Hi everyone, I've been in an Iva for nearly 3 years now, along with my partner. However last week he left so it's just me and the 4 children now. (I'm also 14 weeks pregnant too). Due to this I have applied for Income Support and given the relevant info to child tax etc. I have applied for a new cash card account with barclays and am waiting to hear on it. Tomorrow I am going to phone my Iva company and tell them whats happened, so I am going to go bankrupt.
Is there anyway you can avoid the bankruptcy? You have done well to get 3 years into the IVA so it would be a shame to have to end it now. Speak to your IP tomorrow and see if they can find a way to continue the IVA. If not don't worry BR isn't the end of the world and not as bad as people think.
Post back tomorrow after you have spoken to your IP and let us know what they said. You will need to miss 3 IVA repayments in order for the IVA to fail so you have a bit of time before declaring BR. You will also need to get the IVA failure certificate from your IP before you can declare BR as some courts need to see this.
The option really depend upon your monthly DI (Disposable Income). Most companies need a DI of at least £200 for an IVA although some will accept £100.
A DMP (Debt Management Plan) is another option and you pay a monthly amount until the debt is completely paid off. There is no minimum monthly payment amount so if you only have £50 DI each month then this is what you would pay. A lot of IPs who deal with IVAs can also set up a DMP. Depending upon your DI and the amount you owe a DMP can take a very long time to complete.
I spoke to the Iva and they said I'm in a joint Iva with my ex and can he make the repayments alone. I told them probably not so I'm being sent out 2 I and E forms for me and the ex to fill out.
Going to go bankrupt
Posted - 07 February 2010 : 07:37:39
