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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by playdohbrains[/i] [br]Hi all I am currently 17 months into my IVA, which is going ok BUT along the way there has been some changes and now i am thinking of making myself bankrupt. I have had 2 overpayments from the tax credits come through just after christmas which i have been paying ok so far but they are not accounted for in my IVA - one is £35 a month and the other is £20 so basically thats my emergency money for the month gone. Plus we moved so when our gas bill came through i was shocked, we have been on a prepayment meter for the last 4 years and we did have a debt on there and it was arranged for it to be paid back over the weeks so i assumed that was what was happening but it turns out it wasn't added on so that was another £500 left to pay so i have been paying that off £50 a month too. which is eating into our shopping money each month. So i have these few extra debts to contend with, plus my bank has been charging me for some unpaid cheques because of the above bills going out so i have bank charges on top of that going out and its turning into a viscious circle because the amount of the bank charges its leaving me overdrawn anyway and then no money for the other bills to pay, so more bank charges! I am setting up an account with think banking and changing bank accounts anyway so that i can claim my bank charges back. Adding onto this is the fact i have to give up my job because i can no longer do the daytime hours i do at the moment when my son starts school in september, as i have no one to pick him up from school. I've enquired about evening hours but they have nothing at the moment. Anyway, i'm seriously considering defaulting on my IVA and turning to bankruptcy, to clear it all and start afresh. What i need to know it what will happen to the money i have paid to the IVA company already? Will it have been divided between my creditors already and taken off of what i owe them? Pre-IVA i owed around 20k and i have paid back £270 a month since (with a 2 month payment break when we moved (15x270=4050) How much is it to go bankrupt, I get working tax credit and child tax credit. Presumably if i am still working when i go into the IVA i may have to pay into the bankruptcy for 3 years, depending on what they say i can afford? Thanks for any advice in advance edited to add, our house is rented through the council and i dont have any finance on a car or anything [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.