Advice needed regarding IVA and bankruptcy

MrsDav21

Morning, I am after Some advice. I have worked full time throughout the pandemic and am 2 years into an IVA which I am just about managing. However I have recently received a PAYE tax bill stating I owe over £6000 in tax that needs to be paid before January 2022, I can’t afford this. I live with my husband and 3 kids in a privately rented house and am currently looking to change jobs which would reduce my income further by approx £8000 per annum. Am I best to go bankrupt? My current tax code has changed to K37 and I am currently paying over £1000 paye and NI on my monthly salary.

fatbelly

Possibly. If there was no asset that needed to be protected and caused you to go for an IVA rather than bankruptcy in the first place.

Have you talked to our insolvency practitioner about the new debt?

MrsDav21

Not as of yet but don’t have any assets