we feel we made a mistake by entering into an iva because of the high payments and clauses ie (overtime payments) ect. if we stop payment would we automatically be made bankrupt? we are with the cccs who have been very helpful in the past but seem to be against us for wanting bankrupcy. we now don't know who to turn to or who will help us. any advise is welcome.
I agree with Lesley that you should speak to your IP company in the first instance.
It is highly unlikely that they would make you bankrupt, you could do that yourself or you could do a debt management plan.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi, look again at your income and expenditure and speak to your ip if there are any changes to your outgoings as your monthly contribution may be set too high. If this is the case it can be reduced. I think everyone would agree that when money is tight it hurts to pay across any extra! Very few if anyone is comfortable on an iva and this site is a great source of support and encouragement.
Your IP ought to be helping you to overcome your current difficulties and try and keep the IVA back on track.
Given that you are having to pay over uplifts to your IP, I assume that you are also able to retain an element of your increased earnings - perhaps even 10% of your basis salaries and 50% of the difference. Is there any reason why you feel this is unaffordable or unfair? Or are the expenditure allowances simply too tight?