its stressing me out so much

[angel2]

hi, i have an iva currently but am in 3 months worth of arrears partly my fault and parlty theres i'm trying desperately to keep and repay a little bit back each month but its stressing me out so much and now other creditors have appeared without me even knowing i owe money to them. the reason why i have not gone bankrupt is beacuse i need car to get me to and from work and am worried it will effect my insurance. if i declare myself bankrupt can i still have an insurance policy in my name paying it in monthly installments?

[ray_a]

Hi Angel

I know the feeling to well and there are a number of ways to deal with this.

We have a lot of experience on here to help and I think that it would be best if you can wait for an hour or so when Melanie or one of other experts will be on here to help. It might help if you could summarise how much your initial debt is, the IVA monthly payments, your income and outgoings, and whether you have a property and whether it is mortgaged!

Sorry not to be helpful but I have to leave the forum for a few hours now but will catch up with you later!

Don't worry and take care

Ray

[MelanieGiles]

Hi Angel

You will be allowed to keep a car of approximately £2,500 so long as it is needed for transport to and from work, and you will be able to have car insurance if you are made bankrupt. As you have already tried and IVA, and it is failing, can I suggest that you either approach your IP to see if you can reduce the payments, or seriously consider whether bankruptcy is a better option for you.

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

[Martin2011]

Good luck Angel, try not to worry too much, take Melanie's advice and speak to your IP... I hope it all works out for you,

Martin

[emma_t]

angel2, hi and welcome to the forum

Please do not worry to much as there are always options for you.
Try having a good talk with your IP and be upfront and honest and they will advise you accordingly as to what would be the best way forward for you at this time
Good luck
Emma