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| T O P I C R E V I E W |
| Sean73 |
Posted - 03 August 2010 : 16:52:42
Hi, Really don't know which way to turn at the moment,for the last 3 years I have been in a IVA, at the time of taking the IVA, my salary was approx 23000/year. Just over 12 months ago I lost my job and did get another job, but the salary is less than half, I take home about £845 per month now, my IVA payments were supose to be £435/month. Clearly now I cannot afford this and came to the conclusion with my IVA company that it is best to declare myself bankrupt. They are going to issue you me with a termination notice in about 2 weeks and also a letter stating it is no fault of my own that I cannot keep up the repayments to my IVA, due to every job I applied for I sent them a copy of the application for proof of actively looking for work etc.
They have told me to go to citizens advice so they can help me through this but at the moment no one will pick up the phone. I have a couple of questions:- My car is currently valued at approx £1700 and believe they usually let you keep this due to the low value and also I need it for my job, but would I still make the monthly payments as usual for this when I am made bankrupt? another question I have is that I opened a basic bank account when I started my IVA, with Santander, would I need to open another account, because I believe this will be frozen, when I am made BR, even though I have no debt with Santander? I know that it cost up to £600 to go bankrupt, but I am going to struggle to get this money together, is there any way of any help with the cost? Many Thanks in advance |
| 6 L A T E S T R E P L I E S (Newest First) |
| Sean73 |
Posted - 04 August 2010 : 10:49:08
Been in constant contact with my IVA company, wouldn't of thought this may be a option due to I have had a payment break for the last 8 months to see if I could get a PT job on top of my FT job to top my income up. Still trying to contact citizens advice, I have emailed them now to see if I can speak to someone, got so many questions, just wish could wake up and it all be over |
| RHB |
Posted - 04 August 2010 : 07:35:19
How long since you last had contact with your IVA company? Have you posted on the IVA sister board cos sometimes creditors will agree a full& final on whhat has been paid in, particularly if you have been paying for 3 years. |
| Sean73 |
Posted - 03 August 2010 : 19:58:50
Thats a worry if they want the car back, wont be able to get to work, and sometimes i am called out in the night to work, so it looks like would probably loose my job too. will have to see citizens advice soon. thanks again for your info |
| debtinfo |
Posted - 03 August 2010 : 19:40:31
Barclays will give you an account after the bankruptcy order is made even if you owed them money
Car - If HP, then the OR wont take it but they may not allow the payments as an essential expense. That menas you can only really pay it if you can afford it out of the surplus that they leave you with. On top of that some HP companies will cancel the agreement and take the car back some dont and are happy for you to keep paying |
| Sean73 |
Posted - 03 August 2010 : 19:32:31
Thanks for getting back to me, my car monthly payments are Hire Purchase agreement, how will this affect me with bankruptcy, and there is about £1700 approx outstanding on the agreement.
Regarding bank accounts, Barclays is one of my accreditors, so will not able to have a bank account with them. I asked this question because when I opened the account with Santander, when I started my IVA, the checks showed that I was bankrupt, which was incorrect but they still gave me the account. |
| debtinfo |
Posted - 03 August 2010 : 17:05:08
It is very important if you check if this was a loan or a HP agreement, also how much is owed
You may need to open a new account, the OR wont freeze it but the bank may, co-op and barclays are known for being good bankruptcy accounts |
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