IVA to DRO is it at all possible?

KG2178

hello, I haven't been able to find if this question has been asked before but here goes.

I'm two years in to my iva and my circumstances have changed to the point were I am unable to fulfil my iva payments at all. My original debt was for £14,300. looking back I feel that the company I dealt with pushed me down the route of iva they basically implied that bankruptcy was too extreme for my circumstances and a debt management plan would take longer to pay back. I am paying back £190 per month, I have had to move out of my parents house (this was made clear to my company all along that I would need to move at some point as my parents have moved to spain) and I am now sharing a house with a friend, we split all household bills and once I have paid my own bills and got my self to work and maintained my car my £1000 per month salary is gone.

any advice anyone can give me will be greatly appreciated.

thanks

Anondebtadvisor

When your IVA has failed, if you meet the DRO criteria you can apply for a DRO, your IVA must not be "current" to apply.

milliemonster

It would be helpful if you could put up your I and E , you would only be able to do a DRO if you had less than £50 disposable income, did you have a review following your change in circumstances when you moved out? If not that should be your first step before throwing in the towel.

KG2178

Thank you both for your replies. My annual review is due in two weeks.