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Shaund0867
Starting Member
1 Posts |
 Posted - 21 July 2011 : 18:28:53
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| Hi, iv been paying £160 a month for the past two years to my IVA, and i am falling behind with my payments, i just cannot afford to live with these payments, i have spoke to the iva company, and they have said that going bankrupt would be my best option, but im worried about the costs and implications, i have a mortgage, but i owe more on the house than what its worth. I dont own anything else of any value, hope you can help me with some advice. |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 22 July 2011 : 07:54:52
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Hi Shaund0867
Yes bankruptcy may be your best bet if you are unable to keep up your repayments on an IVA. However it should be borne in mind that your property will be of interest to the OR. There may be no equity in it at present but this will be reviewed by the OR after 2 years and 3 months and if there is equity, the OR will want it. Whilst you cannot afford to pay £160 per month for your IVA, the fact that you are in a repayment plan does sound as if you have disposable income, which the OR will want bar £20 each month for three years.
The costs are becoming ridiculous and, as you may be aware, total £700 outside London unless you are eligible for a fee reduction and the court costs are waived thus costing you £525.
Hope this helps but do come back should you need further advice.
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 July 2011 : 16:24:53
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I was under the impression that if you had over £20 per month DI that the OR took ALL of it.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
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Going bankrupt would be my best option ?
