Currently in IVA, no money to live on.

SIMONH8606

Hi, new to this, so any advice is appreciated.im now just entering my 2nd year of a iva, and due to a pay rise, im going to find it difficult to manage the payments.I pay iva £340 p.m, after my outgoings im left with £00.00. What they never took into account is my daughter who doesnt live with me wants things, i cant explain to a 4 year old that i cant buy.im 32 years of age, living with parents due to finances, i own a van for work and a car for social, (what bit of social life i got).They worth approx £3500 and £2750.i own approx £11000 of tools that i need for my work.If i was to enter a bankrupcy, would any of my belongings be affected.i dont fancy carrying on with a iva for another 4 years not being able to afford a place of my own.thanx. also, any contacts for bankrupcy if thats a option?

Not_so_wise_one

First thing to do would be to speak to your IP and see if you can get a variation made to your IVA to lower your payments. If this is not possible then see if they have any other suggestions. Failing that have a look for National Debtline or CCCS (Consumer Credit Counselling Service) for some more advice from them. Also try IVA.co.uk (I think that is the site) they have a list of other debt advice and insolvency companies. Good luck.