A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[whatayear]

Hi i am new to all this and just need some advice!!

How do you know if it is the right thing to do?
How much of your salary will be taken and how much are you left to live on??

I have so many things running around my head at the minute that i cant sleep, i cant eat and i just feel sick all of the time with worry i am a single parent but works full time and after a breakup with my partner i was left with the mortgage bills and debts.

i feel so ashamed for letting it get like this! i have an iva now but cant afford to pay mortgage and that as i have changed jobs!!

Someone please help me x

[Hg]

Hello

The Official Receiver would ask you to pay a proportion of your income that was left over after essential expenses, but not all of it.

It will be lower than the amount you would have to pay into an IVA, and one of the benefits being offered to creditors in an IVA in return for escaping bankruptcy is a higher level of payment than they could normally expect.

[whatayear]

I am currently in an IVA but can not afford it is crippling me..

I struggle to pay for food for my child life is terrible at the minute!!

If you fill the forms in to start proceedings do i still have to make a payment to my IVA?

[Thomas]

Hi

Sorry to read of your distress and you cannot go on like that.
Debt managements plans are designed to be rigourous enough to make one think twice about going down that road again yet manageable enough to try and put things right without being so ruinous that one becomes ill.

You are in a IVA for whatever reason you decided but it clearly isn't working and whilst bankruptcy should be a last resort it would, at least, release you from the symptoms you are describing. Whatever damage limitation you are trying to achieve with your IVA, your child's welfare must come first. If you feel that you have reached the point whereby you will never be able to complete the conditions of your IVA or even if you could but that the symptoms you have described would remain, I think you should STOP making any further payments and go bankrupt. No point in throwing any further money down the drain. I know it is easier said than done but once you have made the BR decision you MUST stop worrying as events will take their course. Use the money you will not be paying towards your IVA for the BR fee. As far as procedure is concerned, at this stage it is a case of completing the forms, arranging a hearing date. Do NOT worry about this. If you are worrying about what happens after this just come back here and ask.

If you still feel ill tomorrow and after reading this, you must seek medical help. I had to do that prior to my own bankruptcy and now that it is over a year since discharge I wish I had known how unneccessary it was to succumb to illness prior to the event.

Finally, any IPO made by the OR will definitely be within your means