Struggling to afford IVA following a change in circumstances, help!

rkoya

I've been paying my IVA for three years now. It has already been extended and subject to a variation due to CSA payments. The figure I am paying was supposed to increase when the CSA back payments ended, another £60 a month which I simply don't have.

In the past year my circumstances have changed hugely. I am now married and responsible for four children. We simply don't have another £60 a month.

The IVA people are saying they cannot do another variation and my only option is to go bankrupt. I am wondering if this is the best course of action. I have no assets, no property, no car. I moved into my wife's (rented) house, so everything in the house is hers.


Do they have any rights over my wife's possessions? Is there anything else I can do other than go bankrupt?

Nargleblast

Suggest you sit down and do a full breakdown of all your income and expenditure, and if possible an up to date list of your debts. Then contact one or two debt counselling firms to get their advice. It may be that you don't have to go bankrupt but could go down the debt management plan route, however, without seeing the full picture no-one can say what is best for you. Certainly no organisation can claim any of your wife's property to settle your debts so don't worry about that. Just ask around, get as much info and professional advice as possible (but don't pay out any money for it) then decide. If in the end it has to be bankruptcy then there are lots of people on here who are or have been in that situation who can give you their advice and support.