hi i am currently in an iva with my partner paying back £23000(£20000 is my debt) we have a car on finance with one year left to pay(149.79) a month. Are concern is whether bankruptcy would be a better option?We have no assets as we live in an housing association we are so unsure what to do
Has your circumstances changed since starting your IVA? How much are you paying back per month?
If you are struggling with the payments, and that is why you are thinking of bankruptcy, first speak to your IP and go through your income and expenditure to see whether you can reduce your payments.
How long have you been in your IVA? Don't forget that your credit rating will be shot for a further six years and you may well end up with an IPA for three years which could be as much as your IVA payments. You may also end up losing your car and have to buy a cheaper one depending upon the value.
As Viki says, have a chat with your IP to see if your payments are set too high.
the car (dependant on value)may be an issue in Bankruptcy, some OR are pushing that the value of a car must not exceed £1K others are still maintaining the 2K valuation but it depends on your area
We are unsure what to do. Would bankruptcy be a better option than our current IVA ?
Posted - 08 March 2013 : 22:26:28
