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stew_norm
Starting Member
1 Posts |
 Posted - 10 July 2009 : 14:29:55
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I got told today that might be made redundant and want to know the process of filing for bankruptcy I am 2.5 years into a 5 year IVA and would like some advice please
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Nat
Junior Member
367 Posts |
Posted - 10 July 2009 : 14:34:20
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Hi there
Welcome to the forum you'll find lots of useful advice and support on here.
Before you br just check all your options, you say that you "might" be made redundant and i know that the unknown is a very difficult position to be in.
I am sure on of the experts will be able to guide you appropriately. Give the helpline a ring they are very helpful.
All the very best
Nat |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 July 2009 : 14:49:27
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The main thing is not too rush into anything until you are made redundant. You mention you were told that you 'may' be made redundant so you may not be.
If do lose your job then the first step is to speak to your IP and see if you can take a payment break for a month or two in your IVA. You are half way through the IVA so it would be a shame to lose it now.
If the worst comes to the worst and you do lose your job and can't find another then you will need to let your IVA fail. This normally occurs after 3 (I think) missed payments and you will get a certificate to show that the IVA failed. You will need this in order to prove the IVA has failed and to declare BR.
As with any BR you will need to complete a SOA form, which can be done online. You then need to contact your local court to see if you need to make an appointment to declare BR or can just turn up. The BR fee is £510 or £522 at the High Court, London.
Declaring BR is at least 3 months down the road for you so you should do everything you can to try to rescue the IVA as you have already put a lot of effort, and money, into it. |
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Nat
Junior Member
367 Posts |
Posted - 10 July 2009 : 15:15:25
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Hi
Like getting out of debt said, don't rush into anything.
I just wanted to say that although it seems common for people who are in IVA's to wait 3 months for their certificate to show that the IVA has failed, I did get mine straight away. Can't guarantee that this would occur for everyone but I know people do worry that 3 months feels like a long time.
Just look at all your options because they are out there, a bit hard to see sometimes i know but you will get to the end of this i promise. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 July 2009 : 19:14:59
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Before you rush into BR, speak to your IP and tell them of your redundancy. If you have a redundancy payment, then you will be allowed to keep that to finance yourself for a few months until you find further employment. The remainder would then need to be paid across to your IVA.
If you don't have any redundancy coming to you, you could ask your IP for a payment break whilst you look for another job. They are usually sympathetic in these cases.
It would be a shame to let it fail when you are halfway through.
The glimmer gets brighter all the time
Jan
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 10 July 2009 : 21:09:36
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I agree with the others - you are so far into your IVA now that it would be a shame for it to fail. Speak to your IP and pre warn them that you may be made redundant - fingers crossed you won't be though x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
24 IPA payments made, 12 to go - on the home straight! |
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filing for bankruptcy
