Can you have an ISA whilst on an IVA?

If I am about to declare myself bankrupt and have been made redundant with a tax free payout, will I have to declare this payment and will it be affected? I have no employment at the moment, but would like to know what the regulations are about payments such as this – thanks

Thank you - it will certianly be a lote better than my previous credit full one!

Great thanks - I just hadn't come across that before. To anyone else considering this route - I highly recommend it - from being expected to pay £800 p/month through an IVA for 5 yrs to £260 p/month via bankruptcy for 3 yrs - i can finally sleep at night. Best thing is the bankruptcy is only for 12 ...

I've just had my bankruptcy approved and have been told that my tax will become zero for 12months and I will have to pay this to my creditors instead - is this a law change?

Great thanks this is helpful. I have a tenancy agreement and proving my payments over the last 12 months is not a problem. I'm still clouded about how much I will have to pay and how long for, but this will all no doubt become clear in time.. hello missk, you may need an appointment to petition for ...

I have decided that the best option is bankruptcy as I have no assets and am not a homeowner. I have requested an application form from the High Court today. Pretty scary stuff, but know this is the best option for me. I need to clarify that it won't effect my job as a PA or my rented accommodation ...

Thanks to everyone who has fed back. This is a real eye opener and after speaking to one of the advisors from this site, have decided the bankruptcy route is my best option. I will keep you posted on how I get on and look forward to nights where I can sleep again. Wish me luck... just one thing miss...

Synergy said that would be the minimum I would be expected to pay and when i explained this would be tight. No, none of the creditors are MBNA related.

Net, it's £1770 per month - it was a lot higher but now not going to change, hence the drastic consequences. Hi What is your net income per month ? Regards Andy Davie IVA.co.uk Spokesperson and site manager (aka Neverending) Please check out my blog: http://andydavie.blogs.iva.co.uk View my profile ...

Total amount owed £72,937.86 to Egg Card, Egg loans, Mint card, Nat West loan, NW overdraft,Alliance & Leicester and Halifax My total monthly outgoings including rent, but before repayment to any of my creditors is approximately £1200 p/month. Monthly repayments to creditors amount to approx £2000 o...

I will do - I have stopped it immediately thank you to you and the others who have responded so quickly. Can you recommend how best to approach banktuptcy? Dear FM I would advise you NOT to enter an IVA with Synergi due to various members on this site having been ripped off by Synergi. Please search...

I have accumulated approx £70k of debt and am investing an IVA with Synergy who have said I should pay £680 a month which will be very tight for me. I would like to know whether bankruptcy would be a better option for me as I have no assets?