I'm currently in an IVA for debts in excess of 80,000. I'm a serving soldier with just over a year remaining until my 22 years are up. My wife has just left me and I do not know if I can still afford my IVA payment once maintenance, etc starts. The IVA has been running since Mar 2008 at 785 per month and is due to end Mar 2011 when my lunp sum redundancy will be used as final settlement (approx 30,000). If I am unable to fulfill my obligations to the IVA will I be bankrupted and if so will I be forced to leave the Army?
Hi the first thing is to speak to your IP straight away, tell them what has changed. With such a large IVA payment there may be some room for manouver with your creditors
Definitely speak to your IP. I don't think (but not 100% sure) that you can declare BR when you are in the forces.
The likelihood of a creditor making you BR is very slim but depending upon what your IP says you may want to have a chat with the Families Officer as well to see what advise they may have about handling this issue if the IVA cannot continue.
in an IVA for debts in excess of 80,000
Posted - 07 February 2010 : 20:39:15
