If you stop paying an IVA then it fails and your creditors to make you bankrupt.
If you have no money, the chance is that going bankrupt will be a load of your mind because it gets rid of the payments which you have been struggling to pay.
It’s going to cost you GBP500 to make yourself bankrupt and to my mind it seems a bit stupid bearing in mind that the reason you are going bankrupt is that you can’t pay your debts so where the insolvency service thinks you are going to get 500 quid from, I have no idea.
What you could do in the circumstances of course is simply stop paying everybody, tell them all in writing that you have no assets, you can’t afford to make yourself bankrupt, you cannot pay the IBA and can one of them please make you bankrupt and pay the money just they would be doing you a favour.
If you have not already been in touch with the debt charity Step Change it would be a good idea to do that now. They are very helpful. They can write correspondence for you.
Thank you for letting me assist you with your legal question. I am glad that I was able to help.
I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.
It will be my pleasure to help you again either further with this or any future questions you have