iva to bankrupcy

steady1971

hi took out my iva about 6 months ago paying 380 a month for six years with cccs at time seemed like was best option
now after more detailed thought i am thinking i should have done bankrupcy iva was ok while living with parents but didnt think about the impact of moving in with partner
only was we can afford to move in is if payments are reduced significantly
my question is how easy is it to finish iva and start bankrupcy ?
thanks any advice greatfully recieved

Determined

Hi

Not going to be too much help here but as I also have an IVA with CCCS and am also considering bankruptcy I would suggest you (and I!) talk to CCCS - they have always been very helpful and don't judge at all - I would imagine they can convene a meeting to re-asses your situation or advise if BR is the best option. They arranged a payment break for me when I was on maternity leave after being made redundant and arranged reduced payments when I went back to work on part time hours.

Have a chat with them. It wont do any harm.
D
x

james32_uk

Hi Steady. Please speak to the IP who is running your IVA or maybe one of the debt charities such as CCCS. Effectively you could just stop paying your IVA and it would fail in a couple of months. This may (or may not) force one or more of your creditors to file for your bankruptcy. If they don't then you would have to file for your own bankruptcy which will cost you several hundred pounds.

steady1971

i was just trying to find out bit of info before contacting cccs to see which way to turn, wether to stick with iva for 6 years and stay living with parents or carry on with my life move in with partner get married and start afresh

Determined

Another wee bit of advice - I'm in the same situation and I'm asking advice on the BR board on here. Maybe come over and see what they say - hey, I would defo love to advise the move in get married and start afresh!!! You only live once! xx

FavDaughter1

Hi, we're trying to do a F&F IVA with my dear parents help, i am worried(a born worrier) that it won't go through,although we're told the IP wouldn't put it forward if she didn't think she could get it through.

if it doesn't go through i think i might want to go for BR instead as i'm not prepared to ask my family for more than the F&f figure we've got to. part of me wonders if it could have been a lower offer but trying to be fair on the level of debt too(my husband had debts,cards etc i didn't even know about,it's been such a shock). we haven't got any equity.

deciding what to do is very difficult!