I've been paying into an IVA for 2 years and am now seriously considering bankruptsy. My total debts amounted to 40k and I was advised at the time of deciding to opt for the IVA that bankruptsy would possibly be the best option for me, however at the time I worked for Amex and was worried that by going bankrupt it could effect my employment.
I no longer work for Amex, I don't have a mortgage or any assets. My monthly instalments are £280.00 per month however this is under review as my salary has increased by 3K. I am struggling with the payments as they stand at the moment let alone if they are increased. I would really appreciate if you are able to give me some advise on how I get the ball rolling with declaring myself BR or is it likely that by defaulting my IVA payments the creditors will proceed with BR?
If you have received a salary increase, why are you struggling to make the repayments? You will need to demonstrate to the Court that your circumstances have changed to put you in this current situation, as bankruptcy is not an automatic right. Have you tried discussing a reduction of payments with your IP in the first instance?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
seriously considering bankruptsy
Posted - 23 June 2008 : 00:02:04
