Hi my husband and i have been in an iva for over 1 year now and we are always skint we have 3 children and it has been hard work.We have come to the conclusion we are going to go bankrupct have got forms etc just saving up the money. We have been told that because we are in negative equity of about £15000 we would be able to stay in the house. But as we have carried this debt on for so long and been stressed we have decided to seperate if i wait to move out and go bankrupct first will they let him stay in the house?
I am sorry to hear that you feel the IVA is no longer viable, the best advice I can give you is that you contact your Insolvency Practitioner and talk through your situation, It may well be that bankruptcy is your option but you will have to speak with the IP to have your IVA formerlt 'fail' and be issued with a 'certificate of failure' to enable you to file for bankruptcy (you will have to have this as a section of the statement of affairs will have a question,'have you been in an IVA' you would of course answer yes...the Court will not proceed if you cannot provide a copy of the certificate'
Another more important reason for you to speak to your IP is that there may have been a clause in your IVA proposal whereby the IP was to retain sufficient funds should the IVA faile and bankruptcy the then option, so that the monies to fund the bankruptcy (£600 each) may be being held by your IP
Hope this helps, Melanie
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk telephone 01792 899996
come to the conclusion we are going to go bankrupt
Posted - 02 August 2010 : 12:27:52
