluntary' change in circumstances would be poorly viewed by both creditors and IP but I have a little more confidence now.