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lec
Junior Member
170 Posts |
 Posted - 26 June 2008 : 14:40:57
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18 months ago my IVA failed due to a change in my personal circumstances. I was informed by my supervisor that as I had no assets they would recommend that my creditors make me bankrupt, I requested that they return all my records, account numbers, etc. all they did was to take £6000 for there fee, distributed £1800 to my creditors and I have heard nothing since. can you please advise what I should do now, as I retire in 18 months and can only forsee another large drop in my income at this time.
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Edited by - lec on 26 June 2008 17:54:12 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 26 June 2008 : 18:13:48
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Hi lec
1st step is review your position re debts and see what is the right solution ( bankruptcy / IVA / debt management / refinance ).
I suspect that as you retire and that your income is set to drop then Bankruptcy is certainly worth considering, however I would recommend you call an expert to review this with over the phone.
You will then be able to confirm :
1. is it the right soloution relative to your position
2. the likelihood of getting an income payment agreement
3. you will also be able to discuss the process and what happens on the day.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 26 June 2008 : 23:01:51
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Bankruptcy would seem to be the most appropriate option here, assuming that you have no assets of material value which would be affected.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 27 June 2008 : 13:54:03
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Hi Lec,
The main issue in BR is that when you retire, is your pension going to pay out a lump sum? If so, the OR could take this in an IPA/IPO. However, if the lump sum is large enough, you could look at a Full & Final IVA.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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IVA failed. I retire in 18 months, please advise
