IVA or bankruptcy?

Pipoka

I've had an IVA for 3 years (out of 6). Always have loads of issues with the IVA company, very dodgy. Just asked for a break over Christmas and been told Christmas doesn't warrant a break, neither higher cost of life etc.
Anyway, I have no assets or savings although my husband (we got married in 2020) has his name solely on the mortgage as I didn't have good enough credit in 2008, when he bought the house. 
My question is, as I don't have any assets and I'm not bothered about my credit score, I'm 56 years old, would I be better off by declaring bankruptcy? 
I know I'll have rights over the house if we were ever to divorce or something was to happen to my husband as I'm in his will to inherit the house. We can hardly make ends meet every month and although my IVA is £94 per month which might sound like not much however, it is money I could use for other essentials such as food on the table. I do a lot of overtime but my health hasn't been the best over the last year so I can't always guarantee that extra money every month. 
Any help/advice much appreciated. 
Thank you. 

Grumpelstiltskin

Can I ask why you did  an IVA if you didn't have a mortgage in your name?

Also how much was your total debt at the beginning?

Brie

I'd be thinking of stop paying the IVA company completely and letting the IVA fail if you can't afford it.  Once that happens you might investigate getting a DRO which may be possible as you don't own a home (there are other factors as well).  The other alternative is to get a debt management plan.  With that you might be paying £1 a month to each of your creditors.  

I would suggest you talk to one of the debt agency charities - StepChange, NationalDebtline, Community Money Advice, CAP or possibly Citizen's Advice.  

fyi - bankruptcy is expensive so might take you a year+ to save up for the fee based on what you are currently paying.

Pipoka

Grumpelstiltskin said:

Can I ask why you did  an IVA if you didn't have a mortgage in your name?

Also how much was your total debt at the beginning?

I was concerned my husband's credit would be affected if I was to file for bankruptcy. 
He has managed to maintain a steady credit score which is a godsend in times such as Christmas. 
My debt was around 26 thousand when I started paying. 
I'm concerned they could come after the house as I have rights to it.

Pipoka

Brie said:

I'd be thinking of stop paying the IVA company completely and letting the IVA fail if you can't afford it.  Once that happens you might investigate getting a DRO which may be possible as you don't own a home (there are other factors as well).  The other alternative is to get a debt management plan.  With that you might be paying £1 a month to each of your creditors.  

I would suggest you talk to one of the debt agency charities - StepChange, NationalDebtline, Community Money Advice, CAP or possibly Citizen's Advice.  

fyi - bankruptcy is expensive so might take you a year+ to save up for the fee based on what you are currently paying.

I've never heard of a DRO before thank you, definitely going to explore that and might reach out to StepChange as well. 

Grumpelstiltskin

Well an IVA was not the best option, did you consider a DMP?

A DRO wouldn't have been suitable at the time but the rules have changed and it  could work now.

Did you take advice from a Debt Charity or just a fee charging company?

I would agree with Brie that you stop paying your IVA and let it fail. It will take some months to fail, if you can afford to I would put some money in a savings account so you have the backup of an emergency fund before you start making any more payments towards your debt.

ManyWays

my IVA is £94 per month
If this isn't affordable, rather than just stopping paying, its a good idea first to explain why it isn't affordable and as if your IVA can be completed now based on the amounts you have already paid, not failed, so your debts would be cleared. 

I was concerned my husband's credit would be affected if I was to file for bankruptcy. 
If it hasn't been affected by the IVA, it must mean you have no joint accounts or debts, so it would not be affected by bankruptcy

My debt was around 26 thousand when I started paying. 
That was too much for a DRO 3 years ago but is now a possibility if you have no equitable interest in the house

I'm concerned they could come after the house as I have rights to it.
Being named in a will doesnt mean you have any rights at all, your husband could decide to change his will and leave it all to a donkey sanctuary.
When he bought the house, did you contribute to the deposit in anyway, or subsequently pay for a new kitchen or garage, has he always earned more than you so your contributions to the household were low? These are the sorts of questions an Official receiver looks at to see if you may have any equitable interest, but it has to be clear that you have, the OR wont usually bother to try to pursue small amounts. You need good debt advice on this.