| T O P I C R E V I E W |
| Paul.18 |
Posted - 12 March 2013 : 01:32:21
Hi
We are currently going through an IVA of nine months but have got to the point where we cant afford the IVA payments and are considering bankruptcy. can we do this |
| 5 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 15 March 2013 : 20:37:36
As Viki and Niobe says speak to your IP in the first instance as they may be able to reduce your payments. If not and you need to go BR be honest with the OR about your I & E and not agree to an IPA you can't afford.
View my blog at http://skippy13.blogs.iva.co.uk/
The more I have to do with humans the more I think that the world would be a better place if it was run by animals.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| Niobe |
Posted - 15 March 2013 : 17:17:59
I did say 'may' get an IPA. I didn't say it was a done deal. |
| Richard P |
Posted - 15 March 2013 : 17:03:23
Hi Paul
it is not always a fact that individuals who go BR after an IVA will automatically get an income payment agreement.(IPA)
(own trumpet blow here) I have not had any of the people I have worked with who have needed to fail an IVA and needed to go Bankrupt been awarded an IPA
Good Luck Richard,
|
| Niobe |
Posted - 12 March 2013 : 08:02:10
Hi and welcome to the forum.
As Viki says, chat with your IP as it may be that your I&E has been set too high. The IP can reduce it by 15% without resorting to the creditors.
If you really feel you can't carry on with it then s the payments and use that money to fund your BR the fees for which cost £700 each.
Also be aware that you may get an Income Payments Agreement for three years which may be as much as your IVA payments are. The BR will be on your credit record for six years from the date it is granted but you should be discharged within twelve months and come off the Insolvency Register then. |
| Viki.W |
Posted - 12 March 2013 : 07:20:58
Hi Paul,
Yes, as you are insolvent.
But, you really need to speak to your IP and have your income and expenditure assessed as you may be able to reduce your payments and carry on with the IVA.
If you feel that you don't want to, then you will need to miss three months payments and then have your IVA fail. Then you can declare bankruptcy.
Make sure you get advice on the implications of bankruptcy before you consider it. Your IP should help with this.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
