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wrightiow
Starting Member
United Kingdom
1 Posts |
 Posted - 21 July 2010 : 23:01:23
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Hi All
Please help am looking at going BR reason being is that. I have been in an IVA for about 24months but recently moved, but realised at the last minute I had under budgeted and could not pay the total cost of the removal company so took out a payday loan(I now silly idiot ).
I am now unable to pay there extortionate rates as have been rolling over the loan for past three months, and am now getting all kind of threats.
My question being is it easier to stop paying my IVA and my other bills for example mobile and a car loan that is part of IVA. and hope that my IVA company or other companies make me Bankrupt or do I do it my self?
Also I live in a rented property with my Fiancée and children what will happen to our belongings eg family computer, HD TV ect. will I also need to transfer home phone line contract into her name?
So for ranting on but really do need some help from some where.
Ian |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 22 July 2010 : 10:31:50
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Ok, you took out the loan, which you realise was not good, but this could come back to bite you. When you are in an IVA or DMP you shouldn't be taking any more credit as you are insolvent. When you declare BR the OR will look closely at your financial history and taking out credit while insolvent could cause problems. It's nothing too serious but it could result in a BRU, which will increase the time the BR restrictions (not the BR) will apply. Whether you get a BRU or not will depend upon the OR.
Initially I would contact your IP and explain the issue. With a bit of luck they may allow you to either take a payment break or reduce the IVA for a couple of months so you can repay the payday loan. They may also cancel the IVA.
If you decide to end the IVA then you will need to miss 3 repayments and get an IVA failure certificate from your IP. You creditors aren't likely to declare you BR but will just hand your debts off to a debt collection firm who will apply more pressure on you.
If you want to give up the car, mobile, etc. then you can stop making the repayments and these debts will be included in the BR. Your belongings will be safe from the BR unless you have valuables worth around £1k or more. You're landlord will more than likely be contacted by the OR informing them that you are BR so this may cause you problems if they don't want you living in the property any more but this really depends upon the landlord. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 July 2010 : 14:48:11
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Hi
first port of call is to your Insolvency Practitioner and have a chat.
They may decide to fail the IVA becasue of the breach but I suspect it is unlikely that they will make you bankrupt.
It is also unlikely that your personal posessions will be affected but the car on finance will be a problem.
is it HP, a fixed sum loan agreement of a lease ?
also it will take 3 missed IVA payments to fail the IVA.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
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Currently in IVA but ? Defaulted with PAYDAY Loan
