| T O P I C R E V I E W |
| Crockett |
Posted - 30 December 2008 : 10:28:13
Hi,
As posted on another thread I have a creditors meeting for an IVA scheduled for 9 Jan but think now that bankruptcy may be a better course of action. Is it better to ask my IP to change to bankruptcy or do it myself? Will there be lots of charges involved if I carry on with my IP? Also will it be frowned upon by the judge and OR that I have changed my mind from IVA to bankruptcy?
Cheers |
| 15 L A T E S T R E P L I E S (Newest First) |
| Needafriend |
Posted - 01 January 2009 : 20:40:06
Good luck with speaking to melanie and her team. As the others have said your in good hands there.
Let us know how it all goes :-)
Jo
x
22 Weeks down
30 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| Skippy |
Posted - 01 January 2009 : 20:34:21
You're in good hands with Melanie and her team, and they will give you the best advice.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
18 IPA payments to go! |
| movin on |
Posted - 01 January 2009 : 10:04:04
So glad you spoke to her - Melanie seems such a professional (as are alot of the experts on these sites).
Keep us updated.
All the best for 2009!!
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| Reviva UK |
Posted - 31 December 2008 : 16:42:37
Told you that Melanie is a star!
you couldn't really had chosen better.
Happy new year
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Crockett |
Posted - 31 December 2008 : 15:41:05
Just to update you I have spoken to Melanie Giles who kindly said I could call her even on New Years Eve and have made an appointment to go into the office on Monday to further discuss my IVA. As Melanie discussed with me it is of utmost importance to her and myself that I am happy with what I am doing before proceeding.
Thanks Melanie for the chat today.
|
| movin on |
Posted - 31 December 2008 : 00:07:10
Hi Crockett
I also visit both sites an think a call to Melanie will do you no harm, and i doubt she will think less of you - she will talk through bankruptcy as an option if you ask her to - i was completely set against br at the start of my journey and would only consider iva or dmp, therefore was not given the pros and cons. As it turns out i could not do either and br was the only option and in the end, the best thing i could have done in a long time.
Good luck and please speak to melanie.
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
xx |
| Needafriend |
Posted - 30 December 2008 : 19:50:03
Hi Crockett
You have to do what is right for you, not what other people tell you that you should be doing, if it feels right then go for it. Dont worry too much about the IP they would rather you were happy than you going into something that really was not right for you.
Let us know how it all goes. The house if its in neg equity would be dealt with in this current market quite quickly and if you have no BI then the OR will want it off the books sooner rather than later so hazard a guess you would be offered the chance for someone to buy it within the initial phone call from the OR. So dont worry about that one. If you dont buy the BI then it would stay with the OR for the 3 years then they may do a forced sale, or charging order to secure their monies.
Take care
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| Crockett |
Posted - 30 December 2008 : 19:28:50
Yes the reason I went with my IP in the first place was their good reputation. This is my fault completely for ruling out bankruptcy straight from the word go and being close minded about it when maybe I should have considered earlier. I will definitely phone to discuss on Monday when things should be back to normal. I just feel awful for messing them about.
As for the BI in my property grateful if someone could post an answer. |
| RHB |
Posted - 30 December 2008 : 18:00:03
The point I was trying to make that just because the house is on negative equoty now, the OR doesn't HAVE to offer the BI straight away, I THINK they can wait. |
| Reviva UK |
Posted - 30 December 2008 : 17:55:15
Got to say that they are probably one of the best in the country.
Melanie was on the short list for IP of the year in 2008 and they do seem to be very fair in giving all the advice.
There is no rush at this point, have a chat with them when they are open on Monday and see where you should go from there.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Crockett |
Posted - 30 December 2008 : 17:46:41
Paul,
My IP is Jones and Giles, I tried to phone earlier today but think most places are still closed due to Christmas. |
| Crockett |
Posted - 30 December 2008 : 17:37:32
I may be wrong also but my understanding was that if the house is in negative equity now, someone can buy the beneficial interest which can then be transferred back once bankruptcy is discharged. The OR will then have no hold over the property or any equity there may be in years to come. is this right? |
| RHB |
Posted - 30 December 2008 : 17:32:49
Thing is, just cos your house is in negative equity now doesn't mean it might not be at risk. Correct me if I am wrong, but I think the OR has some time in which to decide what is best done with the property? |
| Reviva UK |
Posted - 30 December 2008 : 17:28:34
In truth I believe that there is a shift towards Bankruptcy rather than an IVA.
This is not just for financial reasons ( often one pays less back than in an IVA) but because as you have said life is short and 6 years is a lifetime.
Sometimes people feel that morally they should try to repay as much as possible but again in Br the official receiver will work out what is fair and affordable.
The reason why I asked which iVA company you are using is that some offer a stunning service and will always give the right advice. This is why they invariably have extremely high sucess rates for people finishing an IVA ( i.e. the right solution)
Some large companies have much lower successful completion rates and one could argue that perhaps the soultion may not have been in everyones best interest at the start.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Crockett |
Posted - 30 December 2008 : 17:06:01
Hi Paul,
I didn't have my proposal at that point so never sent it to him. The commitment would be six yrs in my case due to the Northern Rock element with the potential for 7 give the equity release clause.
My thinking now is that whilst there is a stigma associated with bankruptcy it is not as bad as it was and will probably become far more commonplace give the current financial climate. I'm 31 now and with bankruptcy by the time I am 35 this will be behind me and I will be able to consider the things that I have been unable to realistically consider before like moving abroad for a while or having a child. With an IVA i am looking at being closer to 40 before I am able to draw a line under these problems and move on. |
