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SIMONH8606
Starting Member
United Kingdom
2 Posts |
 Posted - 14 February 2010 : 19:02:57
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Hi all,
Im currently in a iva and have been paying for thr past 18 months, but this is my 3rd missed payment and it lookes like bankruptcy.
I live with parents and have one child who lives with her mother.
i owen 2 vehicles, a car probably worth £2100 and a van that i use for work thats worth £2200.
My only other things i own are tools for work, laptop, tv, dvd player, games console and bedroom furniture. will anything happen to them.
i would also like to pik your brains about my income and expenses, but ill leave that untill later.
thanx.
Simon |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 February 2010 : 19:09:08
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Hi Simon and welcome.
Have you spoken to your IP to see if there is something which can be done about your payments? You may be able to get your payments reduced as it does seem to be a shame if it fails now.
Your laptop etc., should be fine. You may find that the OR will want you to get rid of one of your vehicles.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 14 February 2010 : 19:56:00
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You should speak to your IP as a matter of course but if you have missed the last 3 payments you are probably struggling with the current repayment arrangement.
It possible be reduced if you are on a higher payment, however if you are on £350 or less it is unlikely that there would be a reduction.
In Bankruptcy you will be allowed a vehicle for work but not two. You will also need to get a certificate of termination from the IP otherwise the court is unlikely to grant the petition.
As you have been in the iVA for 18 months it is unlikely that your creditors will petition for your bankruptcy so you really need to take things in hand and control the process yourself before the creditors start to phone + call again
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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SIMONH8606
Starting Member
United Kingdom
2 Posts |
Posted - 15 February 2010 : 19:22:51
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| Does anyone have a income, expenses guide, to show me what i can put down, smokes, holiday, horse riding etc? |
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Jane.l
Average Member
511 Posts |
Posted - 16 February 2010 : 11:42:09
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Just put down exactly what you spend but be aware that smoking, horse riding,etc will not be allowed and would have to come out of any surplus income.
you can put holiday/domestic break but not all ORs allow this |
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Topic |
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IVA TO BANKRUPTCY?
