I would like to ask you for an advice.
I left UK at the end of 2017 and came back home to one of EU countries. At the beginning of 2018 I still managed to setup an IVA.
I was able to pay £100 pm for the first 2 years and then... boom - COVID started. I lost my job and since then only had 3 months of registered job with declared income where I could keep paying my IVA.
In January this year my IP gave me another 6 months of break payment but as you are aware at the end of Feb... boom - war in Ukraine started and I live in one of the neighbouring countries. There is no stable job as we have more Ukraininas (I'm not blaming them by any means), RPI is growing, intersets rates are at 40 years highs and exchange rate way more than 4 years ago when my IVA started.
There was Brexit, COVID and now war. Shall I apply for a bankruptcy?
I could stop paying and just count that no one will chase me up for that, but still, I believe I should do my sh** the right way.
Can anyone give me some tips please?
Quite often, these days, bankruptcy is a better solution and people take an IVA to try to pay back more, when they do not really have to. If you have no assets or job to protect it is worth thinking about.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014