Hi, was a regular on the IVA forum and unfortunately it looks asthough bankruptcy now might seem our only option. We started our IVA in May 2007, I then found out I was pegnant, after much debate it was agreed for us to sell our two bedroomed house to move into rented as we already had two children. With assets we would then pay the F&F and all debts be cleared. Due to the economy crash we did not come out with any money after the 2nd charge and mtg was repayed. We then started our monthly repayments again and my husband lost his £28k job. He was out of work for 6 weeks and then thankfully found work. However is now only earning £12k. We can no longer afford the monthly IVA payments and it seems asthough bankruptcy is now our only option. I have read all your helpful information, however as we are now in rented, have no assets are on housing and council tax benefits along with working tax credits, will we still have to find the court costs and are these cost per person if the debts are in 2 names? It all seems such a daunting prospect, yet am assured it is for the best. Any advise would be greatly appreciated
the court costs of £510 ( £522 at the high court ) are per person although depending upon income and benefits received you may be able to claim a reduction of up to £150 each.
Have you spoken to your IP yet as there may be retained funds in the IVA to petition for your Br in the event of failure - depends how the IVA was written. Definately worth checking.