As you have been declared insolvent (when you entered an IVA) it may not be an option to simply have your IVA terminated for you to enter a DMP instead. There is a high chance that there are clauses in your agreed proposal which suggest that the Supervisor may be able to petition for your bankruptcy should you default on the IVA. You should have a copy of your IVA proposal document, which will include any clauses, modifications submitted by your creditors at the time of your creditors meeting, and the standard terms and conditions. If you don’t have a copy of this, the next step would be to contact your Insolvency Practitioner to discuss directly.

If you decide to stick with your IVA we would recommend you speak to your Insolvency Practitioner anyway and explain that you are struggling - they may be able to find a way to help you manage better.

If you’re still unsure about what to do, feel free to call one of our advisors on 0800 019 2095 who will be able to discuss your personal circumstances in more detail and find out the best option for you.