Is bankruptcy the best option

[Brynn.16]

Is bankruptcy the best option after trying an IVA which is not working out.

[kallis3]

Hi Bryn and welcome to the forum.

In the first instance you should always approach your IP to see if there is anything they can do to help. You could always revert to a DMP.

Do you have any assets, such as a house, that would be at risk if you went bankrupt?

If you could tell us more of your circumstances then we may be able to give more specific advice.

[liamjames]

Hi Brynn!

Not necessarily. In what way isn't your IVA working out? Are you struggling with payments?

Depending on how far along you are, your IP could help you by proposing a variation to amend the terms. This is completely at their discretion, but it is *always* worth talking to them about your circumstances and seeing what options are available.

[paulgm_2000]

I'd always suggest talking to your IP first. Bankruptcy is sometimes the best option even if you do have a house and some assets.
Remember you are not alone and get advice from people who know what they are talking about. National Debtline will help as well as experts on this forum who I would recommend highly.

[Julie]

Hi Bryn,

Great advice already given - I know how tough it is when an IVA is failing, so if you want to post more details, we'll be able to advise.

[kallis3]

Julie, paulgm and Skippy know better than most!

[bryn]

Hi all ..many thanks for all your help . Basically have spoken to my IP and trying my best to explain with work getting quieter , my wage which is flexible , is not really extending to paying the IVA in full for last two months , that things are not looking realistic to continue the IVA .

I have asked for a review this month and they reduced it down by £820 to £655, only due to mortgage going up and a big maintenance charge for decoration to flats coming up . The have extended it by another 7 months now so psychologically a blow too ..

I have £15000 negative equity , i'm single ,a young 44 , no dependants , and currently have zero quality of life due to constant squeeze of IVA budget . Looking and weighing everything up with two experienced advisors from bankruptcy forums , my up and down wage and position of negative equity if I am going to be insolvent I might as well be bankrupt , and do it now to keep the house and bring some sort of social quality of life back !

Any thoughts or experiences in similar situation most welcome! Thankyou ...

[Julie]

Personally I think you have tried your best and even with your IP's help, the IVA seems to be a struggle. BR is not an easy option, but nothing to be ashamed of either.

If you do decide to go down the BR route, we can help with advice on the forms and the whole procedure etc.

Good luck xx