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| T O P I C R E V I E W |
| ivafailling |
Posted - 17 March 2007 : 12:04:46
I am halfway through an iva, have had problems up to now but managed to keep it going.
I am now in a bit of a state, since i started the iva when i was living at home with my parents my circumstances have changed, married, stepdaughter and new baby on the way, rent, council tax etc.
My situation now is ive not payed into my iva for some months, and i have an urgent meeting with my ip next week, and its not going to be good news.
I could possible start paying again, but its going to be a real struggle so im looking at bancruptcy.
Problem is ive obtained some credit since i started , i have had to to survive.
A loan with the supervisors permission for a car to enable me to get to work, and 2 small payday loans that i am not paying back cos i just cant, ive asked for time to pay and have been paying 50 quid when i can, so far they have agreed.
Question, if i go bancrupt route, will i be deemd as reckelss, and if so what will be the consequeces?
I take home 1600 a month basic, and have to pay rent, support wife and stepdaughter and my first on the way, do you think i will still have to pay monthly if b/rupt?
Im currently paing 550 in my iva.
Any possible way of keeping it out of papers? it will kill my mother if word gets out, the only reason i did not go b./rupt 3 years ago.
Cheers. |
| 6 L A T E S T R E P L I E S (Newest First) |
| ivafailling |
Posted - 31 March 2007 : 13:41:42
Well papers half filled in now, just need to find a few things out from the iva folks, still not 100% certain about if i include all the origional creditors (bound by the iva)in the unsecured debt or not, common sense would indicate i should, but to be frank i cant remember who i orgionally owed what to, its 4 years now since i took the iva out i suppose payplan will send me a copy of the arrangemnet if i ask them to, i cant find the origional.
Made the mistake of logging into another forum today and rereading my posts, simalir to my first on here, was in an iva and have got more credit since and am thinking of bancruptcy etc, people were actually suggesting i could be jailed for this.
Feeling pretty scared again now, reckon ill go and visit the offlicence on the way home and treat myself to some wine. |
| ivafailling |
Posted - 24 March 2007 : 14:23:08
Hi All.
Well i telephoned the ip and was a little dissapointed what i was told.
AS soon as i mentioned i was thinking of going the b/rupt route the women who i spoke with coul;dnt get rid of me fast enough, she advised i speak with the citezens advice, and told me to let them know when i had signed all the papers.
I asked her what happens now regarding the iva, as i feared i would have the creditors knocking on my door monday morning, but she advised it would be frozen untill i had a court date, (which is a relief)
I was under the impression the iva people oayed my fees for bancruptcy, as i know i read somewhere they keep 500 quid aside for this, but she said this is only if my arrangement fails, then and only then would they make me bankrupt, so by doing it myself seems i have to pay, thing is my arrangement would have failed by monday if i had not informed them i was going this route, so seems i have done myself out of 500 quid?????
Still very unsure about what happens now, re the IVA, have to wait now to gt the 500 notes together, could take me a couple of months.
Anyone advise what will happen regarding any monies owed, ie being bullied by debt collectors now for various things, electric bills from rented accomadation from 2 years ago, and bank charges from nationwide, which i am claiming back anyway? |
| Debtdummy |
Posted - 19 March 2007 : 14:06:51
hello ivafailing. Gosh, after all of that struggling for 3 years it comes to this. My heart goes out to you. As for the BRU/BRO go_4_broke is correct. They are reserved for embezzlers, gamblers and I mean HIGH stake gamblers not the guy at Ladbrokes getting a buzz. Also, you are not going to hide the payday loan amount , so there is not a problem.
Say, you had to provide for your family. You were under financial duress. You did the best you could with what you had at that moment in time. Please don't concern yourself with the thoughts of receiving a BRU/BRO.
Let us know what your IP said. It may help another poster.
Take care.
All I have left is my sense of humour. |
| Skippy |
Posted - 19 March 2007 : 13:49:29
Well I've decided that I am going to cut out my BR announcement and keep it, then, in the very unlikely event I ever think about getting credit again I can look at it and remember!
Where there's life there's hope! |
| go_4_broke |
Posted - 19 March 2007 : 13:12:58
Hi ivafailling
Sorry to hear about your situation.
I'll stick my neck out and say there's absolutely no chance of you getting a BRO/BRU.
These are reserved for people who lie and conceal large amounts of money from the OR.
All you've done is struggle on.
As skippy says you can't keep your name out of the paper, this is done for historic and now largely irrelevant reasons and is probably responsible for pushing a lot of people into unsuitable IVA's. However I like to think the only person reading your bankrupty notice is likely to be you.
As your circumstances have clearly changed it may be possible for your IP to change the terms of your IVA, most likely involving an extension of it unfortunately.
-Best
'Bankruptcy - an elephant from the front - a mouse from the back' |
| Skippy |
Posted - 17 March 2007 : 12:33:15
Hi Ivafailing, I'm not an expert, but I wanted to reply to you so that you know that you are not on your own.
Like you I was in an IVA, and mine has failed as well - sadly I only made 4 payments, but I realised that I couldn't go on like that and decided to petition for BR (next month) rather than keep paying into my IVA only to go BR later on.
You ask about being considered reckless. I can't say whether that will happen or not - I worry about whether they will say that about me. If the OR does decide that you have been reckless, they can make you subject to a Bankruptcy Restriction Order (BRO) or Bankruptcy Restriction Undertaking (BRU) for up to 15 years. When I was told this I was terrified, but after finding out more about it, it doesn't seem so bad. A BRO or BRU will prevent you from working in certain prefessions, you are not allowed to sit as an MP or county councillor, or act as a director in a company. More information about this can be found on www.insolvency.gov.uk - you can find out loads of info on there, and if necessary you can complete the BR petition forms online.
You may be asked to pay money whilst BR, and this will be for 3 years. It depends on how much surplus income you have left over after all your outgoings. Apparently in BR the expenditure allowances are more lenient in BR than in an IVA, and the OR doesn't take all your surplus. There are a couple of very good posts from Debt Dummy on here that explain about this, and I will try and find them and bump them to the top for you.
Regarding your BR being in the local paper, I'm sorry, but I can't give you good news there. All BR's are in the paper local to where you live. As far as I am aware, it gives your name, occupation, current address and previous address if you have been at your current address for less than 3 years (I think). Don't worry too much about your mum seeing it - I really don't think that too many people even know this is in the paper, let alone read it. Does your mum know about the IVA? I told mine at the beginning, and when I told her about the BR, she was shocked, but took it really well, and has been really supportive.
Good luck for your meeting with your IP, and let us know how things go for you.
Where there's life there's hope! |
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