|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
| Author |
 Topic  |
|
|
john.66
Starting Member
2 Posts |
 Posted - 07 June 2010 : 22:38:02
|
| i am new to the site and wondering which way to turn been in an iva for 3 years and have been struggling,and have now decided we want to go bankcrupt and have started to make the iva fail,and we will be putting the house into it aswel,in which there may only be 10,000 equity,the depts are roughyly 72,000 that was when they went into the iva,the problem we are scared of is the surplus we may have to pay,into the banckruptcy,we dont know how to work it out,i.e rents etc our total bring home monthly income is approx 2400 pounds we will need to find rented accomodation please help getting really desperate now |
|
|
debtinfo
forum expert
2826 Posts |
Posted - 08 June 2010 : 06:17:57
|
| First of all, you need to make a complete list of you income and expenditure |
 |
|
|
gettingoutofdebt
forum expert
2418 Posts |
Posted - 08 June 2010 : 09:19:41
|
You will need to plan your BR. The first steps should be to get rented accommodation sorted out. I don't know about people in IVAs but people who are BR generally have problems renting accommodation from Rental Agencies as they will carry out a credit check. Check local papers for private landlords as they won't carry out credit checks. You could also offer a higher deposit if you are able to save some money from not paying the IVA any more.
The next step is to check with your local court on their BR procedure. You can find your local court at http://www.hmcourts-service.gov.uk/HMCSCourtFinder/ Some require you to make an appointment but with others you can just turn up on the day. Also check whether they will need to see your IVA failure certificate. If they do and you don't have it then they won't be able to declare you BR.
The next step is to complete the BR forms. These can be done online and printed off.
As part of the BR forms you will need to complete an I&E. The BR I&E figures are generally not as strict as the IVA figures but you won't be allowed things like social/birthday/xmas presents as these would be expected to come out of any DI.
You can always post your I&E here and we can take a look and advise. |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 08 June 2010 : 20:10:25
|
Hi John welcome to the forum
before you take the plunge and volunteer to move out of your home, speak to one of the experts is this something that can be saved ? . (if you want it to be saved.)
I feel that too many people jump into bankruptcy without properly planning the process.
from the information you have posted and not knowing your full circumstances, it seems a shame after battling for three years to maintain the IVA to let it go easily, can your IVA provider help you with options.
this forum has some great experts I would suggest trying to make contact with some of them,
I used Paul and his team at Reviva, an initial phone call and coffee with him helped me to understand the whole process, he spent ages answering my questions and fears (or was that just eating my biscuits !)
I know he works late evenings so drop him an email
good luck regards Richard |
|
|
|
Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 08 June 2010 : 20:55:20
|
Hello John
Can I respectfully ask you without knowing your full details to fully consider the property with 10k equity still in it, especially with £2400 net income each month as every pound saved in mortgage fees is 50p to 70p to the OR as an Income Payments Order. Far to many people are giving up on their properties which in reality double every ten years, later in life you may regret this. The IVA failing or about to fail after three years is a shame you are past half way, please speak with your supervisor to see what can be done he has had his fees by now in full, please be aware you may end up paying more in bankruptcy over the long run, especially if you are renting. |
|
|
| |
Topic |
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
|
|
|
|
|
 |
|
|
|
|
|
i am new to the site please help
