I am unable to continue paying my IVA

[sian.e]

Hi, I currently have an IVA which I have been paying into for just over a year, my payments were reduced from £368 to £67 a month due to being on maternity leave. I am now returning to work in 2 weeks and am going back partime. I would be unable to return fulltime, due to the cost of childminding fees. T

he bottomline is, I am unable to continue paying my IVA even if it was reduced to £200. Would I be better approaching my IVA company and informing them or making myself bankrupt? I would be unable to afford the cost of this. I would like to know what the better option would be. Could you please advise me, many thanks, Sian

[aguise]

Hi there and welcome Sian.
I think the best thing to do would be to speak to your ip and their opinion on the best way forward for you. Better to do it now than wait until you are back at work. They should advise you on the best solution.

All the best.

Ang

[Adam Davies]

Hi
If you decide on bankruptcy you will need to stop paying into your IVA and use this money to fund your bankruptcy[£485]
Regards

[Soulgrowth]

Or, if you can weather the storm, sit back a bit and see if one of your creditors will make you bankrupt and thus save you the fees.

Debbie

[Skippy]

Unfortunately the fees for BR have now gone up to £495.

[ianmillington]

You need to speak with your IP. It might just be a requirement that on failure of your IVA the Supervisor has to make you bankrupt although I suspect the most likely outcome will be straightforward termination of the IVA.

Unless you have Amex or HMRC on your creditors list it's likely that any bankruptcy will have to be initiated by you, with the cost implications. If you are on some means tested benefit then you may well save the Court Fees.

Ian