| T O P I C R E V I E W |
| moodybluetwo |
Posted - 22 May 2010 : 12:46:13
My IVA is nearly 3 months over due and my IVA company have advised me that they will apply to have the IVA “failed”...so far so good. This leaves me with two questions.....can the creditors affect my applying for a BO ? And as my bank account will be closed is it feasible for someone to open up an account with me also on it in the meantime...it would help with paying DD`s and rent etc.
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| 12 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 26 May 2010 : 18:43:02
Hi MB2
start transferring your direct debits accross and use the new account for DD that you will be taking forward and paying after bank ruptcy
regards Richard |
| moodybluetwo |
Posted - 26 May 2010 : 15:27:08
Spoken to Co op bank today and told them my circumstances and they have agreed to open an account for me. Should I wait until I have been made bankrupt before starting this account...or will the OR be ok with it? |
| Skippy |
Posted - 22 May 2010 : 18:27:13
I agree with Debtinfo, while a break may do you good, remaining unemployed just to avoid an IPA could be counterproductive when you come to look for work.
Also, please be aware that if you decide to open a Co-op Cashminder you cannot do this online - it can only be opened on the phone or in a branch.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
| moodybluetwo |
Posted - 22 May 2010 : 16:05:54
I plan to get married as soon as the BO expires...my partner owns her own property so long term I will be ok...just need to get it sorted as soon as possible. |
| debtinfo |
Posted - 22 May 2010 : 14:43:08
A break can be good to sort yourself out although, i wouldnt recomend staying out of work simply to avoid an IPA as you will nearly always be better of financially in work and obviously a long period without work can harm future prospects.
But as i say many people take a short break to recharge themselves |
| moodybluetwo |
Posted - 22 May 2010 : 14:35:01
This may seem mercenary.....but I would consider going unemployed for a while. I know most of the debt was my fault but at some time you have break free.....I can see how people have breakdowns over debt. |
| debtinfo |
Posted - 22 May 2010 : 14:27:13
Then if you are going to have a lower income it is likely that you may avoid an IPA, of course this depends on how your expenses change as well |
| moodybluetwo |
Posted - 22 May 2010 : 14:25:13
On my current income I'm certain I would have a payment order. I'm changing my job for health reasons and the kind of jobs available would not pay as much as I'm earning now. The main reason I want to go bankrupt is to put an end to all the uncertainty...I'm 53...I don't want to take all this past my retirement. |
| debtinfo |
Posted - 22 May 2010 : 14:19:23
it is likely (though not certain) that you will have a payment order (IPA) in the bankruptcy if you had an IVA, simply because you would have some surplus, IPA's are usually assessed to be lower than IVA's and of course if the reason the IVA failed was because of a major change of circumstances then you might not have any surplus left. |
| moodybluetwo |
Posted - 22 May 2010 : 14:12:37
Thanks for your replies. I changed my bank prior to my IVA..its a Halifax basic account...but I think they will close it after my BO. I have the £600 ready...just waiting for my IVA to fail then will change my job to something that only pays enough to cover my basics...trying to avoid a three year payment order. I was doing ok on my IVA until long forgotten CCjs came to light..there could be more...so its now time to face the music.! |
| Housing |
Posted - 22 May 2010 : 14:01:55
Hello Moody Blue Two,
As Richard P has said there are some banks that will be very helpful to you as a undischarged bankrupt (if that is what you are going to do).
In my view, by far, the best is the Co-op Cashminder account. You can have monies paid in (salary etc) and pay money out by dd etc. Of course, no frills and no overdraft facility.
Let me try to assist you with my story.
I was BR of the 19th May 2009. I lost three businesses by not accepting the recession...
I was discharged this week (19th May) and am still grinning from ear to ear as the stress and strain has now gone for me and my family.
I was able to keep two houses - it did cost my wife a few thousand pounds as there was equity.
My "nice" car was taken away and sold by tender and then I was told to go and find a car to the value of £2K.
The OR paid for that - not a car that I would have chosen normally - but thankfully, it is reliable and has helped me to keep independent and mobile. I am of course, grateful for it being provided by the OR
I am not going to say the journey was easy - but I had "gone too far" and the ONLY option for me was bankruptcy.
I am happliy married (32 years) have 4 great daughters and 3 fab grandchildren - what more could a person want!?
Be positive, use this forum and keep talking to see what the best route is for you. I wish you good luck and hope that by sharing part of my story it will have assisted you and others who read it, Richard
"There are no problems - only solutions" |
| Richard P |
Posted - 22 May 2010 : 13:00:01
Hi M2B
unless you have debts with COOP get online and open a cash minder account then you cna transfer all direct debits,
If Not Barclays do an account for potential BR
Your creditors can petition for your bankruptcy, but only about 15% of bankruptds are creditors led, it woyld normally take creditors 3 - 4 months to get organised.
depends on how long you have been paying into your IVA, if long time their may be funds to pay for bankruptcy have you spoken to your IVA provider.
well done for taking control
regards Richard |
