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| T O P I C R E V I E W |
| msm |
Posted - 19 February 2009 : 18:56:05
Hi,I need some unbiased advice because I really am at the end of my tether.
My wife and myself entered into an IVA in july 2008. We had in total about £50k unsecured debt and were finding it a struggle,although we never missed any payments but were having to live on credit cards some months. I filled in a debt test on a well known IVA company website and suprise, they advised an IVA and it all steam rollered from there. Within minutes they were on the phone taking details and forms were in the post in days(after being told to stop paying all creditors).We have no assets at all except an american motorhome which we live in,in my grandmother''s garden after failing to get planning permission to build a house here, which is basically how we got into this situation to start with. The motorhome is not worth much as it turns out we were sold a heap of rubbish and took out a £25k loan to pay for it.
We originally were paying £915 a month into the IVA for six months,I contacted the IVA co. because we were not coping with the payments.First off they showed no interest at all but eventually reduced down to £825 but for an extra 6 months.We still are finding it hard and this month had a £400 electric bill,my car broke down,needed new tyres and taxing.Also our roof is leaking so I emailed IVA co. to tell them that I could not pay this month and recieved no reply until the DD was refused and then only called to see when I would be paying the arrears. I was hoping that they would say that they would make us bankrupt but they said if we missed many more that they would tell our creditors we had failed our IVA and that the creditors would then chase us for the debt.
Someone please advise.
PS IVA co. fees £15k |
| 6 L A T E S T R E P L I E S (Newest First) |
| msm |
Posted - 20 February 2009 : 14:25:40
Hi sorry I took so long to reply, just got home from work.
The motorhome is worth £4-5k at most.
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| Reviva UK |
Posted - 19 February 2009 : 21:44:46
What value is the motorhome as this would have a bearing upon the way forward
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| pix1 |
Posted - 19 February 2009 : 19:13:20
Hello and welcome to the forum.
Firstly, we can give unbieased advice on the forum and there are experts on here who can assist you. If necessary you can phone the 0800 number listed on the web page or call certain experts who can advise.
I went bankrupt myself a while back and had considered an IVA but it did not start due to lack of money. My wife also went bankrupt and also had been unable to start an IVA. Bankruptcy turned out to be the best solution for us.
Bankruptcy is difficult but cheaper than an IVA. It is a pity that IVA's often fail, even when a lot of money has gone into them - as in your case so far.
A good rule of thumb is that the larger the debt level and the less the assets to protect the better bankruptcy is an option. It could be a good option for you. It wouold be advertised, though not necessarily in the local press, there is a £495 fee (which you would both need to pay), there is the chance of an income payments agreement/order which depends on your disposable income though this is not definite and would be for no more than 3 years and is more lenient than an IVA, there are certain restirctions placed on you and bankruptcy goes on your credit file for 6 years. It does wipe out most debts, so that's the plus side.
A good way to help you will be if you give as much detail as you can about your debt levels, assets, income and expectations. We can piece together a good approach for you and no one here will try to get you to do anything unwise.
You say you owe 50k and do not have any assets except the motor home. Normally, if a vehicle is worth more than 2000 or 2500 gbp you stand to lose it unless you can show need of keeping it. It effectively being your home could be an accepted need. If there is a finance agreement on the vehicle you need to check to make sure it would not be taken back if you went bankrupt.
Please look through the following links that I have compiled from the Insolvency Service website. The examiners at the insolvency service use them when administering bankruptcies. If you search this site and the 'IS' website you should be able to find answers to a lot of your questions.
Insolvency Service
Home Page;
http://www.insolvency.gov.uk/
FAQ;
http://www.insolvency.gov.uk/faq/faq.htm
Technical Manual;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/
Realisation of Assets;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/HomepageChapter31.htm
Property - Family Home;
http://www.insolvency.gov.uk/freedomofinformation/technical/propertymatters.htm
(Mortgage Shortfall);
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter33/part6/part_6.htm
http://www.insolvency.gov.uk/faq/faq.htm#16
(Vehicle);
http://www.insolvency.gov.uk:8765/query.html?col=test&qt=vehicle&charset=iso-8859-1 (see FLOWCHART FOR MOTOR VEHICLES)
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part2/part_2.htm
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part2/part4/part_4.htm
Income Payments Agreements and Income Payments Orders;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/Introduction.htm http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter31/part7/part7/part_7.htm (see link to Household Expenditure Spreadsheet)
Bankruptcy Restriction Undertaking and Bankruptcy Restriction Order;
http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm
Early Discharge;
http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch13-24/Chapter22/part2/Part%202.htm
Good luck making the best decision for you and we are here to help.
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| Niobe |
Posted - 19 February 2009 : 19:08:51
They are a reputable company, so I am surprised about the trouble you have had.
Have you tried emailing your IP direct, rather than speaking to one of the office personnel?
You can find his number here:
http://www.insolvency-service.co.uk/newipsearch.htm
Try that and see if you can get hold of him.
I don't know if you post on the sister site to this, www.iva.co.uk but Blair Endersby do post on there so you could put this post on there and they should answer you.
The glimmer gets brighter all the time
Jan
xx |
| msm |
Posted - 19 February 2009 : 19:05:08
IVA company is Blair Endersby
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| Niobe |
Posted - 19 February 2009 : 19:02:13
Hi and welcome.
Can I ask what IVA company you are using as those fees seem a bit excessive.
Unfortunately, unless it is written into your proposal, no money will have been put aside to make your bankrupt.
All you can do is miss three payments, then the IVA will fail and you can petition for your own bankrutpcy. The court fees are £495 for each person, and you could get this together by saving the payments you were making to your IVA.
Your creditors will start chasing you again though.
The glimmer gets brighter all the time
Jan
xx |
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