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| T O P I C R E V I E W |
| stuart.sp |
Posted - 29 September 2009 : 12:43:30
Hi - my wife and I entered into an IVA 2 years ago and have struggled to keep up with the repayments. We have agreed to add 3 months onto the end of the IVA to clear a payment arrears we had built up, but as I am self employed and therefore can not guarantee when my customers will pay invoices, again we are struggling to pay the monthly amount on the date specified. Our IVA supervisor has not been very helpfull in providing advice on this and has indeed put pressure on us to make payments on time as per the agreement. Some months we have been making payments over 2 weeks late and because of the pressure being placed upon us, we are considering bankruptcy as an option. Will any of the money paid into the IVA be taken into account if we decide to go bankrupt? I understand now that as I am a sole trader and do not owe any money to the HMRC, that I would be allowed to continue trading.This was the only reason that we decided to take an IVA over bankruptcy as I thought I would no longer be allowed to run my company. Because we do not own our own house and have very little assets, I do feel that we were not given good advice from the start. We currently pay £650 per month into the IVA and this is really more than we can realistically afford, having to borrow money from parents each month to meet other bills. However, I was advised that this would be the minimum that our creditors would accept and that the IVA would not be agreed if we could not pay that amount. Would a similar amount still have to be paid to the courts if we decided to declare ourselves bankrupt? Any help is appreciated! |
| 3 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 30 September 2009 : 08:19:27
What type of self employment do you do |
| Niobe |
Posted - 29 September 2009 : 17:13:07
Dependent upon what fees your IP charged, you may find that no money has been pad across to your creditors, or if it has, it won't be a lot.
If you are seriously considering BR, you need to let your IVA fail by missing three months payments. This should enable you to save up your court fees.
Any disposable income £100 or over per month you will have to pay between 50 and 70% across to the IPA for three years.
Your credit record will be shot for a further 6 years from the date of bankruptcy. You can fill the forms in online and can find them via this link:
https://www.insolvencydirect.gov.uk/isolv/
As a matter of interest, who is your IP?
The glimmer gets brighter all the time
Jan
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| mick1972a |
Posted - 29 September 2009 : 15:41:47
Hi if you went BR you still may have to pay into a Income Payments Agreement where they look at your income and outgoings any any excess income over £99 you would have to pay a percentage to your creditors for 3 year and not the whole lot like you would in an IVA
From what I have read though generally you are allowed to put more and extra things down for living costs in BR than what you are in an IVA.
Mick |
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