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modensane
Junior Member
United Kingdom
214 Posts |
 Posted - 27 May 2008 : 13:42:41
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When we entered for the IVA, we continued making payments to one or two creditors because:
1. The payments were low and nominal,
2. The balances were low and we thought we could easily finish
paying them off,
3. One was a life-line because after making the IVA payments we were
left with nothing and that was our only way of getting the bare
essentials for our existence.
With the failure of our IVA as a result of the loss of my job, we are planning to file for bankruptcy and are declaring all our creditors, no matter how much we owe them. I would want to know if the above explanations will be acceptable . If not, then are there alternative reasons that will satisfy The OR? Thanks! |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 27 May 2008 : 13:50:34
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Hi there - in BR you have to list all your creditors anyway. So include them all!
The OR will contact your IP as part of the BR process and so will get details of your IVA from them.
Did your IP know about these additional creditors? Do you mean you still used credit during your IVA?
I have just gone BR after a failed IVA so know where you are coming from in that respect.
Vicki x |
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modensane
Junior Member
United Kingdom
214 Posts |
Posted - 27 May 2008 : 14:42:21
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Thanks MandV
Because the payments were so low and nominal, we did not even think about them during the IVA. Secondly, the credit used was to get the essentials when there was nothing after the IVA repayments. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 27 May 2008 : 14:54:30
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It's really hard when your IVA payments leave you with nothing left.
I know there are good IVA outcomes but there seem to be too many that fail.
Melanie is the forum IVA expert - have you spoken to her - just to make sure there isn't another option before BR? Is there no way to get your IVA reviewed or to have a payment holiday whilst you look for another job maybe?
All my creditors were included in my IVA so I just re-listed them in my BR.
BR covers all creditors so you'll need to list them all regardless this time.
My credit cards were used (at the end) for day to day living and used to pay bills. I imagine you will need to explain to the OR the new debt you had whilst in your IVA. If your intentions were good and you were paying the debts off before you lost your job that will help.
I am sure one of the BR/IVA experts will verify this soon.
Take care
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 29 May 2008 : 09:56:05
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Hi modensane,
The OR will examine your conduct prior to and during your BR. Court proceedures do vary slightly accross the country and some courts will insist on you producing a certificate of failure of your IVA before accepting a debtors petition. My advice is to stop paying your IVA until you get this certificate, and then go BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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