www.iva.co.uk

Hi , has anyone out there filed for bankruptcy whilst in an iva

Not personally, but a lot of my former clients have Steve. A fairly simple and painless process, if you have decided that staying in the IVA is not for you.

Is there any particular reason why you are looking at this as an option?

Hi, I think our poster Skippy filed for bankruptcy after beginning and IVA. Her blog is very informative might be worth a read.

Wouldn't do you any harm to thank posters who have replied to your previous posts, good manners cost nothing.

Good Morning Canaries. Fortunately most of us do not expect thanks

Good Afternoon Foggy, just bugs me the amount of questions which get answered free of charge with no thank you from the poster.

I know Canaries, but I guess most new posters have other, more pressing, things going on at the time

As Lesley says I filed for BR around 4 months into my IVA. The IVA wasn't working so I decided to cut my losses and go BR. One thing I will say is that things have changed since then(2006-2007) and IVAs are more flexible - I had various terms in mine which meant I couldn't change the IVA to make it work.

No need for thanks from my part, most posters are in desperation and have other things on their mind. You often find once an IVA is accepted you get a thanks to everyone post with a general sigh of relief.

hi, just got in from work to see the replies about giving thanks. i am very grateful for everyones help. i have got quite a bit going on at the moment 4 children of my own and my fiances 4 children imminent breakdown of my relationship and a battle with depression. however this is no excuse for not using my manners and i am sorry if i have offended anyone.

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Skippy

As Lesley says I filed for BR around 4 months into my IVA. The IVA wasn't working so I decided to cut my losses and go BR. One thing I will say is that things have changed since then(2006-2007) and IVAs are more flexible - I had various terms in mine which meant I couldn't change the IVA to make it work.

my iva isnt really working for me im 2&1/2 years in and have been struggling for most of it. after paying travel costs child maintenance and the iva, which are all costs associated with my failed marriage i have little money left to support the household that i live in i would be interested in learning how to proceed with bankruptcy i've heard it can be simple but have a few questions.

should i tell my iva provider i'm filing for bankruptcy.
i dont have the £700 but would only take 4 months of not paying the iva to save this much (this is a scary thought).
if i borrow the money (from parents) and file then stop paying into the iva i could repay it within 4 months . would there be any comeback to say i shouldnt of done this.

You should speak to your IP about closing down the IVA based on payments to date. If you have no surplus income bankruptcy benefits no one and if your parents can lend you the bankruptcy fees this could form the basis for a full and final settlement in itself. You could say that your parents are prepared to fund your bankruptcy costs but you would prefer to offer the money to them.

It is worth a try so speak with your IP and do not stress about the IVA or bankruptcy. Your health and family are more important.

hi, thanks for your quick response,
i'm a bit confused, what does closing the iva on payments to date mean ?
will this mean i have to go bankrupt ?

No. It basically means that creditors accept your payments to date as full and final settlement and the IVA ceases. It is not unusual when someone no longer has a surplus income to fund the arrangement and creditors are usually sympathetic.