Hubby spoke to case manager yesterday at great length regarding our current situation and the fact that I am going to have to give up work to care for my eldest daughter and her 2 young children following her recent brain haemorrhage.
There is no way we can afford to maintain our IVA payments with only one wage coming in and the benefits we may be entitled to would not come anywhere near to my current salary of £1300.
As we are only 2 months into our IVA the logical step is to go for bankruptcy now and this is what our case manager advised we should do.
I feel so disappointed but the health and welfare of our family must come first.
I am going to have a look on the bankruptcy forum later but any advice anyone can give on the process would be much appreciated.
Also just to add insult to injury the kitchen ceiling decided to come down at 2am this morning!![:(][:(]
Julie, so sorry to hear that your IVA is going to fail and not good about the ceiling!
Your IVA will need to fail (usually three months with no payments) and then you can petition for your bankruptcy. The charge is going up in June to £700 per person. You can download the forms from the Insolvency Service website and fill them in. You might find though that you can get a reduction on your fees depending on what benefits you are entitled to.
The BR forum is an excellent site for advice.
Your family and health should always come first.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
There are people on here who have been bankrupt and who may be able to help. The forum is always here for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Julie - its a tough situation but yu are absolutely doing the right thing for your family. Julie and skippy both have blogs about BR which will provide a lot of info and reassurance if you haven't read them already.
Hi Julie - it is a tough situation, but you have to put your family first and if BR is the route you need to take, so be it.
You have tried your best and going BR is not so bad. My hubby had to go BR after 18 months of an IVA, he is now in the final year of IPA payments, so if I can help in anyway to put your mind at rest just let me know.
I agree your family come first and you're obviously such a wonderful Mum, others on this forum have been through the bankruptcy process and the bankruptcy sister site I'm sure will give you lots of support and advice. I sincerely wish you all the best x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It's £625 now but going up to £700 in June apparantly.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
