I am currently 3 years into an IVA which has been extended to 7 years by a second creditors meeting. My circumstances have changed in so much as i was in a relationship my partners income was included when my IVA payments were worked out. I am now single & really struggling to cope with the IVA repayments my income/expenditure review showed a monthly excess income of around 250 & the IVA repayments are 330, i am behind with my council tax & have another outstanding debt on a catalogue. How do i go about failing my IVA & declaring bankruptcy? I have no assets whatsoever. I don't know what else i can do. I don't think it possible to have a 3rd creditors meeting to reduce my IVA payments further. I have no life in this situation. Can anyone please give me some sound advice?
If you really cannot cope with an IVA anymore then you need to stop the payments, inform your company of your decision and ask them to fail the IVA. Save your payments for your BR fee.
Double, double toil and trouble; Fire burn, and cauldron bubble.
You would need to inform your IP and miss 3 months payments to fail your IVA, however you really need to speak to your IP regarding your payments as you will need to pay any surplus you have in bankruptcy which would last for 3 years. You may not be any better off declaring bankruptcy.
We don't know all of your circumstances so it's hard to advise, but your IP will hopefully help.
How do I go about failing my IVA ?
Posted - 27 April 2011 : 21:29:34
