I'm going to fail my IVA and go bankrupt, when's the best time?

perkybell

Hi,
As the title says, I've decided to fail my IVA and go bankrupt. When should I do this, days before or weeks before?
Thanks for any help.

maxmycardagain

Dont you need a certificate off them to go BR?

perkybell

I'm not sure, all I know is in can either write a letter to my IVA company and ask that the IVA is failed, alternatively I could miss three payments and it would be automatically fail.

beentheredonethatstilhere

I would write to them and cancel the DD payment. Save the money for your bankruptcy fee. You may need a certificate of failure for your court before they make you bankrupt, so best to check as it can take up to 6 months or more to get one from some firms.

perkybell

I think i'll have another chat with my IVA company.
Thanks

beentheredonethatstilhere

Be aware that they will probably try and persuad you to continue with the IVA. But if you have taken independant advice and bankruptcy is a good option for you then don't be swayed.