Hi I'm in the same boat too..My wife and I have a joint IVA - £585 per month.. The payments were probably unsustainable from the start of the IVA - It is only 6 months into the IVA and it is clear we can not afford it..
I have just sent a new income/expenditure form to the company who manage the IVA and it clearly shows we can not afford it.
when the IVA began we were just about to move, I informed the company that my wife would be giving up work due to distance but they still insisted that the IVA was the best route even though it was clear our income would shrink by over 600 per month with no guarantee myself or my wife would find alternative employment - I am self employed and my business is in steep decline !!
My question is...Do we have to wait for our IVA to fail or can we apply for bankruptcy before this ?
the OR will be keen to see that you have done everything possible to make the IVA succeed. So in the first instance speak to your IP and keep a log of the conversations and see what they suggest and what help they can offer.
If you ultimately decide that Br is the right solution then there is a specific process that you need to follow as you are already in an IVA.
You need to be able to prove to the court that the IVA has failed so you will either need a formal failure certificate from the IP or at the very least a letter advising the court that they have no issues with you declaring Br.
Paul Johns Assisted Bankruptcy Specialists Reviva UK
I am paying an IVA of £390 per month
Posted - 16 January 2009 : 19:32:47
