www.iva.co.uk

I'm half way through my IVA but my monthly payments have gone up and I'm really struggling financially. My creditors are unwilling to let me pay less and I'm considering becoming bankrupt. If I decide to will I be discharged quicker, have to pay the same amouont every month and I work at a college in a management role, could I be fired? I'm really stressed and have no disposible income so life is quite depressing I really want to make things better. Any advice would be greatly appreciated, many thanks. T.

Hello thn,

Welcome to the forum.

Could you tell us why your iva payments have gone up?

I am sure it is a very stressful time but please try to stay calm.

If you consider bankruptcy, your situation will be advertised in the local press and the London Gazette.

You would need to check with your employer to see if bankruptcy would jeprodise your future with them.

It is not an easy decision but I suggest you speak to your IP regarding what you are going through.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

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I would suggest it is your IP who is dictating the level of your monthly payments, rather than the creditors who are unlikely to be tremendously interested from my experience. Have you explained to your IP that you cannot afford the payment level they have suggested, and have you submitted a detailed statement of your current income and expenditure to support your points? It is madness for you to be forced into bankruptcy, just because your IP believes you can afford to pay more - and I do not think that creditors would thank the IP for distubing their right to dividend.

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

Hi
Melanie makes a very good point.Unless there has been a variation meeting it will be your IP that determines the level of payments after a pay rise etc so its wise to keep a good line of communication with them.
Go back to them with a realistic and detailed income and expenditure form.
It would be sad to see your IVA fail when you are half way there.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp