| T O P I C R E V I E W |
| simon.f |
Posted - 18 June 2008 : 10:29:51
Hi all
jus a couple q's. in an iva 4 10 months and have decided to go br. how best do i go about it, do i just declare myself br and go court with forms etc ( but have heard u need a iva failure letter off your ip ) or do i just default 3 payments??? pls help!!!
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| 9 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 21 June 2008 : 00:51:15
An IVA is a better solution for you if you have disposable income suggicient to make payments to your creditors - and importantly that you want to make the very best offer of settlement over a realistic timescale. Also if you have assets such as a property which you wish to protect.
The real key to the success of an IVA is a strong motivation to do the right thing my creditors, coupled with a good working relationship with your IP who can assist in times of difficulty.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| JulianDonnelly |
Posted - 19 June 2008 : 12:06:18
Hi Mst,
It varies from case to case. There are no cast-iron rules. more often than not it is a moral decision .... do you want to make every effort to pay your creditors back, or do you want to draw a line uder the whole affair and start again. it is worth remembering that both IVA's and BR are classified as personal insolvency.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| mst |
Posted - 19 June 2008 : 11:51:38
Hello Julian,
I have somebody from England, Jackman & Spacey coming on Monday evenign to discuss my situation. I will enquire with them as to the benefits of BR vs IVA.
I was just interested to know a circumstance in which IVA was better? It seems a bit of pointless legislation really if there are no advantages over going BR?
mst |
| JulianDonnelly |
Posted - 19 June 2008 : 11:46:07
Hi Mst,
Perhaps you should call the helpline where they can go into your situation in far more depth to see if an IVA is more suitable than BR in your case.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| mst |
Posted - 19 June 2008 : 11:44:25
Based upon these various forums I am reading can anybody please advise a scenario whereby an IVA is the better option? It seesm to me that many are failing IVA's (sometime deliberately) in order to go BR route and some are wishing they had done so in the first place. Also I have heard repeatedly that most of the time failed IPA's do not reduce actual debt owing to IP fees.
Again I may be over-simplifying but is an IVA only preferable to BR if you have assets that you don't want seized? |
| JulianDonnelly |
Posted - 19 June 2008 : 11:37:12
Hi Simon,
Most courts will insist on a letter from your IP or a formal certificate of failure for your IVA before accepting your BR petition. If you want to fail the IVA and go BR, the best course would be to stop paying the IVA and wait for your IP to instigate failure proceedings.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| m and v |
Posted - 18 June 2008 : 15:30:31
That's exactly what I said! I am sure I would have gone BR straight away rather than spend two years in an IVA - we live and learn!
I got the standard default type letter as I missed each payment, and had a discussion with my IP about my options. He suggested I go down the BR route! I used the money from the three missed IVA payments to pay for my BR court costs.
I had no hassle from them once they realised I was seriously going to petition for my own BR.
After all I saved them money - it would have cost them more to make me BR.
BR has been such a relief after years of debt worry and this forum helped me so much.
Vicki x |
| simon.f |
Posted - 18 June 2008 : 13:52:39
thanks for the reply vicki. have spoken to my ip this morn (payplan) & its my annual review so gonna get that sorted first & c what my options are.paying £500 p month on £38000 debt wiv no assets. mayb can get a reduction but to b honest 75% sure br best. forms nearly filled in!! wen u missed ur payments did they give u any hassle?? wish i found this site las yr!!! |
| m and v |
Posted - 18 June 2008 : 12:42:54
Hi Simon - welcome to the forum
I went BR after a failed IVA. Once you have missed three payments your IVA is deemed as failed. Normally the creditors then meet and issue a letter/certificate to prove this. It can take a couple of months for the creditors to get together!
You can then take this proof with your BR petition to court, or, wait for your creditors to petition for your BR.
What I did was miss three payments and asked for my IP to give me a letter saying the IVA had failed and they were happy for me to petition my own BR. This saved time and meant I went to court before my creditors had actually met.
Have you spoken to your IP...are you sure BR is the answer...will they re-assess your IVA??
Hope this helps
Vicki x |
