i am currently 20 payments into an iva, i pay £510 per month in to it and am struggling to make these repayments and am running out of money after 2 weeks after getting paid.
i have asked for a variation meeting and have been told that my iva would be extended by another 12 months.
even after the possible reduction i would still struggle so i am wondering if bankrupcy would be an option.
i have no assets, car worth less than £2000 and rent where i live.
i read the terms of my iva and it states that if i miss 3 payments, my iva will have failed and they will automatically file for bankrupcy on my behalf.
i would like to do the bankrupcy procedure myself as i feel the iva company could hinder my bankrupcy if they did it.
any advice would be much appreciated