All Forums  archive  Forum Questions  I have been in an IVA for 2 years

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Kevin.jc[/i] [br]I have been in an IVA for 2 years, however my circumstances changed dramatically where income is concerned, - wife became pregnant, had to leave my job to become my late mother's carer - therefore I asked my IP for a payment break. They said I was entitled to a 9 month break and so far I have taken 6 of them. My wife is due to return to work next month, after maternity leave and an ever decreasing salary. I have been unable to find work, but when my wife returns to work, there is the question of expensive and unaffordable child care costs, versus me remaining home to look after our daughter. I have kept my IP informed, and I know about reduced payments and IVA variations, however I am contemplating bankruptcy. My concerns: 1) The only asset we have, (we live in a housing association flat), is our car, worth about £6k and we do need the car for child care transportation etc. Will it be sold? 2) We have life insurances that cannot be surrendered. What will happen with them? We need life insurance, especially with being made bankrupt. 3) Wrongly or rightly, my wife's salary was included in MY IVA - will that still be the case in bankruptcy? I'm at a crossroads - need advice please? KC [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.