advice please

spenderblender

My hubby and I agonised forever over whether or not to go with an IVA and did eventually take one out together paying £298 per month. This actually has left us living on the breadline even with my hubby working every possible hour available on overtime.
I have ordered goods from catalogues and had a credit card total amount being £300 so, now having sent in all papers for a review, I do think that they are going to say that I have not stood by the agreement.
I am worried sick and my family are worried about me although no-one knows which makes me worry more. We have now decided to get it over with and go into bankruptcy. What I would like to know is how this will happen. I am going to miss the next payments which will ensure that they will finish the IVA but, what happens then?
How does it work?
What do they do?
What do they take from your house?
Do the bailiffs come in?
I am sorry if some of these questions are a bit sad but, I want to know what I am letting myself, my kids and my family in for.
Thanks in advance

MIVAA

Hi spenderblender,

Sorry to hear that you are in such turmoil.

Am I right to assume the credit card you are talking about is the Cap one card you received through your previous employment, as mentioned in your first post? and could you let us know the extent of the borrowing on the catalogue too please, as it will help us establish the extent of your budget shortfall.

Before you decide on declaring yourself bankrupt, you ought to speak with the your IP.

I appreciate that you have been struggling to afford your repayments for sometime, and have probably only managed to get so far into your arrangement by leaning on some extra credit, however, you owe it to yourself to explore all the options available for you rather than assuming your IP will just fail your IVA.

It is very difficult to offer advice when we know so little about your personal circumstances, and that is why your IP is best placed to assist and advise you now.

Please do not be afraid of their reaction to your situation. They'll have seen it hundreds of times before I can assure you.

By speaking with them you maybe able to make arrangements to get things back on track, it is not impossible, in fact quite probable, should you want to.

There are obviously underlying affordability issues for you, and these will need to be addressed if you are to be able to carry on, so make sure you discuss everything with the IP before you make your decision.

However, if you are absolutely convinced that bankruptcy is your only option, then you should again speak to your IP.

It is possible that your IP will be obliged to pay for your bankruptcy costs from out of your contributions to your IVA, which will be around £980 for the pair of you, so definitely worth finding out about.

As for the questions you ask about the bankruptcy process, what happens will largely depend on your personal circumstances, and so far we don't know enough about your personal situation to be able to advise you specifically as to what you can expect in any detail.

But yet again, your IP will be able to explain more clearly what you have to face.

I hope this helps.

MIVAA

spenderblender

Thankyou for your reply.
Yes it is the cap one card and I also have 3 cats amounting to £130.