| T O P I C R E V I E W |
| bassmomma |
Posted - 28 October 2008 : 20:39:13
I am seriously considering bankruptcy in the very near future along with my husband.we both lost our business in august and due to this we are now 3 months in arrears with our mortgage and nearly 3 months arrears with our iva as we are now only in receipt of benefits.unfortunately we have come to terms that our house will be repossessed shortly, sad, as we have lived in it for 19 years.we have no savings at all to acquire the bankruptgy fees, the only asset i have is a motorcycle.unfortunately, after a short outing last month, it had to be recovered home as something went wrong on the ride out and we have been unable to start it since. basically the engine is rattling and we have not got the money to repair it.it is now a non runner.would this be deemed wrong to sell it as a non runner to acquire the fees for bankruptcy?This is the only way that we can get the fees for the court.I was hoping to try to sell it for 900-1000 pounds. this would cover our fees...Please advise if you can.
Thank you.
Carol |
| 10 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 29 October 2008 : 21:03:23
Hi
never rush into Br
you have lots of time. The worst thing to do is rush.
1. Sort out a new bank account - COOP cashminder by phone as your current account may well be closed. Do this tomorrow!
2.Speak to council to ensure that you are about to be "unintentionally " made homeless. They will probably need to see documentation for this.
3. you probably have 1 - 3 months left in the home before being asked to leave - so there is time to control this whole process.
4. Unlikely that the IVA company will make you Br as there probably is insufficient funds in pot to pay for this.
5. Regarding the court and the letter from the IVA company - no harm at all in phoning the local court to you - ask for the br clerk - and simply ask them.
Lots of judges now ask for the document because they are worried that you haven't had proper advice.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| bassmomma |
Posted - 29 October 2008 : 10:56:27
We started the iva in june 2007 and kept up all the payments until we became unemployed. We have only just missed their 3 monthly payment. We have kept in touch with them to explain that we are only on benefits and cannot make any payment.I am awaiting another phone call from them soon.
We will be 4 months in arrears with our mortgage at the beginning of next month and again have told them that we cannot make payment because of the same reason.
Is it advisable to start bankruptcy proceedings sooner or later?
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| Nat |
Posted - 29 October 2008 : 08:00:32
Hi
If you have not had a letter from your IP to say that your IVA has failed and you want to push ahead with BR then you could just give your IP a call and explain and they may send you on out. I only missed one payment and was very early on in my IVA when I went BR and had no problems getting a certificate of failure, might have been down to my I&E being way out and would never have worked in a million years! Also when I went to court they never asked to see any proof of my IVA failing but this may differ from court to court. Also the company that i used did tell me that people often went BR without them formally failing their IVA.
Don't leave it to chance though, make the calls, if you're already 3 months behind you shouldn't have any problems i wouldn't have thought.
Keep posting on here, there's lots of people who give good advice and support and will be here for you.
All the best
Nat |
| Reviva UK |
Posted - 28 October 2008 : 22:49:15
Hi
it does depend upon many things such as :-
how long you have been in the IVA
potential assets
what the IVA says "in case of failure"
so certainly not guaranteed at all.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| bassmomma |
Posted - 28 October 2008 : 22:38:28
would the iva petition for bankruptcy before we do??
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| Reviva UK |
Posted - 28 October 2008 : 21:28:18
Hi
from what you have detailed that would seem reasonable. Would be good to get some documentation to confirm that the gearbox has failed for the OR
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| bassmomma |
Posted - 28 October 2008 : 21:25:32
The bike is a 2005 Buell XB9SX. The bike has developed a fault with the gearbox. I have been told that the repair could cost inexcess of £1500. The Parkers book price for part ex in good condition was £2500. I have asked around & looked at prices of parts on ebay & would hope to recover around £1000 for sale as a spares or repair or around the same price if the bike was broken for parts.
Hope this helps.
Carol.
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| Reviva UK |
Posted - 28 October 2008 : 21:03:44
Perhaps you might want to post details of the motorbike as someone may be able to confirm the trade value now.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| John |
Posted - 28 October 2008 : 20:54:12
Hi
to sell the bike to raise the fees is fine providing you get what it's worth there's no problem.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Reviva UK |
Posted - 28 October 2008 : 20:53:57
Hi Carol
Sorry to hear of your situation - it sounds like you have had a really rough ride over the recent past.
In short if the asset ( bike ) has been excluded from the IVA then it is your asset and you are entitled to sell it. However you need to be very careful to have a clear and accurate paper trail for the official receiver. For example you can't sell the bike at under value.
You also may be entitled to reduced bankruptcy fees - these are £495 ( £507 at the High Court) each but you might get a reduction of up to £150 each depending upon your benefits and income. The bankruptcy clerk at the local court can advise on this for you.
As you are also in an IVA there is a certain protocol to follow if you decide to petition for Br. One needs to have the IVA failed by the IVA company and this usually means 3 missed payments PLUS a creditors meeting and a letter to you confirming these details. It is quite common for the judge to require this before granting a Br order.
Lastly depending upon your IVA, how long you have been in it etc etc there is the posibility that theIVA company may petition for your Br. It is certainly worth a discussion with your IP to review this course of action.
I hoep this helps a little
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
