HELP NEEDED IVA, OR Bankruptcy

jdmcx

hiya, where do i start 5 months ago i entered into an iva due to my money problems i was in a job with a take home of £330 pw, 3 months ago i changed jobs to save my wife and children staying with me but my new job has a take home of £761 a month...
working tax and child benefit went up but my change in circumstances meant the monthly income dropped by £196...
problem being is rents gone up, tax has gone up.. i've even had to get rid of my pets to another loving home as we can't afford to keep them also my back has started giving me jip' so i'm having to use a back'cracker weekly so that i can keep working...

plus we've just had a bouncing baby boy, i fear the world i give him...

all in all my problem now is that my income is £1865 a month
my outgoing is £1964 a month

all of my outgoings are what cccs tell me i should account for everything ie food, travel and clothing... my outgoings do not include the IVA payments, i have been toying with the idea of bankruptcy, but i dunno what will happen i have no assets except a year old tv and two year old laptop, my cupboards are empty and i can't afford to feed myself sometimes, i feel like a faliure to my children and wife i need advice as the IVA company are due to phone me about payments

WHAT HAPPENS IN MY LIFE IF I GO BANKRUPT?

lexie2005

Hi there, I can't answer re bankruptcy but I have replied to your thread in the IVA section....

ribbjr

If you have no assets (IE own home or car above worth say £1500).
Then I think BR is the best option it lasts NO longer than 1year and an IVA lasts 3-5 years and you would be required to pay a monthly amount which it seems you just cannot afford, so common sense would say BR and you would have nothing to pay.

I went IVA 2 years ago and wish I went BR as it would all be over now.
Its highly unlikey they'd take TV or laptop unless there worth THOUSANDS.
They never asked me about personal home possesions and they never visited to check.

Its not that big a worry once you take the plunge. Since I went BR I've nevere had as much spare cash.

peachyprice

May I ask, who advised you that an IVA would be besty for you? As you have no assets to protect this was probably a bad idea from the start.

What will happen to your life if you go bankrupt?
You'll get it back. Honestly, you have nothing to lose, as long as you're not in a job that would be effected.

jdmcx

never really got any real advice, just thought i'd ask the guys on here, tv is worth 100 second hand same for laptop, i just dunno what happens with bank accounts and my job but i need to see light.. i'm struggling in this iva

peachyprice

You won't lose anything in your home, the OR would only be interested in assets worth over £1k, or newly purchased.

What job do you do?