My IVA is causing so much stress. Can I cancel it or declare bankruptcy ?

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kerry460
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by kerry460 » Fri Mar 31, 2017 10:57 pm
I have been in an iva since 2014 i have been on benefits and dla the whole time and i have never missed a payment but i pay £78.46 a fortnight and still owe £5000 i wish i had made better choices regarding my debt management as i have been told their are government debt options, it is a lot of money for me to pay out and it causes me so much stress..can i cancel iva or declare myself bankrupt?. Ive paid off over £4000 and feel like its never ending..help!
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luluj
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by luluj » Sat Apr 01, 2017 4:59 am
Sorry you are feeling this way. You could stop paying your iva and in three months time it woukd default and fail - you could then look at other options such as debt relief order or bankruptcy.

It does appear from what you say about your income being from benefit that the iva may not be the best debt solution for you.

Have you spoken to your IP about things to see what advice they could give ?
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Foggy
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by Foggy » Sat Apr 01, 2017 8:07 am
"Government Debt Options" are the advertisers way of hiding the fact that what they are providing IS actually an IVA, DRO or DMP ---- nothing different and nothing new !

However, an IVA , especially in light of your low, benefit based, income might not, as Luluj says, have been the best solution at the time.

Assuming it IS an IVA you are in, you are half way through, so you need to consider your options very carefully as you could be "throwing away" the last couple of years and £4,000 already paid ( most of which, I am afraid will have gone towards fees, so your original debt will be still there, waiting to be written off at the end).

I would suggest a chat with your local CAB.
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Michael Peoples
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by Michael Peoples » Mon Apr 03, 2017 8:33 am
I agree that the CAB would be a good port of call. Disability benefits are usually ignored in insolvency so if you have been using your DLA to fund the IVA then something is not right.
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Lisa Thomas
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by Lisa Thomas » Mon Apr 03, 2017 1:44 pm
Are you sure you're in an IVA and not a debt management plan?
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