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Kevin.jc
Starting Member
1 Posts |
 Posted - 05 March 2012 : 00:24:33
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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 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 March 2012 : 08:01:40
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Hi Kevin,
Speak to your IP as soon as possible and they will be able to chat through your concerns
1. Is the car on HP? If you own it outright you will need to sell it and buy a cheaper vehicle prior to bankruptcy.
2. You can buy back the interest in the policies for £50 each.
3. If you start work then when you complete an income and expenditure, you will need to show that your wife is paying her share of the household bills.
I've given short answers as you really need to speak to an expert about all of these issues, and definitely your IP.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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I have been in an IVA for 2 years
