please help. in my 3rd year of iva and wondering if it would be easier to let my ip file for bankruptcy. joint iva with my husband and have 6 kids (1 severely disabled)i am finding it increasingly difficult yo feed my kids and pay my rent and keep up with iva, i rent my home and do not own my car (motability car for my son) since my review last year i had a baby and had to buy everything all over again i also have to pay back wtc and ctc overpayments back we are no longer entitled to wtc but are entitled to some ctc. my gas, electric and food bills are extremely high as my son cant regulate his own body temp so heating has to be on 90% ( i use prepay meters so i pay as we use) of the time and he has to have a special diet which means i have to buy things which wouldnt buy as a "normal family".
my ip cant lower payments and are only interested in payment and not answering my questions etc originally i was given to options iva or dmp which could go on for the rest of my life. somebody please help i dont know what to do for the best. do i stop payment and let them make me bankrupt do i try to carry on despite falling into arrears with other things? im desperate!
Hope you are ok - it sounds like you are in a bit of a bad place right now.
I am not an expert on these things at all - hopefully someone who is will be along soon to offer some expert advice - but from what you say above, Bankruptcy may be a better option for you if you do not have any major assets to lose i.e. no house or car - the most important thing is looking after yourself and your family - IVA's are not right for everyone.
The BR route seems pretty straightforward - I am considering it myself at the moment - just filling in the forms is the biggest bit, and at least you have tried to pay off your creditors by entering into the IVA. Don't be too hard on yourself.
Hope things get better for you soon and take care...
do i stop payment and let them make me bankrupt?
Posted - 31 July 2008 : 23:24:03
