My IVA was accepted 3 months ago, however I have just lost my job and in the current climate there are not many jobs around. My IVA IP has told me I can take a payment break and add the missed payments to the end of my IVA.
However I was wondering if bankruptcy would be a better route? I had planned on going bankrupt if my IVA was not approved.
I understand that the fees can be waved if you are on job seekers allowance.
If I did decide to go bankrupt is there any help available? I looked at the paperwork needed and its looks quite complicated.
sorry to hear about the job situation so soon after the IVA start date.
There are a couple of things that you need to consider :-
1. What prompted you to start the IVA - and because of those reasons you may decide to give yourself a time limit to find a job before deciding on BR.
2. The IP will no doubt allow a payment break because of the situation - so no imediate pressure there.
3. Were you advised about Br as well as an IVA when you investigated a debt solution, as I understand that the IVA company would probably do that.
4. If you decide that Br is the way forward you will need a couple of things:-
a. a certificate of termination from the IVA company and this could take 3 - 5 months. You need this in most courts otherwise the judge usually won't grant the petition.
b. you will need to have some fees available. The total fee of £495 ( £507 in London) is made up of £150 for the court fee and £345 for the OR's deposit.
You can fill in a 2 sided claim form an with documentory proof can usually get a reduction of the £150 but the £335 will stand.
Hope this helps
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Unemplyed and my IVA
Posted - 22 October 2008 : 16:20:47
