www.iva.co.uk

Posted: **Thu Jun 28, 2007 12:21 am**

Although I have no assets, I started an IVA in October 2006 in preference to bankruptcy as I would have lost my job. I have now decided to change jobs and retrain but I am unable to do this while I am paying into my IVA because payments barely leave me with enough money to survive on as it is. I want to go bankrupt and I have missed my last payment as my agreement states that my IP would automatically bankrupt me if I did, although I have not heard anything from him and I'm to scared to contact him. I also can't afford bankruptcy fees. What should I do?

Posted: **Thu Jun 28, 2007 12:31 am**

Hi minimonkey,
welcome you have to miss 3 payments before that happens.
contact your IP first.
MelanieGiles will be on shortly.
As for the fees wait for the creditor to bank you.
Plenty of experts on here.
Regards
Adrian

Posted: **Thu Jun 28, 2007 12:43 am**

Hi minimonkey

Review your IVA proposal to identify at what stage the arrangement falls into default. It is usual for this to happen after the third payment is missed. Also ask your supervisor if they intend to make you bankrupt, as these days more and more creditors do not want to see this happening automatically. If they will not do this, you can petition at any time fot the cost of £485.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Posted: **Thu Jun 28, 2007 9:14 am**

I hear this "3 missed payments" rule a lot but does it mean that if 3 payments are late the IVA is defaulted or does it just mean that you can't be 3 months behind.

I've been having trouble with my direct debits mysteriously being cancelled so have been sending payments by cheque directly which have been up to a week or so late. Does this still count as a missed payment or provided i'm within 3 months in total am i OK?

Posted: **Thu Jun 28, 2007 10:10 am**

If you pay by cheque this is not classed as a missed payment.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk