6th year of iva and struggling

[molly153]

My other half entered into an iva in 2007. He is self employed and we've struggled to make payments. Initially the repayments were 600 a month then two years in reduced to £351 a month but we've struggled with that. The iva has been extended and extended and is now due to finish in November however the payments are crippling us and after 72 months and £31000 repaid I'm wondering if there are any options available to us to end this rather than it be a 7 year iva. We rent and have no savings. We should have gone bankrupt 6 years ago but this is something we want to avoid now.

Any advice gratefully received

[Conniff]

How much is outstanding ?

[molly153]

How much is outstanding ?

 

Hi

My guess is about £3800 approx

[molly153]

Can any one advise on this? I've completed an income and expenditure sheet and there is literally no spare money to pay in to this and pay the essential bills. No home. We have moderate vehicles in tems of value (approx £1000 each) are dfd likely to bankrupt us? What purpose would it serve?

[Conniff]

Reply not relevant, sorry already asked that question.

 

After paying the amount you have, it would be a shame to then go into bankruptcy. Send in a new expenditure sheet with all your living expenses at the top starting with the most important and see if you can reduce your monthly payments further.

 

Remember that an IVA is all about what you can realistically afford.

Edited March 22, 2013 by Conniff