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Scared of going bankrupt and can't cope with this anymore

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Lloyd.c
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Joined: Thu May 28, 2015 10:35 am
by Lloyd.c » Mon May 29, 2017 5:24 pm
I've been on an Iva now for 4years with a company in November 2016 my wife lost her job then I lost mine. I applied for a payment break then I managed to get work again. I sent my Iva company several emails to get a repayments started but it took them nearly 2months to get back to me now I'm in breach a meeting with my creditors is being organised. I've been paying back for a month now. I'm worried now my Iva will collapse after all the years I've paid in. My creditors may opt for an extension on my Iva. What can I do as I'm in bits and scared of going bankrupt I've worked so hard and now I feel like I'm losing everything i can't cope with this anymore it's so unfair that I've got no control and someone could end my financial life
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kallis3
Forum Expert
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Joined: Mon Mar 17, 2008 4:02 pm
by kallis3 » Mon May 29, 2017 6:04 pm
Hi,

Please speak to your company asap and see if anything can be salvaged.
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Michael Peoples
Industry Expert
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Joined: Mon Nov 03, 2008 12:36 pm
by Michael Peoples » Tue May 30, 2017 8:37 am
You may be in breach but that does not mean creditors will seek your bankruptcy. You have done everything right and I would expect an extension will be requested to cover the payment break.
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Lisa Thomas
Industry Expert
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Joined: Wed Dec 03, 2014 10:26 am
by Lisa Thomas » Tue May 30, 2017 8:59 am
See if the IVA can be salvaged but if not, depending on your circumstances, Bankruptcy may actually be beneficial to you.

Have a look here for some brief guidance.

https://www.youtube.com/edit?o=U&video_id=mAkQsVSCnqo
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