IVA to DRO

Mayflower77

Hi all, I'm new here so just looking for advice on how to switch from an IVA to a DRO? From what I have found online over the last few weeks is that I need to fail the IVA, wait for the letter of cancellation and then apply for the DRO. Or I could Cancel the IVA and go bankrupt immediately, with no wait period and possibly pay the IPA for 3yrs or whatever the rules are with that. That's all very well but I will struggle to find the £680 for bankruptcy but can manage the £90 for the DRO. I was paying the IVA £370, this is because my wages fluctuated wildly as I work zero hour contract and I was working every hour sent to be able to afford the debts. I have now settled into a healthy work routine to earn the same each month so my income is lower because of that. I believe it brings me to a point of being able to go the DRO route.
How do I stop the IVA company taking money from me as their payments are from my card rather than direct debit? Remaining in the IVA at this point on this income I am back to scraping the barrel and still cutting costs on heating and much lower budget on food. I could stop the IVA payments and put it towards the bankruptcy?

Hope that all makes sense. Will be grateful for any advice/info provided.

fatbelly

You can instruct your bank to stop payments. Some are not good at this.

You could instruct your IP to cancel. Is it Creditfix? They may ask where you have taken advice. Don't say here. Needs to be Citizens Advice, National Debtline or Stepchange.

In general terms if you qualify for a DRO, that is the option to go for.

Mayflower77

Hi, thanks. I went on stepchange. 

Maybe I’ll just report card lost as that will block it. I’m with The Debt Resolution Service. 

I can do the DRO on grounds of my debt being just under 30k but occasionally I will have more than £75 available depending on how many days in one month and where my shifts fall. 

maxmycardagain

I mean "some" would open a new bank account, have wages paid into that, close the old account...