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| paul51 |
Posted - 07 May 2008 : 10:52:32
I would like some advice please,I am considering going Bankrupt for the second time in the space of seven years.I currently have an IVA with Payplan and even after having a variation order am finding it hard to manage the high payments and still run the family budget.
My history for the first B/K was that i got divorced and my ex wife took everything apart from our debts and because of the nature of me as a person(a soft touch) I took on these debts only to find I couldnt afford to pay them back at the agreed rates as i was now involved with a new partner.
You may be thinking what an idiot I must be,but I have always tried to put other people before me and I am very weak.As this new relationship went along we had two children plus I have been looking after my partners older son (this is still going on) and I let myself fall back into debt to just build this new life not realising that my illness of despresion and anxiety was about to rear its ugly head.I have been unwell for 5 years now and am only just getting better but I agreed to an IVA with payplan very quickly just to take pressure off and I am now finding it hard to keep regular payments.
I have no assets only a car on HP (£2500) to pay and I would like to know how a second bankruptcy would go and for how long would it be.
I currently have 3 more years to go on the IVA and am concerned to go back to them again stating the repayments have to be lower.
Has anybody go any advice for an old fool |
| 6 L A T E S T R E P L I E S (Newest First) |
| paul51 |
Posted - 08 May 2008 : 20:44:44
Vicki
How was it for you after having the IVA then finding you had to go bankrupt because the IVA failed.Did everything fit into place and what arrangements did you make for a new bank account.Also how did they calculate your payments into the bankruptcy every month |
| paul51 |
Posted - 08 May 2008 : 19:17:29
vicki Thank you
I have missed payments over the last 2 years but find with payplan that they do not contact you to advise that these have been missed but seem to accept that finances have been tight.Obviously this is not the situation I am happy with as I really dont know what my position is with them and where I now stand |
| m and v |
Posted - 07 May 2008 : 16:44:45
Hi Paul, do you have the option for payment holidays within your IVA - I know this extends the length of your IVA in the long run but may take some pressure off if they agree to it.
I was in an IVA for two years before finally admitting it was failing.
I missed the first three months payments this year and applied for my own BR in April - if I had left it to my IP and creditors it would probably have taken them another three months to meet, agree it had failed and for them to petition for my BR!!!
Not an easy decision - good luck in whatever you do
Vicki x |
| JulianDonnelly |
Posted - 07 May 2008 : 15:01:49
Hi Paul,
The timescale on IVA failure would depend solely on the IP this could be after two or three missed payments, however I have seen many IVA's fail without Bankruptcy proceedings being taken against the debtor at all, so it would then be down to you to make your own petition.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| paul51 |
Posted - 07 May 2008 : 14:19:40
Dear Julian
Thank you for your reply, I will think about what you said and speak with payplan about what options I still have.
Obviously if they agree to reduce my payments to an afordable amount then I would be silly not to continue even if the IVA is extende to complete the next 3/4 years.
I am just worried that I agreed to impossible monthly payments which would kick in after February 2009 and I feel that maybe because I have missed payments that they may fail it.
If thta is the case how long does it take for thatfailure to transform into a bankruptcy petition as they would be IPs..
Thank you |
| JulianDonnelly |
Posted - 07 May 2008 : 12:08:45
Hi Paul,
Welcome to the Forum,
As you are probably aware the Bankruptcy rules have changed since your last time.
Bankruptcy now has an automatic discharge after 12 months, however the insolvency service now have a process known as a Bankruptcy Restriction Order or Bankruptcy Restriction Undertaking BRO/BRU this is for those who have conducted themselves badly both pre and during Bankruptcy, the BRO/BRU will hold the debtor under the restrictions of Bankruptcy for an extended period.
It will depend on the full details of your case whether the OR will deem it necessary to issue you with a BRO/BRU, however I have seen a BRO on a Debtor declaring himself Bankrupt for a second time within a five year period his BRO was for five years, but as I say it would be up to the OR and depend on your conduct.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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