| T O P I C R E V I E W |
| mick1972a |
Posted - 10 April 2009 : 13:08:40
Hi on the form to go BR it asks have you preiously entered or tried to enter into an IVA.
We went through the process of making an application for one but informed the company dealing with it that we wanted to cancel it and instead are going to go bankrupt. We told the company 3 weeks before the creditors meeting was taking place but the meeting still had to be held.
Do we still tick No to the question on the form.
Thanks
Mick |
| 15 L A T E S T R E P L I E S (Newest First) |
| Jane.l |
Posted - 11 April 2009 : 11:49:50
yes, the OR interview was fine, the OR saw that were it not for the secured loan, we would have been ok 
|
| mick1972a |
Posted - 11 April 2009 : 11:44:06
Thanks Jane, did everything run smoothly for you.
Mick |
| Jane.l |
Posted - 11 April 2009 : 10:56:39
We tried to go for an IVA at first, but only got to the proposal stage, we did not sign it and a meeting was never arranged. Like you, we would not have managed the payments and also we had a lot of hassle with our house not being able to sell as it was in negative equity. I put NO on the bankruptcy forms, that I had not been in an IVA but I explained in my reasons for bankruptcy, that we had looked at this option but because of the house, etc, it was not feasible |
| mick1972a |
Posted - 11 April 2009 : 10:56:30
Thanks very much Paul. Have a good Easter |
| Reviva UK |
Posted - 11 April 2009 : 10:48:38
perhaps a little more explanation. I haven't got all the information but probably something like this.
"Having struggled with our debts for X years, robbing peter to pay paul we eventually realised that we needed to stop using credit to pay for credit as we were only getting deeper and deeper into debt.
We reviewed all our options and this included debt management, bankruptcy and IVA. We desperately didn't want to go through bankruptcy and also didn't want to be in the same position for 30 years with a dmp so we started the iva process.
Only after really understanding our income and expenditure did we full realise that this too was not possible and we sinply coudn't afford the repayments.
We were then left with only one choice.
I am not able to repay my debts when they fall due and would like to petition for my own bankruptcy"
It is saturday morning and I am not on form today but that is the sort of thing that shows you have reviewed all the options and that this is the last choice.
hope it helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| mick1972a |
Posted - 11 April 2009 : 10:39:17
Thanks, I think I will go with this. So in the part where you put your reasons for BR we put that as our final step before applying for BR and say that we informed the IP 3 weeks before the meeting was due to take place and the creditors were informed.
Thanks again
Mick |
| Reviva UK |
Posted - 11 April 2009 : 10:34:21
No
The question suggests treid but failed. I would put no and expand on the iva possibility in section 11.2 where you need to write a timeline about what happened and how.
Clearly the potential IVA was the last step before Br so needs to be shown here
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| mick1972a |
Posted - 11 April 2009 : 10:25:59
Morning again. Can I just ask, I asked the same question over on the IVA forum and they are saying that I should tick yes I have tried to enter into a IVA but should note what happened and that I informed the company 3 weeks before creditors meeting that I did not want to continue.
Should we tick Yes and explain or just tick No.
Thanks Again
Mick |
| Reviva UK |
Posted - 10 April 2009 : 15:52:37
pleasure
just catching up on paperwork today
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| mick1972a |
Posted - 10 April 2009 : 15:14:36
yeah it was going to leave us with virtually nothing to live on. thanks for your help and time paul.
mick |
| Reviva UK |
Posted - 10 April 2009 : 15:09:06
in that case you are not in an iva and have not been in an iva
when it comes to the tel call with the official Receiver then advise them then that you were applying for one but I assume that after doing the figures realised that it was not viable
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| mick1972a |
Posted - 10 April 2009 : 14:58:34
Hi Paul. I did ring them after the creditors meeting to ask if there would be any fees as I was told that because of cancelling there may be a fee. They told me that there would be no fee and wished me luck in the future and that it was no longer going ahead. Do I still need something in writing |
| Reviva UK |
Posted - 10 April 2009 : 14:47:42
still think you should speak to BE on tuesday to confirm
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| mick1972a |
Posted - 10 April 2009 : 14:16:32
Thanks Paul I have searched and I am not on the Insolvensy site, does that mean I am ok to continue and to tick No on the question about IVA's |
| Reviva UK |
Posted - 10 April 2009 : 14:11:33
You should review the position on the insolvency website to confirm.
If the IVA is actually in place you will need a letter from BE confirming that the IVA is cancelled or that they are aware thay you wish to petition for Br and have no objection.
Many courts refuse to grant the Br if there is no documentation from the iVA company
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
