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| rtargett |
Posted - 02 March 2009 : 11:19:06
Hello all,
I am currently in month 12 of my iva which is going to last another 48 and currently pay £510 per month into it.
To be honest i am struggling and dont think I can cope with another 4 years of it.
I know it was my fault I got into the debt in the 1st place and I must face the consequences but I was wondering if bankrupcy would be an option and what sort of repayments i would make and for how long?
I am not looking for an easy way out at all but feel I am likely to fail with the iva.
many thanks |
| 3 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 02 March 2009 : 17:14:43
Every IVA has to go through a 12 month review although if a client has changes during the 12 months we ask them to get in touch at any time for a review (though I will admit not all IP's offer this!) the lower figure would make an IVA possible but I would prefer to look at an income & expenditure before making a decsion on a case but for purely hypothetical reasons a £300 DI would work on debts of £37k. The allowanble expenditure in an IVA following on from the IVA protocal which came into effect 1st Feb 2008 follows the CCCS/BBA -guidelines - to be honest with you any self respecting IP would put forward an IVA taking into account the expenditure following the guideleines but will also include items not specific to the guideleines. The IVA shoule reflect the individuals circumstances and take into account what those circumstances are - though I am sad to say that not all IP's are as tolerant or as the briliant as the one I work with! But there again thats why I work with her, a highly ethical indivdual who works extremely hard on behalf of her clients to put forward their best offer whilst also taking into account the whole picture ie creditors perspective.
We always strive to put forward a workable IVA which whilst giving the best return to the creditors is also a liveable IVA from the needs of the client
Hope this helps, and i'm sorry you didn't come to me for advice Pix1! prior to filling for bankruptcy. Bankruptcy is the correct solution for some but not all people and should only be enetered into once you have explored all the options available, it is not always the best step though may seem the easiest solution in the short term
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| pix1 |
Posted - 02 March 2009 : 16:57:16
Melanie,
I just wondered. Is it true that the allowances for essential expenditure are much tighter in an IVA compared to a bankruptcy?
Also, in an IVA, does the practioner get you to update them every 6 months with latest payslips and stuff?
How do practioners keep tabs on people in an IVA?
In your judgment, would I have got an IVA for debts of 37k approx. and would it have been about £300 a month or £500 a month?
Just wondered because I did once consider one and a practioner made it seem totally impossible. Then I went bankrupt instead. |
| Melanie.n |
Posted - 02 March 2009 : 14:36:37
In the first instance why not contact your IP, and discuss the difficulties you feel you are facing, if your circumstances have changed for whatever reason the figure may be amended. If you feel that the IVA is no longer the solution you require, which is a shame after 12 months in one, you would have to speak to the IP to arrange for the IVA to be 'failed' formally - this has to be done before you can consider filing for bankruptcy. Sometimes creditors have inthe proposal a modification that monies are kept to one side to fund a bankruptcy petition if the IVA fails so it really is worth you while to have chat with yout IP - it may be that your DI could be reduced (this is quite common if an individual's situation changes)to enable you to remain in the IVA and get debt free that way. Don't be fobbed off with an administrator - ask to speak to the IP in person and discuss your situation direct with them, they are acting for you
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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