Hi.. It's Been a while since ive been on here..

[clive.g]

Hi.. It's Been a while since ive been on here.. And a Big hi to all who remember me when i was in the process of entering my Iva.. I hope all of you are doing ok & getting the help you are after..

Anyway.. Ive been on my Iva for just over a year now.. & because i live in a rented property with my parents & Im kinda having troubles making my monthly payments to my Iva each time of 211.. even though each time i have paid up..

The situation im in.. is each month i do have certain payments that need to be paid.. for example my rent, Food petrol etc.. this i know is all put in consideration by my Iva represititive..

I was thinking im 24 now & My life in a way has been stopped because of this debt i have.. Each month i struggle and sometimes im having to owe my parents the rent money i owe which is not a good situation to be in, I also dont work for myself, But i do work for an employer..

Well basicly i was concidering maybe going bankrupt as of the situation im in at the moment might be the best option.. I owe about 12000.. I havent been able to go out with freinds.. I always feel stressed because my social life is not how it used to be its pretty much non excistent.. I get angry at the slightest things.. Its not how i want to live the rest of my Iva term.. I want to be happy again

So im seriously considering bankruptcy and a fresh start as such & who would be best to go through to do this..

I personally think it might be the best option for me.. Could you please give me some advice before i make this decision.. As i dont want to make a mistake by doing it.. if its not the right thing to do..

But i see it as the best option atm..

Sorry its a long question.. lol

Cheers all the best from Clive

[rayb]

Hi Clive,

From what you have said Bankruptcy would seem to be the best option based upon your circumstances. An IVA does mean you need to stick to a budget etc, but as you are so young I would start afresh and get your life back as you should not have to suffer.

Once you have stopped your IVA (miss 3 payments) it will fail and you can then petition for your own bankrupcy. I believe the fee is about £500 - £515 now and you will be discharged within one year, and will most likely dependant upon your outgoings pay an Income payments order for 3 years which will be considerably lower than your IVA payments

[rayb]

Also to note you can start the proceedings yourself by going online for the courts and filling out the appropriate forms. You do not need anyone else to do it for you

[Julie]

Hi Clive,

You should speak to your IP about your situation - maybe a variation meeting could be called and your IVA payments reduced? It would be a shame to go BR after you have made so many payments.

If you do go BR, check with your IP if they hold funds to cover this. If not, then you can contact your local court for a date. Some have waiting lists...we didn't have to wait for the IVA to fail before doing so. In fact hubby was BR 1 month before the documents came through from IP.

The forms can be filled in online and saved as you do so. They look quite daunting but we'd help you, so don't worry.

It is a big step and you really need to be 100% sure BR is the right step for you.

[clive.g]

Thanks, Both rayb & swans_girl for your friendly advice.. And Julie.. If i do have problems filling in my BR forms etc I will ask for some advice if that ok.. Im still debating whether or not to take the BR route at the moment anyway..

The thing is.. If i go through BR Its going to be a bit of hassle providing all the information of my debts again.. And as you mention julie the fact that i have paid soo much already would have been a waste as such..

Its defanatly something to consider..

To be honest its only come to thought the other day when someone suggest that in my situation it would be best to go BR..

If im honest i just cant deal with the whole stress again.. But i do still struggle each month even though im on an IVA..

& Ive got to admit i dont really like the idea of going to court..

[MelanieGiles]

If you really feel that it is a better option, then I would go for it - but I think it is a shame that more consideration of this was not given at the time you entered into your IVA - and it is your IP's responsibility to ensure that you have fully considered all options.

No-one can tell you whether bankruptcy is the best option for you - only you can decide that, but the advantages of the process is that it will be quick, will draw a line under the debts and probably reduce your payments quite considerably.

Good luck!

[clive.g]

Thanks Melanie.. I always respect your advice as its always good advice.. Thank god for that hey? haha

And yes it certainly is a shame that when i entered into an Iva they did not put across to me the option of BR because it could have saved me having to go onto an Iva. Im not saying the Iva has not helped because it kinda has. I think sometimes some companies perhaps become greedy when it comes to making money out of an Iva? Maybe im completely wrong.. Im no expert like yourself! But i do know they take a percentage of money which doesnt even go to the creditors i owe money too.. But obviously yes they do have to make there money..

Regarding going BR.. I will think it trough a little bit more and see whats best for me..

Cheers from Clive x

[Julie]

Clive,

we had paid into hubby's IVA for 18months before having to go BR, so know how you feel. At least by entering the IVA you've tried your best and have learnt how to budget [:)]

If you do decide to go BR, you should have a list of your debtors from the IVA chairmans report - I used that to complete the forms.

You'll get plenty of support on here, whatever you decide to do. Remember your health and sanity is more important than paying back the creditors, so think of yourself [;)]

xx

[clive.g]

Aww thanks Julie... All the best to ya xx

[Skippy]

I did the same as Julie, I used the chairman's report to find all the account numbers and amounts owed.

Ask as many questions as you need to as there's always someone who'll be able to help.

Good luck, I know it's not an easy decision x

[clive.g]

For sure Skippy13 its not a easy Decision.. Ive been feeling nervy today at the thought of going BR.. Its brings back memories of the stress / Panicky feeling i went through entering into an IVA..

Can i aslo ask.. If i do decide to go ahead with BR and it fails.. Can i go back and continue with my IVA which i have at the moment?

Cheers from Clive

[Julie]

Clive - why would your BR fail?? If you have to make any payments its done at a realistic level.

[Gotsofar]

Clive I was 25 when I entered my IVA so I know some of how you are feeling. My husband and I have a joint IVA and have paid it for 62 months. It is hard at times, especially being so young but now, with the end in sight I feel that although it has been a struggle at times, I can hold my head high knowing that I have got myself out of a real financial mess. I am still young enough to go out drinking and clubbing should I choose to, might be tricky with 3 children in tow but hey! Good luck in whatever path you choose.

[clive.g]

Haha i know what you mean gotsofar.. I just want to go out and be happy & carry on and be-able to enjoy my life..

But obviously i put myself in this situation of being in debt..

I have soo learnt from my mistakes & I would never let myself get into this situation again.. Because i know the stress its caused.. No more credit cards, Loans.. Im staying well clear.. Spend what i can afford..

Also Julie.. I dont know.. Im a person perhaps who always thinks of the worst that will happen.. Because i dont have much luck! I just think knowing my luck it would fail.. Just caus.. He dont like me up there lol hehe

Cheers all

[LoneRanger]

Its seems to me like your options were not discussed with you properly. You say you don't get to go out...but who does in an IVA? the point of an IVA is to pay back as much as you can and a creditor wont allow for an active social life...although you get a small allowance of about £21.

Personnaly if i wanted to be able to go out with friends regulary then I wouldnt be able to commit to an IVA. Its not meant to be a complete struggle buts its not meant to be easy.

Good luck with whatever you decide to do from here.