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| T O P I C R E V I E W |
| Jacqueline.ln |
Posted - 25 July 2013 : 17:43:15
I am currently in an IVA which has now become difficult to pay as my circumstances have changed. The company I use have intimated that a re-assessment of my expenditure would more than likely not be accepted by the creditors and seem reluctant to do it and have suggested Bankruptcy. The current IVA leaves me with no money at the end of each month and I have to borrow money from friends and family when I have unexpected bills like car, dental etc. The IVA which I thought was a solution has been extremely stressful, has had an impact on my mental health and I can barely afford food to feed my children. Getting through the month is top priority and everything else takes a 2nd seat. Will I have to pay the £700 to the court to file for bankrupty. The total cost of debt 2 years ago was £25,880 and the creditors have not as yet seen any moeny as the agency has been retaining the money to pay their admin fees. |
| 4 L A T E S T R E P L I E S (Newest First) |
| pcoventry2 |
Posted - 30 July 2013 : 18:09:51
When goinmg BR people can be amazed on how easy it is to get that £700 when you consider that's the last you will pay towards those creditors.... ever*
*If you don't get an IPA/IPO |
| Tina Shortland |
Posted - 30 July 2013 : 18:00:50
Hi Jacqueline - welcome to the forum :-)
Sorry to read how stressful your IVA has been, it sounds like you may have been overcommitted in it if you were left struggling and having to borrow from friends etc.
It does sound like bankruptcy is now the option for you if you have no disposable income. Speak with your IP to see what help they can give you and if they have started the process for failing your IVA as Viki says. The CAB will be able to help you complete your IVA forms if you need help. Hopefully your family/friends can assit you this time with your BR fee then hopefully that will be the end of needing to borrow from them if you can manage on what you have with no further IVA payments.
Let us know how you get on.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at the IVA Advice Company
When you’re ready to ask us for help I’ll be there to take your call. Picking up the phone is the hardest part, from then on things WILL get better... For help, find our contact details at www.melaniegiles.com
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| Viki.W |
Posted - 25 July 2013 : 20:16:15
Hi Jacqueline,
If you circumstances have changed and you now have no disposable income, then bankruptcy could be an option for you.
As Niobe has said, you do have to pay the £700 fee, but if you are on a low income or certain benefits, then you may get £175 off.
Speak to your IP, as they can give you bankruptcy advice and also they will need to start the process of failing your IVA.
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 |
| Niobe |
Posted - 25 July 2013 : 18:02:30
Hi and welcome.
Unless your IP has funds to pay for your BR then you will have to pay the fees unless you are receiving certain benefits when you might be able to save some money.
Which IVA company are you with?
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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