Hi ..I`ve been on an IVA for just about a year...then a creditor from the past appeared and the IVA was increased another year. Any more would increase my payments...so I`m thinking of Bankrupcy as this would give me a target date that ends the debts. So I would be grateful for any advice.
Edited by - moodybluetwo on 04 April 2010 19:12:16
what sort of advice would you like, we cant really tell you whether you should do it or not as that is a decision you have to make.
What we can do is if you give a specific question such as what will happen to my house it is worth this much and has these charges then we can give you a likely answer
The answer is mostly yes. All debts whether disclosed or not will be cleared except CSA, Student Loans or court fines. Also any debt incured through fraud would not be written off. The OR will expect you to do all you can to present an accurate picture (ie such as getting your credit reports to see if there are any debts you have missed) but you will not get into trouble if something is accidently missed only if you deliberetly missed a debt off
You will have to let your IVA fail by missing three payments, which would allow you to get together your fees, which have just gone up to £600.
Bear in mind that your credit record will be shot for a further six years from the date of BR and you will very likely have to pay an IPA for three years.
Do you have any assets which might be affected by bankruptcy, such as a house with equity or a car worth over about £2k?
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Thanks so far for your help. This is my situation so far as I see it..My IVA has been running for a year...but other creditors have come along...as I said there could be many more so its still running 5 more years. I rent my property and my car is a 10 year old Peugeot. I am engaged but cannot get married until all this is sorted..my fiancée owns her house so I don't want to get her involved. It looks like I may have to cut my hours of work down soon due to health problems but that depends on how much I will have to pay...I may not be able too! I was happy with the IVA at first..seemed OK and fair..but 6 years and ever increasing payments doesn't seem so good.
It seems that you have done your researchand becoming BR is appropriate in your circumstances
give one of the experts to the left a call they may be able to just run through your circumstances and once they have established all the facts they may be able to offer some guidance or help.
End of IVA?
Posted - 04 April 2010 : 15:31:50
