I'm a single parent and after being left with a large amount of debt after divorce I enetered into an IVA two and a half years down the line I am finding it near impossible to keep up with the payments. I have missed two so far and after speaking to the IVA company found them vary unhelpful and unwilling to reduce my payments.
I'm having trouble sleeping and constantly worrying about the debt and am now wondering if it would be better to go bankrupt to really get the fresh start I though I was going to get with the IVA.
Sorry to hear about the stressed situation as this is not what you were looking for when you entered into the iVA.
The first thing I would recommend would be to do a comprehensive income & expenditure to identify what you really can afford, then speak to the Insolvency Practitioner rather than one of the team.
this will offer you 2 positives
1. The IP will then identify if they think it remotely likely that the creditors would agree to a change in terms ( variation ) and then they could propose this at a creditors meeting.
2. If after speaking to the IP they are unwilling to represent your new position with the creditors then this will put you in good stead with the OR if you decide to go BR.
You did the right thing by entering an IVA, but then due to circumstance it became unmanageable and after repeated attempts to modify the IVA via your IP you had to petition for Br . provided that you keep copies of correspondance and times of calls etc this would show responsibility in the eyes of the OR.
hope this helps
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Hi Becky - just wanted to let you know that I have "survived" a failed IVA and know exactly how you are feeling. I went BR in April this year and it has been such a relief after years of strugglimg. Don't think you are alone - I will happily support you and share my experiences with you. Take care - it will get better!
Should I go bankrupt??
Posted - 05 September 2008 : 22:30:53
