| Author |
 Topic  |
|
|
ivatobankrupt
Starting Member
2 Posts |
 Posted - 19 February 2011 : 09:34:42
|
Hi, My wife and I are in a joint IVA. We entered into this at a very stressful time and didn't do our research. We are about to go into bankruptcy but one of the many debt advice 'vulture' companies has said we cannot go bankrupt until 6 missed iva payments and we recieve a certificate of our iva company? Is this a way to get their fee and let us pay them our iva payment? They want £1800 to fill out our forms!!
I am clearly not going with them but do not know what to believe as i feel im swimming with the sharks and everyone is out to make a buck from clearly desperate people.
Hope this makes sense. |
|
|
debtinfo
forum expert
2826 Posts |
Posted - 19 February 2011 : 09:39:38
|
| you will need the certificate of failure (rin the IP and ask for it) but once you have that you dot need to pay anyone to fill in the forms for you (although you can if you want to) you can fill them in yourself, most people do |
 |
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 February 2011 : 09:40:35
|
Hi and welcome to the forum.
There are a lot of bankruptcy assist companies out there that operate like this. Did they send you a letter telling you that you had been mis-sold your IVA?
You need to speak to your Insolvency Practitioner. If you really want the IVA to fail and declare bankruptcy, then you would need to miss 3 months payments and yes, you will need a certificate of termination to take to the court with you.
You do not need to pay this company your monthly IVA payment, you can do the bankruptcy yourself and I suggest you save that money for your bankruptcy court fees.
Please be aware that if you can still afford your IVA payment, then you are likely to have to pay and income payment agreement for 3 years when bankrupt so you really need to speak to your IP to see if the IVA can carry on.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
|
|
|
debtinfo
forum expert
2826 Posts |
Posted - 19 February 2011 : 10:17:12
|
| its probably worth pointing out as well that although IPA payments used to always be less than IVA ones, with the new guidelines it is likely that they will be about the same |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 February 2011 : 10:49:02
|
I totally agree that you should not be paying across your IVA payments to this company - save them up to pay your court fees.
It is worth speaking to your IP though to see if they can lower your payments rather than letting it fail.
Which company was it that told you this?
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
|
|
|
ivatobankrupt
Starting Member
2 Posts |
Posted - 19 February 2011 : 15:12:52
|
| Hi, Many thanks for your help guys. By IP insolvency practioner I assume you mean my iva company (RSM Tenon). I have already missed 3 payments. So should i ring RSM tenon for this certificate, i have a feeling they will not be the most helpful as i have been in the iva less than a year and all their fees havent been paid yet. Should i put their fees on my bankruptcy application? |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 February 2011 : 15:19:23
|
No, you don't need to put their fees down, I imagine these will be written off, but I would speak to them in the first place to see if your IVA can be salvaged.
If you have missed three payments then the IVA may well already have failed. If there is nothing to be done then you should ask them for the certificate.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
|
|
| |
Topic |
|
Do I need to wait for IVA company before going BR
