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I have IVA - Can I go bankrupt??

Options
nknash
nknash Posts: 24 Forumite
in Debt-free wannabe
Hi,

I am trying to find out some options for my brother who is in a bit of a mess. He is currently paying an IVA but has now found himself unemployed, can he at this stage consider the bankruptcy route or is this not possible with an IVA.

Thanks for any help!
I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

Comments

  • james32_uk
    james32_uk Posts: 1,223 Forumite
    You certainly can go bankrupt in an IVA. If anything it's easier as just by stopping your IVA payments your creditors may petition for your bankruptcy and thus save you the £500 is costs to make yourself bankrupt.

    Talk to your IP about it, or if you dont trust them contact CAB, CCCS or Payplan for independent advice.
    Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
    Debt free 21st Oct 2011.

    All thanks to :money:
  • scootw1
    scootw1 Posts: 2,165 Forumite
    Yes, I went bankrupt after being in an IVA for six months. best move I ever made
  • nknash
    nknash Posts: 24 Forumite
    Thank you for your replies, looks like we're off to make a few phone calls now!

    Thanks!
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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