Bankruptcy advice please!

ChrisKone

Hi, I'm currently on an IVA with 2.5 years to go. I've asked for a review on my monthly payments (which were £301 p/m) as I have split from my partner and struggling financially, mainly due to extortionate rent in London.

 I've heard today that they are more or less halving the payments but have extended the term of the IVA by 2 years.

I'm not very happy about the extension. I'm now considering bankruptcy. 

I'm a 50 year old man renting in London. I've tried to do a lot of research on this but  now getting brain overload! I just want to know how difficult this will be for me in reality, eg finding another place to rent. 

Most things I read give a very bleak outlook for people who do this.

I'd just like some down to earth, practical advice, please.

Thanks I'm advance!

Chris

fatbelly

Bankruptcy is not going to make much difference to the IVA in terms of finding somewhere to rent - both stay on your credit file for 6 years and both are on the insolvency register.

In bankruptcy you pay your surplus income (if over £20 per month) for three years so if there isn't any reason not to do it, then stop paying the IVA and start saving the £680.

You could have a go first at objecting to the new terms and insisting on 60 months of payments, as that's the only way it would make more sense than bankruptcy