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james.y0
Junior Member
170 Posts |
 Posted - 27 June 2008 : 23:31:04
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I have just started an Iva and have only paid one month, and being my mistake I agreed the amount payable back, but realistically I cannot afford this amount each month, as I will be left with living below average standards, and its now way to live.
My question is this, how do I go from being in an IVA to declaring Bankruptcy? I am due to have the second payment taken out on the 1st July, but i've cancelled the standing order with my bank, what will happen now?
Many thanks from a very worried person.
James
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 June 2008 : 00:35:38
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Hey james, welcome to the forum. I would suggest you speak to your IP as soon as possible, if there is any part of your income and expenditure that has changed to make you struggle then they may be able to reduce your payments by up to 15% without the need for a variation meeting.
I'm sure they don't want you to fail. If you really feel as though you want to go BR then you would usually need to fail your IVA first, your IVA would fail when you miss three or more payments. If you have any disposable income then you may still have to have an IPA/IPO, but this would only last three years.
Please hang in there and an expert will be along shortly. Good luck in what ever you decide to do.
Viki X |
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melanie_giles
Senior Member
1191 Posts |
Posted - 30 June 2008 : 00:43:43
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What a shame that you did not realise that the payments were unaffordable before committing to the IVA. I susgest that you discuss this with your Supervisor to see if you can find an alternative way forward, as they will have put a lot of work into your IVA proposal and are unlikely to want to see it fail. Also a District Judge is bound to be concerned about the fact that you so recently entered into an agreement which is now failing.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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how do I go from an IVA to bankruptcy ?
