| Author |
 Topic  |
|
|
troubled mind
Starting Member
United Kingdom
11 Posts |
 Posted - 04 November 2009 : 14:53:30
|
Hi, this is the first time I have ever posted on a forum so if I do anything wrong I apologise in advance!
My partner and I went down the IVA route in July but it is not working for us and we are thinking about going down the BR route. It is a big decision to make and I am very aprehensive about it. Could someone help me with one or two questions? I know we have to miss 3 payments before it actually fails but what happens to the money we have already paid over? Can our creditors start chasing us again in this 3 month period? We have been advised by our IP that our creditors will not make us BR so we will have to do it ourselves, is this correct?
I hope someone can respond to my post. Our IP has been less than helpful!
thanks in advance, I am so glad I came across this forum as reading the posts gives me some hope for the future!
Tina |
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 04 November 2009 : 17:11:21
|
Hello Tina
Unless something has happened to you since the inception of the IVA, ie loss of job reduced income etc, it tells me that an IVA was possibly not the best route for you anyway to have failed so soon. The money you have paid over is gone I am afraid on fees, however the IP will not be in pocket on this in fact it will be a loss to them also. To move on you are still protected by the IVA until you have the termination letter this is usually after three missed payments however some IPs will not inform you or fail the IVA for many months after the initial missed periods. This need not concern you if creditors call you just refer them to the IP until they send you confirmation of failure. You can then of course petition for bankruptcy if you feel this is what you need to do, you can also petition for bankruptcy while the IVA is still in force however that may require two visits to the court(Not Always) 21 days apart.
Hope this helps |
 |
|
|
troubled mind
Starting Member
United Kingdom
11 Posts |
Posted - 04 November 2009 : 19:42:35
|
Thanks Daniel, I am sure there will be many more questions before we take the plunge!
Tina |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 November 2009 : 20:00:02
|
All IP's should send you a letter after three missed payments to inform you that you have not complied with the IVA. If they don't, then you need to chase them.
The creditors will start calling you as soon as this happens.
Wait until you get your letter before applying for BR - you do not want to be going to court more than once.
The glimmer gets brighter all the time
Jan
xx |
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 04 November 2009 : 20:43:11
|
| No Problem Tina bring the questions on, the idea is to tell you what you can do, and not what to do, just gather information and go by what makes sense to you, good luck. |
|
|
|
troubled mind
Starting Member
United Kingdom
11 Posts |
Posted - 04 November 2009 : 21:03:43
|
Thank you, I feel better in myself already. My partner and I keep coming up with questions all the time!, Things like cars needed for work, the house, who do we need to advise when we do file etc. I feel like I may have found an extended family. I suffer from depression which seems to be quite common on this forum, but it did come before the money problems. Its nice to know we have help anytime we need it.
Tina
x |
|
|
| |
Topic |
|
IVF Failing
