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| sam.82 |
Posted - 08 June 2010 : 22:00:50
Please please help!
i don not know where to turn im in a mess! i have an iva at the moment with my partner and its not working out we are constantly arguing and we have a little boy, weve been in the iva for 10 mths and we cant go on like this. i asked Debt free direct for help and they did a income & expenditure form which was more realisitic than the one we did initially!
they said they would give it to my supervisor but the disposable income was way less i should be paying £644 per month but relairically disposable income is more like £400! i want to save my relationship and keep my home, the debt has got too far!
my partner has said he doesnt want to go for bankruptcy as he doesnt want to speak to the offical reciever and feel belittled or go to court!
if i was to go bankrupt could i represent him in court?? and speak to the official reciever for us both??
god i dont think i can go on anymore with this please help and advise!! |
| 3 L A T E S T R E P L I E S (Newest First) |
| Bridgewood |
Posted - 09 June 2010 : 09:04:20
Hi Sam
If you speak to your supervisor he/she may be able to come up with a variation to the original proposal which would reduce your monthly contribution. It would, if approved, have the advantage of avoiding bankruptcy, but may require the term of the IVA to be extended so may not be your best option.
I would always suggest getting advice before doing anything, and your supervisor ought to be your first point of contact, but there are others who will happily advise you for no charge - see the experts link on the left of the page
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Daniel Griffiths |
Posted - 08 June 2010 : 22:35:29
Forgot to answer your final question, You can go bankrupt yourself but you cannot represent your partner, you can also do it together and speak with the OR alternatively |
| Daniel Griffiths |
Posted - 08 June 2010 : 22:32:02
Hi Sam
I understand the dilemma you face not an easy situation, when you come to the point of IVA or Bankruptcy you are already at a place you would prefer not to be. Unless your situation changed from the proposal of the IVA I think its bad that payments started at £644 per month when only £400 per month was available as disposable income. You and partner can gain alot of information from the IVA statement of affairs in your possession. The creditors accepted the IVA not to help you out but because they had the chance of a better return than they would in bankruptcy. Look in the paperwork for two columns showing the comparison between bankruptcy and the IVA which is what creditors study prior to voting, study the value of your assetts and also what you may be paying in bankruptcy as opposed to the IVA, its normally 50% to 70% of income and your allowances are more realistic,I would get lots of free advice, above all remember if you have problems now after only ten months you have a very long way to go, an IVA can fail, whereas a bankruptcy cannot, the interview with the OR and the court hearing are not as bad as you think a small price for a debt free life |
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