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Geena
Starting Member
14 Posts |
 Posted - 25 February 2011 : 13:29:21
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| hi, we now have the failed iva notice and we still have not received my husbands severance pay to fund bankruptcy costs. when creditors contact us will it be enough to say we are filing for bankruptcy and stand firm or is it best to find the money from someone else to fund bannkruptcy costs. it is just that if we file now and the severance pay comes before we are dischraged then the monies will go to the receiver (they are due within a month). also can you tell me if put on payment plan and we get a lump sum along the way does the receiver take this too? thanks for any help. really worried about the creditors calling now |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 25 February 2011 : 17:15:30
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Hi Geena
welcome to the forum
The creditors will shout, send letters and make phone calls all the time.
If you can hold on till the severeance pay comes through that will save you borrowing more money.
I do not know which area / court you would qualify for ? but some of the courts have a 4 week time delay. so speak to the court as part of your planning.
nothing stopping you going BR at seperate times.
has your IVA provider given you BR advice if not have a chat with one of teh experts to the left just to make certain everything is properly planned.
Richard |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 17:32:54
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Geena has also taken advice from the sister forum and has had advice from her IVA provider.
I would hold off until the severance pay comes through. The creditors can't do anything worse than make you bankrupt themselves which would be good as they would have to pay for it.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Geena
Starting Member
14 Posts |
Posted - 25 February 2011 : 18:52:46
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hello kallis :), yes we will hang on for the severance pay and just put up with the constant calls. Richard the iva provider set aside monies to petition, but say they gave it to the creditors and this is on the fail notice. We discussed one of us doing br one doing iva and a a result 13k was offered for 16k which would have been paid over the 5 year term in full and final for one iva . It was was rejected by grant thornton as was an extended term for lesser payments. So br is our only option. At least te receiver cannot say we did not try all avenues.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 18:58:02
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Quite agree Geena, nobody can say that you didn't try all avenues.
If you need help off forum with your BR then you know where I am.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Geena
Starting Member
14 Posts |
Posted - 25 February 2011 : 18:58:12
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hi, didnt think of that one..going br at seperate times . May think about that, but wont i have to put my partners income on it? if so it will mean i may not be able to keep up the 36months income repayments when he becomes unemployed.
Also our court is a daily service. You just turn up apparently at a certain time. Got the prepaid mastercards ready etc so just waiting now for the severance. Thanks
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 19:00:52
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Good luck Geena - hope it all works out ok and you know where I am.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Geena
Starting Member
14 Posts |
Posted - 25 February 2011 : 20:11:53
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Hi, any idea what will happen to my 36 months payments when my partner becomes unemployed after receiving the severance pay? Will payments be re calculated by the receiver as if I go on monday I have to put his income on my form. Thanks for any help
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 20:19:36
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The payments into your IVA will have gone to your creditors and to pay the IVA company fees to date.
I believe the severance pay is to help towards your fees? If there is anything left over then I don't know what will happen to that money. I presume your partner will be on benefits.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Geena
Starting Member
14 Posts |
Posted - 25 February 2011 : 20:27:53
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Hi, I mean the 36 months payments the receiver can make you pay in (via your wages. As mine will be calculated with my partners wages on as he will still be working on monday, will the receiver modify the payment in br from my wages when my income goes down when my partner becomes unemployed?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 20:31:13
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I don't know about that Geena. I hope one of the experts can help with that.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Geena
Starting Member
14 Posts |
Posted - 25 February 2011 : 21:23:54
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thanks ...me too need all the info i can get before i go to court. cant really stand much more of the waiting game.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 25 February 2011 : 21:39:36
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Hi Geena
I may have missed some of your conversation on IVA forum.
In bankruptcy you and hubby will be treated seperate based on your own circumstances, which is why you may have read on previous threads of some married couples, one receiving early discharge 6 months bankruptcy and end. then the other partner getting an IPA which last for 36 months from the date of agreement.
If you cannot make an agreement to the amount to be paid the OR / trustee can/ will apply for an order.
during the period of bankruptcy and the IPA/IPO you are duty bound to inform the OR of changes in your income AND expenditure but most only inform them about income changes... why ?
re your comment Richard the iva provider set aside monies to petition, but say they gave it to the creditors . WOW ill pass on comment
Richard |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 25 February 2011 : 21:57:50
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It would depend upon the individual proposal but I would have thought that if the money was earmarked for BR then that is what it should be used for.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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Geena
Starting Member
14 Posts |
Posted - 25 February 2011 : 22:00:26
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Thank you Richard . That explains everyting. I may just get it over with now on monday. My husband can come in support as i am dreading the process and he can wait to file for his br after severance pay. I know i may not have to see the judge, still scary 
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 25 February 2011 : 22:17:31
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Good luck Geena, I know it's scary but the thought of going BR is worse than actually doing it x
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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hi, we now have the failed iva notice
