can bankruptcy overide an iva?

[jayne.l]

hi i recently entered an iva agreement. but now i have been made redundant and cannot afford my payments every month. would i be better declaring myself bankrupt?? can bankruptcy overide an iva?

[joh71262]

Sorry to hear about your job situation.

Did you get any redundancy that would hold off BR for a bit ? Have you taken any payment breaks ? Perhaps if you haven't, that would be an option until you get another job.

I look at things this way

DMP
IVA
Bankruptcy

To me, it's the final solution. It also depends on whether you own your own home or rent.

There are a lot of variables to the answer really - I think at the very least you need to have a conversation with your IP before you do anything else, to see what you can come up with.

Good luck and don't panic.

[MelanieGiles]

Why not see if you can negotiate a payment break with your IP for say three months to see if you can find alternative employment in the meantime. You can always declare yourself bankruptcy later on, but I would not seek to rush into that especially as you are about the enter the job marketplace.

[Adam Davies]

Hi
To answer your specific question,yes bankruptcy will overide an IVA.
Regards