I am currently in an IVA, but am struggling with the payments due to increased expenses. My gas and electricity have gone up when my tariff ended last month. I also am earning less as my shifts have been reduced. I am wondering if bankruptcy is not the best way for me to go??
Have you discussed your situation with the IP/Insolvency Practitioner handing your IVA?
People’s circumstances change, and IVA’s are usually reviewed annually.
The IP may be able to offer you a payment holiday, or reduce your IVA payments.
Bankruptcy could be an option, as could a DRO/Debt Relief Order. It will depend on the amount of debt you have and if you have any assets, such as property.
Speak to the IP handling your IVA and get back to me.