| T O P I C R E V I E W |
| stonecoldbroke49 |
Posted - 10 September 2009 : 19:39:44
i need to declare myself bankrupt. i am currently in an iva, i have missed 1 payment. do i have to wait to miss 3 or can i go ahead now? |
| 7 L A T E S T R E P L I E S (Newest First) |
| gettingoutofdebt |
Posted - 11 September 2009 : 11:53:19
Give your IP a call and let them know you are going to declare BR and request a copy of the non-compliance when the IVA has failed. A bit nearer the time it is also worth checking with your local court whether you need the certificate of failure or not. Someone, I can't remember who, was told by their local court that they couldn't be declared BR without the certificate so it is always worth checking. |
| stonecoldbroke |
Posted - 11 September 2009 : 10:06:04
Thank you for that. Will the IP automatically send the letter of non compliance then, ater missing 3 payments? I have struggled myself with my IVA but have only been in it for 6 months. I am coming to terms with having to go bankrupt, just feel these 6 months have been a waste of time for me, my IP and my creditors. I cannot do anything about it though. I have a car on HP, which i know will be taken off me, so its back to the bus - 2 of them-to get to work 10 miles away, and another 2 to get my son to college- the total of this will be more than i pay per month for my car!! I have missed one payment and I know I need to speak with my IP but I am worried they feel like Ive wasted their time, but there is no alternative. |
| Hallway123 |
Posted - 11 September 2009 : 07:04:25
You do have to wait till you've missed 3 payments to let your iva fail.However you don't always have to wait for certificate of failure(I've only just received mine and have been bankrupt for 4 months)Whatyou need is a letter of non compliance from your ip.I struggled in an iva for 2 years and had no option but to go bankrupt,but it's turned out to be the best thing for me, good luck and try not to stress too much,it's not as bad as you imagine. |
| debtinfo |
Posted - 10 September 2009 : 20:45:00
Hi Ripski, An IVA is a formal type of insolveny agreed by court whereas a DMP is not, this is why you need the certificate of failure before a bankruptcy can happen. |
| ripski |
Posted - 10 September 2009 : 20:39:48
I may be wrong but I do not think you have to wait 3 mths. You need to show that your income and expenditure, assets etc to not match up and you cannot pay your debts ie you are insolvent and BR. I was in a DMP and had not missed a payment but realised that I could never pay my debts and could not afford to live. I declared myself BR and it was a very simple process. The relief was great. I no longer have the nasty phone calls and now budget sensibly, having a few quid left for extras now.
The judge and OR do want to know that you have taken advice which I had but they would accept that you have been on this internet site as they know how busy the CAB are. Another option is to have a telephone interview/advice. Be careful of the companies that say they will do it all for you for a big fee.
Melanie Griffiths on the sister IVA site and Paul Johns of Reviva on here will give you good impartial advice and do it for you if you want this. I don't think they are allowed to "tout" but are both honest and helpful. There is a lot of advice on here,there are alternatives but sometimes these just put off the inevitable.
ripski1 |
| stonecoldbroke |
Posted - 10 September 2009 : 20:00:18
Thank you for your reply. I will speak to IP, but dont see how there can be any alternative. My income has been cut in half, so there is no way I could afford to pay into IVA now. Just wondered if I had to wait the 3 months or able to go ahead now. |
| debtinfo |
Posted - 10 September 2009 : 19:54:44
You will need to have a certificate of failure which would usually mean missing 3 payments. You will also need to have sought advice and it would be a good idea to speak to your IP to see if an alternative can be sorted out |
