some advice please, i am presently in an iva but due to divorce have been told by my ip that bancruptcy is a better option due to not being able to pay the iva, on a post julian stated that the iva has to have finished and you have to have evidence of this before you can declare br, my br hearing is early november and if i cancel my iva before going br would my creditors be able to start proceeding to recover my debts, i am worried if i cancel my iva before going br i lose the court protection, what is your advice
If your IVA doesn't go to court until November then you are not technically in an IVA.
Have you had a creditors meeting yet and have you started paying?
you can also check your position on the insolvency.gov.uk web page where you can search for IVA / Bankruptcy names.
If your IVA has not started you will not need a letter from te IP before petitioning for Br yourself. There is also so little time before November that a creditor wouldn't have time to act unless hey already had CCJ's, and potential interim charging orders etc.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
I was already in my IVA when I went BR. I got my IP to send me a certificate of cancellation before I missed the normal three payments that is apparently the norm. But when I went to court they never asked about the certificate to say that my IVA had failed, so technically I could have done it a couple of weeks sooner than i did. If you haven't had your IVA approved then just go straight to BR if that's what is right for you. Also, even while I was in my IVA I still had 2 creditors that would keep writing to me and phoning didn't amtter how many times that I gave them the details of my IP, some of them obviously don't care!! I wouldn't worry too much just tell any creditors a little white lie that yo're getting your finances sorted and need a little time and then go BR. A bit naughty maybe but if it keeps them off your back over the next few weeks while everything is being sorted you can relax a bit. BUT the advice I was given from John was not to tell any creditor that you are intending to go BR as they will more than likely speed up their processes to try and get something out of you. Hope that helps a little and things get sorted for you real soon. Nat
if i cancel my iva before bankruptcy?
Posted - 26 September 2008 : 20:39:02
