www.iva.co.uk

Foolish i know and hindsight is a great thing!!!! i managed to win £1500 from a bank who charged mefees and in stead of paying it into the iva has spent it on my old car and other things i know reckless!!! am i doomed to be bankrupt now??

hi, I think you'll need to inform your IP and see how they feel, if you have receipts etc., to show how you spent the monies offer them too.

It's worth being up front and then you'll know where you are right now in respect of your IVA?

No - but they may ask you to make up the lost money by extending the term of the arrangement by way of compensation. Obviously you have learned the error of your ways, and if this happens again please inform your IP who will probably sanction the necessary expenditure in any case.

That sounds promising! It's so easy to be tempted when we do without so much. Let us know how you get x

I hope you've managed to get it sorted Vic.

Hi unfortunately i havent got it sorted, ive got the head in the sand situation!! how soon are they likely to find out about the situation? im presently 35 mths into iva me and Kallis were wanting support at the same time!! (great forum), but ive had to take some time out due to maternity leave,and therefore have already extended my iva by 6mths and had my two chances due to a poorly dog!!! i often think would i be better off Bankrupt but im worried about being left with nothing!! im in a tether!!

it also appears ive somehow managed to log on twice as an individual!!

They will find out come annual review time as you have to make a declaration and possibly if you send in bank statements. If you chose not to say anything, you run the risk of the creditor mentioning it.

so if the creditors mention it before me it doesnt bode well?

Don't worry about the postings - happens all the time!

You do need to speak to your IP and be honest about this. As you are struggling they may be able to help you. I don't know if they will be able to find about this. I've never had to sign a declaration or hand in bank statements but as BOL says it is a possibility.

As to bankruptcy, if you don't have a house to protect then it could be an option. You'd be no worse off than you are now.

Hope your dog is ok now as well.

lol she is!! had a near miss recently again she has addisons disease so gets close to death every year poor thing but yet again has stuck two paws up to the world!! thanks Kallis no i privately rent, but im worried about belongings not that i have much, except an old car which is necessary for work!! i envisage big burly baliffs barging there way and i really cant face that when on my own with a little one!!

Glad she's ok at the moment, hope she continues to be so.

With BR your belongings, unless you have anything really valuable then they will be ok. If you let your IVA fail you can save up they payments for three months and then go to court. The bailiffs won't have time to call round and they can't just barge in.

Hmm worth a thought maybe though in this case am regretting joining the iva esp after 3yrs and now facing the prospect of BR, and will have to investigate how this will affect my job as registered with a governing body! and no i dont have anything worth anything!! but where do my wages get paid into etc, random question i know!!

Your wages will be paid into your normal bank account. You would need to find out if your job would be affected by bankruptcy. Perhaps an anonymous call to HR or a check on the intranet might tell you.