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homerjay1973
Starting Member
15 Posts |
 Posted - 07 June 2010 : 16:01:15
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I entered into an IVA some time ago but 12 months after the agreement started I lost my job. I have made no payments into this arrangement now for about 2 years. My Insolvency Practitioner (Grant Thornton) are aware that I am no longer employed and have not been in touch with me since I told them of this change. Further to this, there have been further changes in that I have become a Father and moved in with my Girlfriend who owns her own home and works full time. I pay nothing towards bills and my only income is Child Benefit, which was put in my name so that I no longer have to attend he Jobcentre to gain my NI credits.
I am now considering petitioning to have myself declared bankrupt, however I am worried that my girlfriend's circumstances, property, possessions will be taken into consideration in doing this. All debts are in my own name and amount to in excess of £40k. I am also worried of what effect my Bankruptcy will have on her ability to gain credit in her own name?
I have been told that I need to dissolve the IVA before I can proceed with bankruptcy, is this correct? I will have to write to my creditors to get up to date balances, do I have to tell them of my intentions?
Many thanks in advance. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 07 June 2010 : 16:20:48
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Hi Homer welcome to forum
You will need to get a certificate of non compliance from grant thronton, cant go BR without it.
as long as you do not have joint bills your grilfriend , her house should not be effected she may have to submit a certificate of disassociation with the credit agencies but keep a check on equifax / experian
Dont write to your creditors to get an update as you may alert them to your actions and they may take control of the situation.
speak to Grant Thornton and see if their is enough money in the fund to help you go Bankrupt (doubt it but worth a call). can Grants provide any guidance ? will they give you the paperwork that shows the balances as at 2 yrs ago ! at least you then have all / most creditors.
regadrs Richard |
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homerjay1973
Starting Member
15 Posts |
Posted - 07 June 2010 : 21:05:20
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Thanks for that Richard. The Council Tax at our address is in joint names but it is a matter of policy of our Local Authority to do this as it helps them in recovery action if both members of a couple are named on the bill, however the payments are taken straight from her salary (she works for the Local Authority) so she can show that I have made no contribution to paying the bill.
Do I not need up to date balances for the court submission?
Also, I have been reading a few threads on this forum today to try to get my head around what I need to do and a lot of advice is to speak to an expert in order to get the details in order before the paperwork if filed in court. Who are these experts and is a fee made for such advice? I have seen that there are organisations who will help in completing the papers but these seem to be charging upwards of £300 for this service. Is it advisable to have the papers prepared by someone ho knows what they are doing or are they easy enough to understand?
questions, questions, questions...... |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 07 June 2010 : 21:59:39
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Hi Homerjay
The experts are listed to the left.
speak to a couple of experts when they know you full situation they will be able to offer ways of dealing with your situation the result, may well be the same. if the solution and way of dealing with the problem fits your needs then negotiate a fee. they by this time will appreciate your financial situation and know the work involved to preplan BR and help you through the year
the first phone call is normally free.
again with paperwork it is not necessary to get someone to do the work but if it helps your circumstances then get someone to help.
I had investment properties and other debts that needed to be sorted so used Paul and his team at reviva. some manage their own bankruptcy for peace of mind I wanted someone to hold my hand and make certain i did not dig a bigger hole
yes the OR would prefer that you listed all of the amounts outstanding and correct balances but you can only list the information that you have to hand
regards Richard
The important thing with bankruptcy is making certin that you do the leg work before court and making certain you have your ducks in order |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 07 June 2010 : 22:05:51
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Hi Homerjay
Me again the best thing i did was get my expert to enter me in his diary and visit me at home. (changed after posting )or schedule a phone call that both you and your partner can listen too
regadrs Richard |
Edited by - Richard P on 07 June 2010 22:07:57 |
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homerjay1973
Starting Member
15 Posts |
Posted - 08 June 2010 : 23:56:50
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Hiya Richard, I have emailed Paul at Reviva, and when I have looked through the court forms I will call him for a chat.
If I get my credit report from the referencing agencies, will that show the current balances....? Thought that might be a sneaky way of getting the information without writing to the creditors directly and, as you said, possibly alerting them to what I'm doing.
Also, looking at the last line of your post above and 'getting your ducks in order before you start', has anyone put together a comprehensive guide on this forum which includes things to look for, common problems with the paperwork, hints, tips etc...? There seems to be a lot of new posts on the forum from people like me who have decided that this is the way to go but have no idea what to do or how to proceed. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 09 June 2010 : 18:57:07
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No comprehensive list i am affraid as all of our circumstances are different.
get a list of questions ready for paul, he will cover all above and prob more
regards Richard |
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Topic |
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told that I need to dissolve the IVA
