| T O P I C R E V I E W |
| jellyman |
Posted - 19 April 2008 : 10:19:59
Hello,
I am going to go bankrupt at the beginning of next month and don’t know if to open a new co-op account now or leave it until I am declared bankrupt, can anyone advise?
Bret, I have just read some posts and noticed that a letter was required form the IVA company to stipulate that I had failed my IVA I don’t have a letter from the IVA company as yet, do I need one to take with me to court?
One other thing I have lost around £4000 due to gambling I haven't gambled for over a year now. How will declaring that I have lost money to gambling affect my bankruptcy?
Thanks (sorry for all the questions)
John
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| 11 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 20 April 2008 : 23:15:48
Hi Jellyman
The gambling debt was almost 18 months ago and not a huge debt so is not the end of the world. The most important thing is te be able to identfy each debt / when it started and what it was spent on.
The OR may view the gambling more seriously if you did it with credit cards ( other peoples money ) rather than from your own bank account ( your own money.
At the end of the day they are not going to shoot you so provided that you have carefully gone through the form and understand the lifespan of your debts you will be fine.
Which court are you in - perhaps Brett, Alan or my team can shed light on the requirement for the letter from the IP / re failed IVA.
You can also speak to one of the experts on the forum and I am sure they would be happy to go through the form with you over he phone.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| jellyman |
Posted - 20 April 2008 : 20:26:52
Hello,
Thanks again for all you reply's,
I'm just worried about this gambling debt. It was approx £4000 and debt level is £33000. I've not gambled since Aug 2006
I'm worried about this and what implications that this may have on me.
Has anyone been in a similar situation and can share there experience with me very worried about this.
Also I would really like some professional help making certain I have filled the online forms in correctly should I go to CAB?
Thanks John |
| Helpful Advice |
Posted - 19 April 2008 : 15:54:37
Hi Guys,
On numerous occasions I have seen the Judge refuse to grant the Bankruptcy Order without at least a letter from the supervisor that the IVA has failed.
Although it is not a legal requirement it is always better to be safe than sorry.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| Reviva UK |
Posted - 19 April 2008 : 15:13:14
Hi Jellyman
you need to plan things in the right order so do the bank account first
transfer the direct debits
and plan to go Br at the beginning of the month AFTER your rent / mortgage & bills have gone out of the account.
If the account is frozen you then have some time to get another opened before the next pay day.
The letter from the Supervisor failing the IVA is not a requirement of insolvency law BUT in some courts the Br Clerk has taken it upon themselves to request one.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| jellyman |
Posted - 19 April 2008 : 14:10:59
Hi,
Thanks for your quick reply.
The amount gambled was approx £4000 and debt level is £33000.
I'm worried about this and what implications that this may have on me.
I'm just itching to get this over and done with, all this waiting is driving me mad.. I just feel I can't do anything until the beginning of next month when I get paid.
I'm also worried about my current account being locked, then not being able to transfer my Direct Debt's / standing order's to a new account that I open.
Thanks John |
| Skippy |
Posted - 19 April 2008 : 13:58:37
I opened my new account after I was made BR - if the account is opened pre-BR you will need to inform the OR. They will then need to contact the bank to advise them they have no interest in the account, and it's then down to the bank if they will let you keep the account.
Reagrding the gambling, you may get a Bankruptcy Restriction Undertaking or Order. This would mean that although you are discharged after 12 months, you would still be subject to the restrcitions of BR - no credit over £500, can't be a director of a company, can't be a councillor or MP etc - for up to 15 years. It's by no means certain that you would get one, and the 15 year BRO/U's are kept for the most serious cases - fraud etc. It should go in your favour that you haven't gambled for a year. What percentage of your debt was down to gambling? |
| jellyman |
Posted - 19 April 2008 : 13:48:27
Hello,
Thanks for all your reply's, I will ring my Iva company Monday to request a letter confirming they are happy with me going bankrupt, better do this just in case ...
Has anyone got any info on the other questions?
Thanks John |
| Skippy |
Posted - 19 April 2008 : 13:21:49
This must be new as I didn't have anything from my IP to say that my IVA had failed - I had only missed one payment and I didn't get a letter until nearly 4 months later
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/ |
| m and v |
Posted - 19 April 2008 : 13:20:47
I must admit my heart shot into my mouth when he said it but he was more than happy with the letter.
Wonder if they are starting to get more and more failed IVAs going down the BR route? I suppose it makes it tricky for the OR if they contact an IVA supervisor/IP that knows nothing about their clients BR.
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| melanie_giles |
Posted - 19 April 2008 : 13:11:00
That is interesting - as there is nothing in the insolvency legislation which gives a specific time period or confirms that the supervisor actually has to be given any notice at all!
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 19 April 2008 : 13:01:14
Hi Jellyman - I went to court yesterday. The judge said the IVA company require 14 days notice of BR. Which I didn't exactly give them although they had sent letters out to me in March threatening bankruptcy because of arrears. We have really struggled to meet the payments!
The judge was happy with a letter (literally one sentence) from my IVA supervisor to say they confirmed I had arrears and therefore my IVA had failed and they were happy for me to go ahead with bankruptcy.
I think it would be worth getting one - don't want to get to court and the judge decide not to declare you BR.
My IVA supervisor was more than happy for me to pay the cost of going bankrupt rather than wait and let the creditors force the issue - strange eh!!
Hope this helps
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