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Skint101
Starting Member
18 Posts |
 Posted - 04 November 2010 : 09:24:14
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Hi - we are seriously considering BR now as I have been away from work due to work related stress for 6 weeks. I want to work but will not secure a job paying the same amount of money. We are already struggling with our IVA. We are making the payment but we have no contingency building up or money for car tax and MOTs.
What I wanted to know please was what is the difference between the I&E of an IVA and BR if any?
Thankyou for your help. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 November 2010 : 09:56:53
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BR is a lot more generous than an IVA. Any disposable income over £99 a month, you will pay an IPA for three years.
Your bankruptcy will be on your credit file for six years. If you own your own house and have equity there is a good chance you will lose it.
Speak to your IP in the first instance to see if you can sort out lower payments. How long have you been in your IVA?
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Skint101
Starting Member
18 Posts |
Posted - 04 November 2010 : 10:09:05
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We have only been paying in for 6 months and are finding it diffficult. We knew it wouldn't be easy but we wonder whether hubbys wages were worked out wrong and this is the shortfall. He is on a seven week rota so one month he gets the right amount the next he doesn't.
The stress is all consuming at the moment between work and debt we just want it all to be over, it's getting the better of us. |
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Skint101
Starting Member
18 Posts |
Posted - 04 November 2010 : 10:49:17
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Is there somewhere you can get a list of what is allowed to be claimed for?
Thanks |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 04 November 2010 : 15:16:12
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PLease get in touch with your IP, and request a review, it is important that you are able to 'live' yes the budget is tight, but it should also be liveable - if not there may be something wrong in the caluculation. Get in touch and go through everything with them.
If you wished to leave the IVA and go down the bankruptcy route you would need to speak to your IP anyway, as you would need to inform them of your decision and obtain a 'certificat of failure' of your IVA - you would be unable to file for bankruptcy without it.
It would be really sensible to get in touch asap and request the review, don't feel awkward in requesting this, it is a very common request, and they will be only too happy too help
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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Skint101
Starting Member
18 Posts |
Posted - 04 November 2010 : 15:22:55
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| Thanks Melanie, should I wait until I have secured another job? At the moment I am being paid full pay but I am not going to be able to go back to that job. I am not being supported properly and live in fear of the day the doctor tells me I am fit for work. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 04 November 2010 : 15:27:33
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I would contact them now, if you nare currently making payments into the IVA, it should be reviewed as soon as possible. There is no point struggling on!
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
telephone 01792 899996
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BR differences to IVA
