Hi, I dont know what to do for the best

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Stewart.wk
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by Stewart.wk » Fri Jan 15, 2010 2:16 pm
Hi, my name is Stewart and I'm from the midlands. I have been in an iva for about 2 years 6 months now. Lasy year I had a short period of unemployment back in April which caused me to miss my regular monthly payment. However back in December I was made redundant, again! I managed to make the December payment but now January's is nearly due but I have little or no money to live on. I'm worried because i've already missed the one payment and because I'm now between jobs with no regular income I will be forced to go bankrupt and lose my house. The whole idea of the iva was to avoid this, so if this is the case I wish I would have declared myself bankrupt 2 years ago. I dont know what to do for the best, I haven't told my insolvency people yet about my current situation.

 

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Michael Peoples
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by Michael Peoples » Fri Jan 15, 2010 2:41 pm
Hi Stewart and welcome to the Forum.
First of all you should contact your IP firm as they do not know what is going wrong. They are there to help and you have done nothing wrong. Given the length of time you have been in the IVA creditors will know you are committed and would almost certainly grant you a payment break while you search for work. It is not uncommon in the current economic climate but you must contact your IP straightaway so they can start to prepare the variation proposal.

 

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MelanieGiles
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by MelanieGiles » Fri Jan 15, 2010 9:18 pm
I have recently arranged payment breaks for up to 12 months for clients of mine who have been made redundant. This is because they have very much wanted to keep hold of their IVA - perhaps to protect assets, or perhaps for personal reasons and pride.

If you are now feeling that you may be better off going bankrupt, then you should look into this option and find out more about it - which your IP can also help you with.
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