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rabbit007
Junior Member
112 Posts |
 Posted - 11 July 2009 : 10:51:22
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| hi,i am on this company who help with people having difficulty paying debts.i pay them £100 monthly and they distribute it to all my creditors.i have been paying to them for 2years now.is that what you call it an iva? |
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Jane.l
Average Member
511 Posts |
Posted - 11 July 2009 : 11:03:19
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sounds like a debt management plan.
An IVA is a legally binding document that you have had to sign and then have a creditor's meeting |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 July 2009 : 11:20:57
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Sounds like a DMP to me as well.
What company are you using rabbit?
The glimmer gets brighter all the time
Jan
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 14:46:52
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is it alright to say this?im on cccs
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 July 2009 : 15:05:24
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It's fine for you to say that.
I certainly sounds as though it is a debt management plan, especially as you are only paying £100 per month. This will take you a long time to pay off unlike an IVA which will only take 5/6 years.
The glimmer gets brighter all the time
Jan
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 16:12:23
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i want to go bankrupt.my salary is £1000 a month.my expenditures is near around £700.if i will include my car which is on finance paying £98 a month which i got 9months more to pay.will my OR allow me for this.the reason why i want to go bankrupt is to save money and help my dad and my sister back home.my dad is having paralized and my sister is diabetic and a disabled one.the car worth £1700 when i took it but i think now will cost only £1200.its a 2001 reg nissan almera.please help.thanks
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 16:31:18
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and one more thing is i want to help my ex wife whose taking all the responsibility towards my 2 kids.if i will include my car on my expenditures and my or accept it then i can go bankrupt?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 July 2009 : 18:03:16
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You will have to include your car on your I&E. You may not be able to keep the car, depends on how much it is worth.
I really don't know how the OR will view you supporting your ex wife.
Would it not be better for you to continue with a DMP for the time being?
The glimmer gets brighter all the time
Jan
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 18:12:20
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after 2years in dmp.i just told them last 4th of june last month that i used all my credit cards.and they said that they will remove me from dmp because on what ive done.i dont really know what to do now.please help me
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 July 2009 : 18:16:26
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You should have cut up all of your credit cards once in your DMP. You could do this now, and explain to CCCS what you have done and ask that you be allowed to continue with the DMP.
At least you would still be able to send money back home.
The glimmer gets brighter all the time
Jan
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 18:40:46
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how if i try to go bankruptcy and include my car on my expenditures.i am thinking of going bankrupt on september.then my car just got 6 months left to pay which is £600.do OR allow people going bankrupt to have a car?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 July 2009 : 18:53:20
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You can have a car, as long as it isn't worth too much, but I don't know if they would allow you to keep paying into it.
The glimmer gets brighter all the time
Jan
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 21:23:20
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how if i dont tell my OR that i have a finance car.will they find it?having mot,tax,petrol,car insurance can put me to bankrupt.
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 11 July 2009 : 21:29:43
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Yes, they will find out as they check into your finances and this will show on your credit records.
If you don't declare it and the OR finds out this can lead to them going through everything much more closely than they would otherwise, and could lead to a Bankruptcy Restriction Order.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 11 July 2009 : 21:42:09
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You need to be totally honest with the OR about everything.
The glimmer gets brighter all the time
Jan
xx |
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rabbit007
Junior Member
112 Posts |
Posted - 11 July 2009 : 21:57:04
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thanks for the advice,the reason i am doing this is because i am really worried about my dad and sister.no one can help them.and my kids also who need my support.
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Topic |
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is this what you call it an iva?
