First of all, thanks to everyone here who has supported me throughout my IVA over the course of the last 2 years. Unfortunately after I lost my job about a year ago, things didn't pan out too well. I couldn't keep up with my repayments and given that I am currently on benefits, I haven't been able to make any repayments for a year or so.
I have been asked to make token payments if I am to keep the IVA alive, but given that I am not in a position to, they are looking to terminate the agreement. I have a Variations Interview coming up in 3 weeks time where my current expenses will be discussed. I personally didn't see the point as all my monthly expenses have already been sent to them about a month before. What can I expect from this Variations Interview? Basically I am looking for a 3 month extension, hoping for my circumstances to change.
Hi, I don't know what you can expect from the interview I'm sorry but wonder do you have any assets that would be affected by bankruptcy as sometimes it's best to draw a line under out debts once and for all and have a fresh start so to speak. I know some don't like the thought of bankruptcy but it's a debt solution that does suit some.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I think the fresh start sounds wonderful. But I am trying to get into self-employment at the same time. But can a bankruptcy affect a possible self-employed venture?
I don't have any more assets to my name as of a few years ago. My main concern about declaring bankruptcy is how I will go about finding the money for it and how long it'll take to get there. By my estimate it might take about 3-4 months. So my concern is what can the creditors do in the meantime? What are the chances of getting them to make me bankrupt instead of me having to go through the expense?
Last edited by Angel220 on Tue Aug 24, 2010 7:03 pm, edited 1 time in total.
I guess your IP just wants to have a personal chat with you to explore all avenues which may be still an option. I often do this with my own clients, and as it is for your benefit there is nothing to worry about.