I currently have an IVA agreement but find myself struggling still with making sure i have the money every month. I'm thinking about bankruptcy as my overtime has cut down at work to which i relied on to make sure i had enough money each month. Would i be able to go bankrupt in this case? I Also live with parents and wondered if they would have to be informed if i was to go bankrupt?
Hello there, sorry to hear the difficulties you feel you are facing. Firstly when you set up your IVA did overtime payments get taken into account as part of your monthly income, as I have not come across that before, the normal course of events is to have overtime collected via the 50% windfall rule at the annual review. The most important advice I can give you is to get in touch with your IP as soon as possible it may be possible to review your case and if income has dropped fully review the monthly payment. A variation meeting is not always necessary but your IP can advise on this follwing a review taking place.
Let me know the outcome of your chat with your IP and if i can be of further help - post me a query
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles 01446 711780
I was 2 years struggling into an IVA and wish I had gone bankrupt earlier, no breathing space with a IVA as all left over money from I and E taken into an expensive IVA, I was living like a hermit, now on a IPA follwoing bankruptcy with some money to go out now and again, gave up my house voluntary and now renting a council flat, no more stress and finish paying IPA payments in 2011.
I currently have an IVA agreement
Posted - 04 February 2009 : 15:36:16
