As Kallis suggests, maybe a DRO or even BR could be more suitable and would be worth a look.
Amanda.14 wrote:Thank you for your replies.
I work full time so wouldn’t be able to get a DRO and I have thought about bankruptcy but could never get the £680 to pay for it. I just seem to have no options left and feel I just can’t go on with this constant struggle.
Working full time should not bar you from a DRO, as long as you have no assets, debts below £20k and disposable income less than £50 a month.
Amanda.14 wrote:I do qualify as I have all of the above. When I’ve read up about a DRO it says you can’t be in an IVA. Would the best way be to fail the IVA then apply for a DRO? Do you know how long this would take? Thanks
This is correct, you cannot go into a DRO whilst in an IVA. You can either ask your IP to terminate the arrangement as you cannot keep making the payments, or allow it to fail by missing three payments, so, by the time the IP caught up with things, it could be a few months more! You do need to get specific advice before doing anything and I would suggest a chat with your local CAB.
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