IVA to Bankruptcy

hughie278

Hi all. Im so glad i found this site. As soon as i saw Martin Lewis at the top i felt at ease suddenly

My problem is this, and id like some advice if i could please....Ive been in an IVA for a year now, but im now two payments behind and soon to be three. I just cant afford to bring it up to date. i told them id pay it by this week but i couldnt in the end, so im guessing they will want me to go bankrupt.

Ive just read everything i could find on bankruptcy, and it sounds like a dream come true.
Let me give you some background on myself and please tell me if its worth begging the IVA people to give me a month to get up to date(if i can), or whether it will be best to let them make me bankrupt...
....i live with parents, so do not own home.
....i have irregular wages due to my car being broken constantly and bad weather
....They may apply for a BRO because my bank statements will show a bit of gambling

Thats all i can think of right now, id appreciate any advice.

edit: the debt is about 11k now

hughie278

Ok thanks alot, but ive already been down that road speaking to companys about the best route to take. We decided an IVA was best, but i just cant keep up with the repayments now. I have another 4 years left on the IVA.

All of my debts are now under control of a Insolvancy Practioneer, as the IVA started a year ago yesterday, and he told me when it started that if i fail the agreement they can apply for me to be made BR. Im about to miss my third payment, so im hoping they will now. I cant see any problems with BR affecting me in anyway really, ive read alot of pros and cons, all of them i think.

Im more curious on the what willl happen with me going from an IVA to BR, rather than being in debt with the creditors to BR.

Thanks again, and ill check out that site you linked.

hughie278

One other thing, what would the be the worst that could happen to me if the IVA fails because of my recklessness, and not paying some when i could?
Would they give me a worst case BR scenario?