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T O P I C R E V I E W
candice123
Posted - 20 July 2009 : 14:56:00 I am on IVA paying 430 a month and paying 146.25 for a seperate loan with my partner. I am struggling to pay my IVA and just found out that i need have an extra money to send in my country due bec.my mum is terminally ill. I have spoken to my IVA, telling them that I am in a lot of pressure and stress and can no longer cope with the payment. They are still insisting for a review.My question is I want to declare myself bankcrupt to start all over,can i do it NOW without the IVA's approval yet?And what will happened to my other loan with my partners name on it, as i do not want her to get involve with my financial difficulties.Can pls. someone advice.really needing one....
2 L A T E S T R E P L I E S (Newest First)
Niobe
Posted - 20 July 2009 : 16:38:09 I presume that it is a secured loan? If not, then you can ask your IVA company to fail you now as you should not have any unsecured debt outside of the IVA.
As gettingoutdebt states, the loan would be included in bankruptcy as far as you are concerned, but they would then become liable for the whole of the debt as you are jointly and severally liable for it.
The glimmer gets brighter all the time
Jan xx
gettingoutofdebt
Posted - 20 July 2009 : 16:11:10 You will need to let the IVA fail in order to declare BR so you will have to miss 3 IVA payments. Your IVA IP will provide you with a certificate to say that the IVA has failed and the bankruptcy clerk/judge will want to see this to confirm that the IVA has failed.
If the loan has your partners name on it (is this joint or did they just take it out for you in their name?) will default to them and they will become liable for the repayments.
