| T O P I C R E V I E W |
| mattd |
Posted - 27 January 2009 : 12:40:13
hi all would be grateful for some advice. iam in a joint iva with my wife we are thinking of bankruptcy for my wife as 95percent of the debt is in her name as the iva is proving unaffordable, our worry is that our house was excluded but during the iva we have had to sell it as mortgage went up a long way we informed our ip who didnt seem that interested and we put some of the proceeds into clearing arrears on the iva however not all of the money realised ,some was used to pay other debts are we likiely to be facing problems as a result if we default the iva and then file for bankruptcy?.
cheers matt |
| 8 L A T E S T R E P L I E S (Newest First) |
| movin on |
Posted - 28 January 2009 : 09:38:45
Hey Matt
Dont be too hard on yourself, we have all done exactly the same thing, i borrowed more to pay other things off and i have nothing to show for it.
I too went br (hubby did not) and i am finding it so much better than i initially expected. As long as you are going to be there to help and support your wife and getlots of info off here, then she will get through it - i promise......
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| mattd |
Posted - 28 January 2009 : 09:00:05
hi again
thanks very much its good to get some advice and just to talk about it with someone as i am frustrated that there is nothing that i can do about it i wish that everything was in my name so i could go br and it not have to involve my wifes name instead of her having to do it but these are the consequences of thinking you can make things better through more credit,and not facing up to reality soon enough.
matt |
| movin on |
Posted - 27 January 2009 : 20:19:54
Matt
Please tell your wife not to feel worried - it is fear of the unkown. And you rant away.
If you feel it would help, why not make a call to the helpline and explain your situation - they will be able to advise you and you wont need to put your personal details on the forum. You will feel so much better after that initial call.
I dont believe you have acted dishonest in any way, you have used your share of the equity to do as you wish, and as you are not going br then i really ant see how you would or even should be punished. As for the other debts they were priority debts that noone will judge.
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| mattd |
Posted - 27 January 2009 : 14:40:41
oh sorry im ranting on yes certainly the stuuf paid to my dad and the lease stuff i definitley still have paper work for ,and even if i cant find anything for the other bills im sure that the utility company and council tax will have records of the payments received so that should just be a couple of phone calls.
matt |
| mattd |
Posted - 27 January 2009 : 14:37:18
hi again
we entered the iva in jan06 and the house sale was completed in sept 07 and no i dont think you are being nosy you need the facts to offer useful advice.we are just getting worried as the situation is getting worse as since the economic downturn has really started to bite my profits have fallen dramatically .we had to table a variation on the iva last oct as we getting further behind again but were refused an extension on the term and the variation was agreed as a 200pcm increase inthe payment we couldnt pay for it before so how we are expected to find an extra 200 i dont know .the worry know is that BR is looking like the only option left but now after my wife asked for some initial advice that it may look like we have been trying to be dishonest in some way , when all we have been trying to do is get stuff paid off.
matt |
| movin on |
Posted - 27 January 2009 : 14:05:39
Yes it does clarify things and hope you dont think im being nosy.
Seen as its only your wife who is going br im not 100% sure legally on what will be seen as right or wrong.
However my point of view is this - You have used 10k to pay your dad back (as your not going br, im not sure how this could be seen as preferencial) and the rest seems to have been used to clear any arrears on important bills.
I understand you have cleared your car lease, i suppose they could argue that it was part of your wife's share of the equity, but you have cleared something that otherwise would have probably forced you to go br also.
If the official receiver thought this was a case of preferencial treatment, then they could ask for the money back, however seen as your dad is not going to have it as he then paid his debts off with it there is nothing that could be done other than impose a bru/o. This is where your wife would continue to stay under bankruptcy restrictions for anything up to 15 years. She would still be discharged after the year though.
Do you have bills/receipts to proove what you paid off ?
How long ago did all this take place ?
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| mattd |
Posted - 27 January 2009 : 13:42:48
hiya the total amount of original debt in the iva was 47000 only 1500 in my name and 2500 in joint names
when we sold the house after all the redemption charges and such there was just under 20k the money was spent on 2500 of arrears in the iva my dad had tried to help us out previously but the money was from one of his credit cards and was loaned on the condition we pay him back out of the proceeds if we had to sell and that accounted for about 10000 without giving to many details away ina public forum my business is solely dependant on a car and i was in a crippling franchise agreement costing me 300 a week but to get out of it to try to free up some income i needed to return the vehicle they supplied and get one of my own so iwas forced to pay the entire amount of a 7month lease in advance to be able to go forward so that was another 3000 also ther was about 1500 of outstanding utility bills and 1300 outstanding council tax the remaining bit was swallowed in the cost of moving. hope this clarifies things a bit |
| movin on |
Posted - 27 January 2009 : 13:13:32
Hey Matt and welcome to the forum
Are you talking about large amounts of cash kept to one side ?
Also (i hope this comes out right), who are the other debts owed to if your in an iva, and how much are we talkng about ?
I dont think you will have problems with using the money to clear iva arrears, however if you could provide a little more info that would be a big help.
Are any of your debts joint ? If so, you would then become liable for 100% of the debt, as it comes under joint and several liability.
Good luck and please keep posting, you will get any concerned answered here 
Jenny
xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
