hi can anyone help me

lighton

My partner and i are currently in an iva , we have been in it for 32 months. We are really struggling to make the £250 a month payments as my partner lost his job 3 weeks ago and we are struggling . Do you think we would be wise to consider banbkruptcy and if we do where would we start and how much would it cost.The only income we have is jobseekers carers allowance child benefit child tax credits and my little boy rescieves disibility living allowance .

fermi

If the only income you have at the moment is benefits then I'm not surprised that you are struggling.

Have you discussed the difficulty and change of circumstances with the IVA company and/or the supervisor? I can't imagine that there would be much room to vary your payments at that level, but you never know?

Although an IVA is a form of insolvency, it's still a big step to ditch it and go for the option of bankruptcy. There are several posters on this forum who have done that and are of the opinion that it was the right thing to do for them. But it really does depend on your individual circumstances.

Whether you are in an IVA or not and are considering bankruptcy, then the people on this forum always say that your best bet is to get some professional advice on what your best option is from one or more of the organisations in my signature below. The judge/court will always want to hear that you have taken that advice, so its best to get that ASAP.

If you should come to the conclusion that bankruptcy is the way to go, then there is plenty of support here to help you through it.

lighton

Thank you , i am going to contact my supervisor tomorrow . Could anyone tell me what happens to assets like our car is a mobility car paid for monthly by my sons disability living allowance , ? also my partner has a bike on hp which is currently covered by insurance policy thank god, he was using bike to get yto and from work he is now using it to find a new job will he be allowed to keep it , it is paid for in 3 months and not worth much now?

Also how do you work out expediture, ours is alot higher due to our sons disability ie electric 40 a week as i am using washer and dryer constantly, food as he is very fussy about what he eats , clothing is higher as we go through clothes like theres no tomorrow

FeelingLow

i dont really have any advice but your mobililty car WILL NOT be touched as its not yours i know this because my car is mobility too,

good luck with the call let us know how it goes

tigerfeet2006

lighton wrote: »

Thank you , i am going to contact my supervisor tomorrow . Could anyone tell me what happens to assets like our car is a mobility car paid for monthly by my sons disability living allowance , ? also my partner has a bike on hp which is currently covered by insurance policy thank god, he was using bike to get yto and from work he is now using it to find a new job will he be allowed to keep it , it is paid for in 3 months and not worth much now?

Also how do you work out expediture, ours is alot higher due to our sons disability ie electric 40 a week as i am using washer and dryer constantly, food as he is very fussy about what he eats , clothing is higher as we go through clothes like theres no tomorrow

Hi Lighton and welcome to the board.

The mobility car won't be touched. As for the bike you will have to tell the OR why it is a necessity and not a convienience, if you can show this you will be able to keep it.

The OR understands about different living expenses and will understand why yours are higher so don't worry after all that's why your son recieves DLA. There was someone else recently who went BR with a disabled son and her I&E was really well set out. For the life of me I can't remember who, I expect someone will if I don't remember soon.

When it comes to the filling out of yourI&E we can help you make sure you haven't forgotten anything.

As Fermi says the first thing you should do is ring your supervisor and check how it will affect things with IVA if you go BR. Once you have done that ring National Debtline or CCCS and get some independat advice on your situation,

Just out of interest who is your IVA with?

Broken_hearted

It would be possible to maintain your IVA on the money you are getting and you are over half way there.Seek advice from one of the helplines.

lighton

Thank you everyone , my iva is with fa simms and partners i couldnt get hold of anyone today will try again in morning. I really would like to continue with iva as it ends in june 2010 i could probally manage 150 a month 200 at a push but dont know if the creditors will agree , debt originally 40,000 between us think we have paid around 8000 into it so far.