IVA to Bankrupt ??

smurfwife

hi, i am looking for some advice about a year ago me and my husband got a joint IVA which i have been told will last 7 years and then after 1 year if we cant remortgage we have to do another year of the IVA , before the IVA we were struggling to pay our debt back but we never missed a payment until the IVA told us to stop paying them .
We now obviously pay back a smaller amount but as my husband has changed to self employment it now seems to be causing problems with the iva, she believes my husband is working at a loss which is impossible as we pay our bills but i believe we will start to struggle to pay the iva soon as his wages are lower, and believe bankruptcy may be the way to go .
i need to know:
can we be refused for bankruptcy?
how long do we have to not pay our iva for before we can go bankrupt?
will our creditors backdate the interest from when it was frozen for the iva?
will we still have to pay iva fees?
roughly how much will we need to save for the 2 of us to go bankrupt?
lots of questions i know advice for any of them would be good as i dont have a clue xx thankyou

debt_doctor

smurfwife wrote: »

hi, i am looking for some advice about a year ago me and my husband got a joint IVA which i have been told will last 7 years and then after 1 year if we cant remortgage we have to do another year of the IVA , before the IVA we were struggling to pay our debt back but we never missed a payment until the IVA told us to stop paying them .
We now obviously pay back a smaller amount but as my husband has changed to self employment it now seems to be causing problems with the iva, she believes my husband is working at a loss which is impossible as we pay our bills but i believe we will start to struggle to pay the iva soon as his wages are lower, and believe bankruptcy may be the way to go .
i need to know:
can we be refused for bankruptcy? Only if not insolvent (you clearly are!) or if you have not took advice
how long do we have to not pay our iva for before we can go bankrupt? Until it fails. Some courts insist on a failure certificate.
will our creditors backdate the interest from when it was frozen for the iva? Doesn't matter, will be part of your BR.
will we still have to pay iva fees? No.
roughly how much will we need to save for the 2 of us to go bankrupt? Up to £1400.:eek: (use your IVA payment money)
lots of questions i know advice for any of them would be good as i dont have a clue xx thankyou

Hope that helps

DD

smurfwife

many thanks that makes some things a little clearer for me xx