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| lee.s |
Posted - 17 March 2007 : 21:21:11
hello
i am about to loose my job and in an iva which i just cannot afford. is bankruptcy the answer? what are the monthly payments on average? what happens when i get a new job? i have a car worth about 12000 on hp but owe 14000, can i keep it?
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| 2 L A T E S T R E P L I E S (Newest First) |
| go_4_broke |
Posted - 19 March 2007 : 14:34:35
Hi Lee
If you are unemployed and solely on benefits you won't be required to make any contribution to your debts.
If got a new job and had a reasonable amount of spare income you might be required to make a contribution for up to three years, but this would almost certainly be a lot less than your IVA and would have to happen before your 1 year in bankruptcy ran out.
There is clearly nothing in your car for the OR, so whether you can keep it depends on whether they allow you to keep making the payments, but this seems unlikely as is would free up money to contribute to your debts.
Any redundancy payment might well be lost into the bankruptcy,but you would probably also be obliged to declare it to the IP in respect of the IVA anyway, and, as d/d says that might not actually be a bad thing.
If you can't get any joy from your IP get a 2nd opinion from CAB or the CCCS.
So the answer is yes, bankruptcy may well be the answer, but you need to make sure of that.
-Best
'Bankruptcy - an elephant from the front - a mouse from the back' |
| Debtdummy |
Posted - 19 March 2007 : 13:56:15
hello lee, and welcome to the forum. sorry about the length of time it has taken for someone to conatct you.
You presently have an IVA and it will fail in the near future. Contact your IP as soon as possible and explain the situation. There may be something s/he can do such as: an IVA payment holiday, use redundancy pay to hold the IVA in place until other employment is found, etc.
Do not fret. Contact your IP for possible solutions.
Take care.
All I have left is my sense of humour. |
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