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

[lulu27]

Hello

Since my husband lost his job in February we have had an agreed payment break. This comes to an end this month and we have to start paying £600 a month from July.

My husband has found it very difficult to get a job and he is currently temping and only earning about £700 a month. His temp job has no guarantee how long it will last.

Also my company are now on a 4 day week and we expect this to last for several months. I have calculated that we have about a £300 shortfall every month.

I know you will say ring your IP but they are useless in the 3 years we have been with them I have had endless problems. What I would like to know is what options do I have. I do not want to go BR as I don't want to lose my home.

My husband is considering going self employed and working for a friend. Is it possible to be self employed while in and IVA? How do they calculate your income and expenditure? Also if you save money to pay your tax bill will the IP not want a share of this?

Sorry to ask so many questions but I am worried sick. I contacted the CAB and they very helpfully told me I could be made bankrupt but didn't suggest any other solution.

Thank you

[Hg]

Hello

I'm afraid that unless you can agree to vary the terms of the IVA (which, yes, does involve contacting the IP...), then things don't look too good.

You can be self employed while in an IVA, and the money saved towards the tax bill would just be the same as any money you might need to save towards any other irregular expense like an annual insurance payment.

You really need to make the IP listen to you and explain why a variation would be in the best interests of creditors.