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| T O P I C R E V I E W |
| Which Way Now |
Posted - 10 September 2010 : 19:06:36
Hi All
I have never posted on the BR site before, but would like some help if possible please?
I have been in an IVA with my husband for two years and up to now things have been going OK apart from the fact that we are paying over so much per month into it. We are seriously considering going bankrupt as we have no life and although the IVA has been great for getting us back in the black and learning how to budget properly, we work so hard and feel that it is all for nothing. We need a life as we are both so down at the moment.
Would anyone advise coming out of an IVA to go BR? We know that it is an extreme decision to make and have weighed up all the pro's and con's as we did when we opted for our IVA.
We haven't a clue how much we owe to our creditors now, as we do not get any correspondence from any of them anymore.
We have approached our IP for advice and we feel so terriby guilty as she has been wonderful for us and would come highly recommended, but we just need to put these money worries behind us once and for all.
Another question that keeps going over and over in my head, is, we are two years into a 6 year IVA. Can anyone tell us what your disposable income has to be which makes you eligible for IPA payments as I suppose we have to ask the question, if we end up with an IPA which will last three years, are we just better of sticking with our IVA?
So sorry to bombard you with questions but we are so confused and would love some advice if possible please as we don't really know what option is best for us.
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| 15 L A T E S T R E P L I E S (Newest First) |
| Skint101 |
Posted - 23 September 2010 : 20:51:48
What did you decide, Which Way Now? |
| xmas baby |
Posted - 14 September 2010 : 14:09:53
Hi Which way now,
I would certainly hope it doesn't go into the Daily Mail. Could you imagine?lol. I also think putting bankruptcy notices into local papers is no longer done, especially with private individuals. It may be different for business insolvencies. Anyway, who actually reads the insolvency notices in the local rags? I would be surprised if anyone did, unless they had good reason.
xmas baby |
| Which Way Now |
Posted - 12 September 2010 : 11:57:17
OK thank you. There has been none of that at all, as I am employed and not a business person. Still so many questions going around in my head, the biggest being about my balances owed, but no info is forthcoming at the moment. Will wait and see. |
| debtinfo |
Posted - 11 September 2010 : 23:21:42
It is now very rare for it to go into a local paper and does so only where he OR believes that it is in the public interest, So for instance if you took deposits from local customers |
| Which Way Now |
Posted - 11 September 2010 : 22:18:08
Thanks Kallis, that's what I am fearful of; it going in my local newspaper. I have contacted my IP and am awaiting a response, so hopefully I will get one next week sometime. Thanks for your response. |
| Niobe |
Posted - 11 September 2010 : 20:43:43
The BR goes into the London Gazette, and sometimes into your local paper. It all depends on the OR. As far as I am aware it does not go into any of the tabloids.
The balances to the creditors in your IVA will not have gone down by a great deal. It depends on how much has been paid across to them. Something to take up with your IP.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
| Which Way Now |
Posted - 11 September 2010 : 18:08:33
Also, I read somewhere that the BR notice doesn't go into your local newspaper anymore and only goes into the 'daily' paper like the Daily Mail. Is this true? |
| Which Way Now |
Posted - 11 September 2010 : 16:37:14
Would anyone know how I can find out the balances to my creditors that are in my IVA before I make a decision on bankruptcy? |
| Which Way Now |
Posted - 10 September 2010 : 20:50:43
Before I make any rash decisions, I will wait for my IP to respond to my request for advice. I have the utmost faith in her and I know she will give me best advice for my situation, especially as she knows my case and has looked after it for the last two years. I will do some calculations myself to give me an idea, but thanks Debtinfo, I really appreciate your advice.. Thank you. |
| debtinfo |
Posted - 10 September 2010 : 20:46:51
put it this way, i have never seen an IPA payment be more than an IVA
The bankruptcy allowances are usually a little bit more lenient than an IVA and at the moment an IVA tkaes 100% of your surplus. On the same surplus an IPA would only take between 50 and 70% the other part you get to keep |
| Which Way Now |
Posted - 10 September 2010 : 20:30:41
Thanks so much for your responses. We are currently undergoing our annual review and I have just submitted some paperwork that was requested by our IP's assistant. I am sure I will hear by the end of September as to what, if any, increase will be incurred for the coming year as our IVA was agreed in the month of July and our IP has informed me that the review has to be concluded within two months of the anniversary date.
What I really need to work out is, whether an IPA payment will be more than our IVA payment. We are currently paying in £590 per month with 50% additions for any overtime payments we receive. Where we also feel we lose out is, when there is a 5 week month, my husband gets 5 weeks pay, and he has to pay 50% of this full weeks pay over also when the 5 week months occur as it is regarded as additional earnings. This seems so unfair.
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| debtinfo |
Posted - 10 September 2010 : 20:18:35
1) the amounts are likely to be about 90-95% if not more of the amount you went into the IVA with. If you do stop the IVA then the supervisor shuld give a final statement with the balances on.
2)Basically If you are insolvent which you are if you were in an IVA then you would qualify for the bankruptcy.
3) if anything it is looked on favourably tat you have spent 2 years trying to pay as much back as possible. Most people who have been in an IVA have a shorter interview with the OR as the debts are old and there has been no recent credit use.
One thing that you could also look at if you are struggling with the payments is asking the supervisor to reduce your payments, most can up to 15% particularly if you have had any changes in your circumstances |
| Which Way Now |
Posted - 10 September 2010 : 20:12:16
Thanks Viki and Debtinfo. I am sure I have loads of questions I need to ask before I make my decision. There are a couple now that you may perhaps be able to help with:
1) Is there any way I can find out what the outstanding balances are on the debts in my IVA?
2) Is there an I&E form with any guidance notes on whether we qualify for bankruptcy having been in an IVA?
3) Does the OR frown upon people for going BR when they have been in an IVA? Is this seen as a breach of the IVA agreement and are you criminalised in any way for this?
Thanks guys for listening, I really appreciate it, I feel better already.
4) |
| debtinfo |
Posted - 10 September 2010 : 20:06:22
If you have any other questions then do ask, obviously if you do go for bankruptcy (which i am not telling you to do, it has to be your decision) then you want to be aware of all the details first |
| Which Way Now |
Posted - 10 September 2010 : 20:01:40
Hi Debtinfo. We do not own property as our house is rented through a housing association. I am slightly worried about the implications on my job, but I have a fantastic boss and although at the moment he doesn't know anything about my debts, I like to think that I can approach him and he will be understanding. If I do decide to go BR, then I will approach him by selling to him that it is a positive move to lessen stress at home and at work, instead of it being all seen as negative.
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