I am currently nearly 2 years into my IVA and my circumstances have changed and my income will decrease. I feel I will no longer be able to pay my IVA. Please can someone advise me on how bankruptcy works and how this will effect me and what it will involve
In the first instance I would speak to your IP to see if there is anything that can be done to help you.
Bankruptcy will mean that your credit is stuffed for a further six years, you will probably have to pay an income payment agreement for three years which may amount to the same you are paying at the moment. If you own your own house then that could be at risk.
Sorry to hear that you are having problems but do speak to your IP as soon as possible. It would be a shame for it to fail now,
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I agree that by talking to your IP in the first instance and making him/her aware of your situation it may be there could be a way forward. Bankruptcy can be discussed with your IP and if this is the way forward for you then I wish you well but do discuss things in full first. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
