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| captainzl |
Posted - 27 March 2007 : 04:31:12
Hi all
I have joined the ranks of failed IVA's and am considering BR. after reading what loads of people are saying on this site it encourages me that I need to go down this road. I have been advised to see an insolvency practitioner, does anybody know if this is a good move as my thoughts are that they will want a cut and this will increase payback time, is this right? Will the OR take my computer as an asset?
Thanks in advance
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| 5 L A T E S T R E P L I E S (Newest First) |
| Skippy |
Posted - 29 March 2007 : 16:45:51
I went BR this morning, and it was nowhere near as bad as I expected it to be. Everyone at the court was so nice to me, including the judge. I am now waiting for the OR to contact me to arrange an interview and send me more paperwork (joy!) but I feel relieved that the first bit is over and done with.
Where there's life there's hope! |
| hellybelly |
Posted - 29 March 2007 : 16:12:39
Hi captainzl, theres plenty of us in the same situation as yourself. Bankruptcy seems scary, until after the event, then you think what was the fuss about.
If you have no assets (as my partner didn't) then BR is definitely the way to go.
He looked into an IVA, but it wasn't feasible and he was advised to go bankrupt, and we've never regretted it. He's only a week into BR but the stress is gone, we don't worry about the phone ringing anymore.
The SOA online is great, it saves a lot of time. Just make sure you go over it, a few times to make sure you haven't made any mistakes.
Good Luck |
| captainzl |
Posted - 29 March 2007 : 13:49:32
HI Coco
I have downloaded the the SoA form, did not realise it could be completed online much neater than my writing. I have had my appointment with the IP and ironic he was trying to sell me an IVA. When I told him of my situation he reckons I was missold the IVa in the first place and as I have no assets I should have gone BR. He has advised me to ask for minutes of meetings with creditors and a statement of affairs which I have now requested. He also advised me to challenge the supervisor to make me bankrupt under section 264c of the insolvency act as it is the duty of the supervisor to fail the IVA and initiate BR. He thought that unlikely as it costs them about £1500 to do it so it looks like despite me offering a lower amount of money the creditors have refused and I have been told the IVA will be failed in the next two weeks or so but this way I may be able to play for a bit more time to pay the court fees etc. Looking on this forum the likelehood is that the creditors will just resume the threats etc as it was before the IVA and will not make me BR so I will just have to get on with it.
Thanks for your reply and its comforting to know that I am not alone.
Regards
Alan
ps congrats on your BR being granted your on the road to recovery |
| captainzl |
Posted - 29 March 2007 : 12:43:08
Hi Coco
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| coco |
Posted - 28 March 2007 : 17:54:36
Hi Captinzl,
I completed my SoA online with the insolvency website, once completed i printed and arrange an appointment with my local court to petition BR i did not need an IP to do this for me, are you currently in an IVA or were you rejected. I was in an IVA i just informed my IP of my intentions and left it at that. My hearing was today and granted my BR.
I apologies for my keyoards poor spelling and grammar. |
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