question category: Bankruptcy

i have a iva for 200 quid a month but i'm struggling with the payments can i go bankrupt
Submitted on: 7th Feb 2009 by Non-Member | Total Answers: 2

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Struggling to repay IVA, can I go bankrupt?

If you can't afford your IVA repayments you can talk to your Insolvency Practitioner and ask them to propose a variation in your arrangement and reduce the repayments to a level that you an afford. If they agree, great, if not, bankruptcy would be the only way forward.

If you just stop paying your IVA payments then bankrupcy proceedings would also be the likely result.

Good luck.

Submitted on: 7th Feb 2009 by TA Member

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Re: i have a iva for 200 quid a month but i'm struggling ...

Speak to your IP, or your case worker. They have a duty to explain the options of a variation or bankruptcy to you. Best of luck.

Submitted on: 9th Feb 2009 by Darren Member

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