we are struggling to meet our monthly iva payments

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tracy.51

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Post by tracy.51 » Thu Jun 03, 2010 9:28 am
we are struggling to meet our monthly iva payments and planned to go bankrupt but may not be eligible, what can we do?
 
 

Michael Peoples

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Post by Michael Peoples » Thu Jun 03, 2010 9:32 am
Hi Tracy and welcome to the Forum.
If your IVA fails there is nothing to stop you going bankrupt. You will need to save the fee which is £600 each and this would be done from ceasing the IVA payments. By the time your IVA has been failed you would have saved enough up to pay the bankruptcy costs and there would be no reason for a judge to refuse to grant the bankruptcy orders.

I would suggest you speak to your IP before taking such a step as there may be a way forward. Your IP may be able to suspend or reduce payments and possibly get your IVA back on track at a level you can maintain.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

MelanieGiles

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Post by MelanieGiles » Fri Jun 04, 2010 12:53 am
What is actually causing you to struggle Tracy? Have you suffered from a change in circumstances, or were the payments too expensice from day 1?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Daveyboi

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Post by Daveyboi » Fri Jun 04, 2010 3:00 pm
As above from Michael and Mel I would definitely speak to your IP and see if they can adjust the payments or put forward a variation to the creditors if the expenditure allowance currently is unrealistic. You may still be able to salvage the IVA if you communicate with the IP about this.

What makes you think you are not eligible for bankruptcy?
DaveyBoi - Just Keep Smiling :)

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Shining

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Post by Shining » Fri Jun 04, 2010 8:42 pm
Hi Tracy and welcome to the forum. I'm sorry to hear you're struggling with your IVA payments. I would definitely talk directly with your IP and hopefully a way forward can be found. Bankruptcy could also be discussed as an option with them. Let us know how it goes won't you? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Julie

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Post by Julie » Fri Jun 04, 2010 9:10 pm
Hi and welcome to the forum,

If you can post a few more details about why you're struggling and why you think you're ineligible for BR, then we can offer more advice.

xx
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