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 Hi,I am 3 months into an IVA, and have now dec		  New Topic  Reply to Topic
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cpharo
New Member

United Kingdom
58 Posts
Posted - 01 September 2009 :  11:34:14  Show Profile  Reply with Quote
Hi,

I am 3 months into an IVA, and have now decided that I would like to apply for bankruptcy as I have no assets. How can I apply for bankruptcy, will I have to default on the IVA and will the court let me go bankrupt having a failed IVA

gettingoutofdebt
forum expert



2418 Posts
Posted - 01 September 2009 :  11:40:48  Show Profile  Reply with Quote
Is there any reason you have decided to apply for BR rather than sticking with the IVA? IVA's take a lot of hassle to set up so I am surprised that you would want to end it so quickly.

If you did decide to declare BR you would need to let the IVA fail, which would mean not making 3 payments. You would get a certificate from your IP to say that the IVA has failed and then you could declare BR.

I would strongly recommend speaking to your IP before doing anything as you thought that an IVA was your best option a short while ago.
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Niobe
Administrator



United Kingdom
4590 Posts
Posted - 01 September 2009 :  12:29:54  Show Profile  Reply with Quote
It is always possible that you could get your payments reduced, speak to your IP in the first instance.

To go bankrupt will cost you £510 in court fees and the court will let you go bankrupt. A lot of people have had failed IVA's.

You can fill the forms in yourself online via this link:

https://www.insolvencydirect.gov.uk/isolv/

You can save them as you go along.

It is perhaps worth checking with your local court as to whether it is just a walk in one, or if you have to make an appointment.

Try and sort things out with your IVA company first though.

The glimmer gets brighter all the time

Jan
xx
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