hi, i am in a situation where mine and my husbands variation for our iva to be lowered to 225 jointly a month from 450 has been rejected and a major creditor wants in fact 1000 a month jointly ( which includes arrears run up as our iva company have been letting us pay reduced amounts)which we dont have as we have 1600 wages a month jointly and my husband is waiting to have his contract withdrawn by severance pay. does anyone know what happens if after mine and my husbands iva fails and we get a certificate of termination from our iva supervisor( i have been told we need this letter before filing for bankruptcy) and we receive the severance pay after filling will the receiver take it all? also will he take it all if we receive it before filling? the creditors from our iva are meeting again next week and if it is rejected we will be filling for bankruptcy. the creditors also rejected the severance pay in full and final offer of my husbands iva so we are backed into a corner and have no other option. i am also wondering if i open a card account for my wages to go into will the receiver want that too or do i have to wait to open this card account after bankruptcy order has been made? thanks for any help
I am sure one of the experts will be along soon to help you as much as they can.
Opening an account with one of the BR friendly banks is an option. I and many others have found Co-op's Cashminder account the best to use although I'm sure other posters can recommend other BR friendly banks. Open the account a while befre BR & arrange to have your wages paid in and set up any necessary DD's/SO's. This way the financial transition into BR should be smoother.
thanks for the support :) we will try for the post office account for benefits and my husband will try the barclays basic account and pay our direct debits etc through that. i cant go with them as they are one of my creditos and the co-op. so i guess i will have to get a pre-paid card for my eages. just need to find out about the severance pay now and if it is paid to my husband after filing for bankruptcy what happens and also what happens if he receives it before filing for bankruptcy. thanks for your help again
Backed into a corner with no other option ?
Posted - 04 February 2011 : 13:58:13
