Iva and bankruptcy help required please

Comingoutofthedark

Hi I have been reading the threads for a couple of weeks but am only just brave enough to post.
I am currently in an Iva but believe it will fail as I am unable to make the payments , there are a couple of reasons for this , which I will be putting in a formal complaint about.
Has anybody been made bankrupt by their Iva company or failed an Iva and then gone bankrupt?
Many thanks

fermi

The IVA company bothering to make you bankrupt is not something I here about very often. Mostly they seem to want to just wash their hands of you if it fails. If it needs to be done, then I would imagine you are better off doing it yourself.

Comingoutofthedark

Thank you for your reply fermi.
The Iva company have done nothing so far even though I've been making token payments for a year.
Would it be worth me writing to the creditors to explain the situation?
Also does anybody how long it will take an Iva company to fail an Iva and if I can apply for bankruptcy before they fail it?.
Sorry for all the questions really annoyed with myself that I didn't know about this board before I believed the Iva company's advice.

foxy-stoat

How have you only been making token payments, did you not agree the monthly payments at the creditors meeting?

Best thing you can do is stop paying them altogether, they will fail your IVA and your creditors will then make you bankrupt.

Comingoutofthedark

Hi foxy -stoat, I queried the monthly payment at the very start of the Iva as I was concerned that they had worked out my wage incorrectly ( variable hours, mileage etc) I changed jobs 8 months which increased childcare costs but then a couple of weeks later my child maintenance dropped by almost the monthly payment.
I advised them & sent them all the paperwork , I heard nothing until they wanted to do a review so I tried to contact the person allocated to my case , they eventually replied to my third email and said they had done nothing as they had worked out my disposable income as a£1 so couldn't go to the creditors . The review showed no extra income so it's been left with me making token payments.
They have recently left a voicemail asking me to contact them to discuss the payments .
I can't afford the original monthly payment & I can't afford court fees for bankruptcy! Are the creditors likely to make me bankrupt or will they just keep chasing me and adding interest?

fermi

In the vast majority of cases there is no benefit and significant costs for creditors to make you bankrupt, so they are very very unlikely to. Just going back to the merry go round of chasing debts and squeezing what payments they can out of you is the usual way.