I have decided I want to take a different path

[deaniebabes]

January was the first year aniversary of my IVA. I am currently full time employed but I have decided I want to take a different path - I have applied for University and if successful will start in September. I have no issues regarding fees as I wish to become a nurse.

My question is when should I tell my supervisor? If the only way to do this is by going bankrupt am I better off doing this sooner rather than in 6 months time?

Thanks in advance.

[MelanieGiles]

Hi there deaniebabes and welcome to the forum

You will need to demonstrate to your Supervisor the effect that leaving work and going to further education will have on your IVA - presumably you will not be able to afford the payments into the future. If this is the case, then you are within your rights to petition for bankruptcy at an earlier stage, but personally I would advise you to keep paying until you can no longer afford to as this will give more money back to your creditors.

[Adam Davies]

Hi
It could be argued that only your IP,and not your creditors,will receive more money if you continue to pay,as you have only been in your IVA twelve months.
Regards

[MelanieGiles]

That may be the case - but the IP has done work which he/she ought to be paid for!

[Skippy]

When I accepted that I couldn't afford to carry on with my IVA I decided to go BR sooner rather than later as I knew my creditors wouldn't get any of the money I'd already paid.

[Soulgrowth]

Hi deaniebabes ... and welcome to the forum. Good luck on your new chosen path.

Hypothetical Q. for the experts ... could this kind of active choice to essentially decrease one's income by going to uni be deemed irreponsible?

In which case deaniebabes as a non-expert I would wonder whether taking control of the situation and declaring your own bankruptcy might be the cleaner 'new start'

Debbie