Struggling in IVA - considering bankruptcy??? HELP!!!

beckiepepp

Hi. I am new to this but was after some advice. My husband and I got into financial difficulties last year and in a nutshell have entered into an IVA. We are only 3 payments in but im beginning to have doubts already about the feasability of the IVA. The IVA literally takes 100% of our spare cash (and more!) and we were pushed into manipulating the figures for expenditure when we were applying in order to make it fit and stand a chance of the creditors agreeing. We have a young baby and literally dont even have £10 a month spare to buy him a new toy etc. I have also just found out I have to have an operation next month which means I need my hubby to have a week off to look after the baby. He is self employed so 1 week of missed money is an absolute killer. Aside from that, the figures used for his income on the IVA were the best case figures I supplied. There is no room for him to have 1 day off a month due to bad weather etc. Hence the reason I am now thinking we should cut our losses and go bankrupt. This is where I need some clarification. My main concerns are: 1) Will we DEFINATELY keep our house (mortgage £183k and valued at roughly £165k at the moment) 2) Will my husband still be able to trade - he is a sole trader builder and pays his tax himself through self assessment (not taxed at source) 3) We have a car and my husband has a van for work. Both are essential (in my opinion!) and are both worth approx £2k each. Can we keep them if we go bankrupt? 4) If we get to keep the house, will it still remain in our names - ive read some confusing info which indicates the house is signed over during the bankrupcy etc??? 5) If we are required to pay towards bankrupcy Ive read they want 50% of disposable income (as opposed to 100% at the mo!) which is fine, but who sets the expenditure figures ie food and clothing as the IVA figures are way lower than is realistically possilbe with a young baby etc... 6) What is the quickest/cheapest way to go bankrupt - we have just missed 1 IVA payment but I cant get through to my IP to discuss hence this post. If I continue to not pay the IVA and they force the bankrupcy assumingly its cheaper for me as I dont have to fork out the £300 or so in court costs etc??? Will it be quicker if I swallowed the £300 charge and filed myself??? What is the rough timescale to go fully bankrupt??? Any general advice would be great - I just cant see myself living like this for 6 years (the length of our IVA!).

lisamummytoarchieplusbump

hi beckiepepp

copy and paste this to the bankruptcy and living with it board they will be able to answer your questions on bankruptcy

lisa

Bobbledoo

Hi Beckiepepp Can't really advise you but just wanted to post a message of support. Your circs sound very similar to ours, although we haven't yet entered an IVA, just considering the options. My OH is not self employed but his income fluctuates dramatically throughout the year and I just don't know how they will calculate a true picture of his income. It kills us if he has time off and I can't face years of never having time together etc. I also have two young children, the guilt is awful. The IVA agreements seems so harsh that I can't see life being any better than now but br seems so drastic.
Hope you get the info you need. Take Care.