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| Munchkin.12 |
Posted - 05 December 2011 : 16:30:10
Hi
Im in an iva with my husband at the moment, we have struggled for 18months and the iva officer has agreed that we cant afford it. We feel bankruptcy is probably our only option as going from my husbands base wage we are in minus surplus, he does get overtime but never guaranteed and difficult to judge. If we fail the IVa will we be petitioned for bankrupty and is so do we have to pay the £450 each, or do we have to file for it ourself? We also have a mortgage but along with a secured loan are in negative equity and have two children, 13 & 16 (in full time education)will we be able to keep our house?
thanks in advance for any advice |
| 3 L A T E S T R E P L I E S (Newest First) |
| Viki.W |
Posted - 05 December 2011 : 17:08:05
Ir's unlikely your IVA company will make you bankrupt but you need to ask them if they have set funds aside for it. If they have then you don't need to pay, but as I said, it's unlikely they will do it for you.
If the car is HP or conditional loan agreement then the finance company will more than likely want to terminate the agreement and reposses the car, however, they may let you carry on so phone them and ask. If it's a reasonable monthly payment and you can prove that this car is essential for work purposes, and it's worth what you say it is, then you may be allowed to carry on the repayments.
The OR will look at your income and expenditure and after all of your essential costs, you will pay any surplus by standing order.
Hope this helps.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
| Munchkin.12 |
Posted - 05 December 2011 : 16:52:12
Hi Viki thanks for your quick reply.
May I just ask a couple of other questions?
We have not been able to pay our IVA for two months, if we continue to not be able to pay, will they petition us for bankruptcy, and if so will we still have to pay the fees?
Also how is any attachment to earnings calculated? My wage is fixed, but my husbands varies due to availability of overtime, going from his base wage we are in a minus position of about £200 per month, but thats based on certain items which i believe wouldnt be allowed in bankruptcy. We also have a car loan which only has about 6 months left to run, car is worth just under £2000, will we be able to keep it?
thanks for your help.
quote:
Originally posted by Viki.W
Hi,
Sorry you've had problems with your IVA. Your IP will be able to give you some good advice reagarding bankruptcy or you can contact one of the experts.
The court fee for bankruptcy is £700 and you will both need to petition so it's £700 each unfortunately.
If the house is in negative equity and it's affordable, then the OR will value the house again in 2 years and 3 months, so your house is at risk, but only if there is any equity.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/
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| Viki.W |
Posted - 05 December 2011 : 16:37:35
Hi,
Sorry you've had problems with your IVA. Your IP will be able to give you some good advice reagarding bankruptcy or you can contact one of the experts.
The court fee for bankruptcy is £700 and you will both need to petition so it's £700 each unfortunately.
If the house is in negative equity and it's affordable, then the OR will value the house again in 2 years and 3 months, so your house is at risk, but only if there is any equity.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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