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Hi All

Firstly, great forum, wish I'd discovered it 18 months ago!

My situation, I am currently in an IVA that has been running for the last 16 months. to be honest I'm really struggling so have decided BR may be a better alternative.

I have no assets, live in rented accomodation and had unsecured debts of around 70k with various banks, credit companies. The IP I contacted steered me toward an IVA but I'm beginning to think maybe BR would have been a better option way back then, what do any of the experts on here think? I'm paid monthly just over £1000, my IVA payment is £460 which doesn't leave much after rent etc is gone. I just want to know how best to proceed.

thanks for any advice in advance

Hi blocksta and welcome to the forum

It is shame that you now feel that bankruptcy is a better option, so have you firstly tried to see whether you could afford to offer reduced payments to your creditors? As you will also likely pay contributions under your bankruptcy for a further three years.

An IVA payment of £460 against income of £1,000 does appear to be very high. I feel that your creditors would rather agree to a reduced IVA payment than see you enter bankruptcy proceedings.

I suggest that you work out a revised income and expenditure account and send this to your own IP for their advice.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp