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paula.h
Junior Member
171 Posts |
 Posted - 12 June 2008 : 21:02:02
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Hi been in an IVA for 10 months thinking of going bankrupt. what happens to money already paid into IVA. If have an attachment of earnings order, how much do you have to pay and for how long thanks
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 June 2008 : 21:30:15
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Hi there and welcome to the forum.
it is usual for the Nominees fee ( the fee the IVA company charge to set up the IVA ) to be paid first out of the contributions, it is then dependant upon the wording of the IVA if money is put asside to make you bankrupt OR the first years supervisors fees are paid next.
Depending upon your contributions then any surplus would be distributed pro rata between the creditors.
Have you spoken to your IP about the IVA and why you are thinking about Br.
it is always a good idea to clearly note the reasons and have this discussion. In some courts the Judge may well ask why the change of heart. So good to know if it is situation change, marriage split, job change, overtime reduction etc etc etc.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 June 2008 : 22:05:33
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You should no longer have an attachment of earnings order if you are in an IVA.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 12 June 2008 : 22:19:04
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Wish I had known that Melanie - I had one when I was in my IVA - are there any exceptions to that?
Vicki x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 12 June 2008 : 22:21:47
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Any attachment of earnings order naturally comes to an end as the bankruptcy order takes priority, thus enabling all creditors to share equally from the distributions of the bankrupt's estate. Only the CSA and student loans debts can continue to be collected throughout a bankruptcy, as well as Court fines.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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thinking of going bankrupt
