IVA company want to increase payments ... am i better going bankrupt

sssf3890

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Foxy-Stoat_3

Post up your annual review expenses and your monthly budget, are they the same and do you stick to your budgets?

How long until the mortgage arrears are cleared?

Any way you can knock out unessential living costs?

Giggles_Fairy

You need to look at your income and expenditure that shows a £333 disposable income and see whether this is accurate.

if it is.... are you actually sticking to these budgets?

If not, then what is wrong? For billed expenses like gas and elec send the evidence to the IVA company to update, for guideline items like clothing and housekeeping then advised them they need increasing.

The petrol expenditure should be what you spend, if it is high you will need to evidence this. Have you got receipts for the last month that show how much you spend on petrol to send your IVA company?

If you have a disposable income then you will have an income payments order if you go bankrupt. The guidelines are stricter when an I&E is used for bankruptcy so it could actually give a higher disposable income, then you will be expected to make this payment for 3 years (I think) as part of the income payments order.

I think your first step is to really look at your income and expenditure. If you would like advice on it then post it on this thread and we can advise you.

Don't forget your I&E is monthly, so if you spend £100 per week on food it should say £433 on your income and expenditure not £400.