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| T O P I C R E V I E W |
| tracey.27 |
Posted - 22 November 2010 : 10:54:39
Started iva july 09, thinks was badly advised as in about £63,000 negative equity consisting of a mortgage and secured loan from firstplus. We havent paid the iva since april as we cannot afford the payments, requested a payment holiday and have been frequently e-mailing the ip but have hardly heard anything until got a letter yesterday stating that we were in breach of contract and they may make us bankrupt, we have allready decided to go bankrupt as I understand the house will be safe, the mortgate and secured loan payments are up to date. Do we just let the iva fail or tell them we are terminating, we have all the br paperwork but just need to get the fees, of £1200 for both of us plus the beneficial interest of £213. Please can someone advise.
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| 1 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 22 November 2010 : 11:10:29
Sorry to her that you feel you were bad advised and that you feel your IVA was not the right solution for you.
It is important that you contact your IP to discuss this, in the first instance, you have appointed your P to deal with your affairs and if there is a changes in yoru circustances, you need to discuss this with them. IF bankruptcy is your only solution then, it may be that your are in an IVA which has a clause, where the IP retained funds to cover the cost fo any future bankruptcy, as some IVA's do have this clause.
Secondly, you will need your IP to issue a 'certificate of failure' No district Judge would 'hear' your bankruptcy petition without seeing sight of this document. You have to state on the bankruptcy forms (Section 1.15)whether or not you have previously entered into an IVA, which of course you would have to state 'yes' and as such the Judge would request sight of the failure certificate before he would proceed.
So whatever your course of actino, it is imperative that ou speak to your IVA provider
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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