I have been posting on the IVA site for a while now after we entered into an IVA just 2 months ago now. Unfortunately we are going to be unable to continue our IVA payments as I am going to have to give up my job and support my daughter who has recently suffered a small bleed in her brain and her 2 young children. I am off sick at the moment therefore still getting paid but know I will have to hand in my notice next month. My question is do we have to miss 3 months IVA payments for it to fail or can we apply for bankruptcy straightaway? Also do we do the bankruptcy as a joint thing - do they look at our I&E as a family or 2 individuals? We also have a car on HP which is due to finish in February (these payments were built into IVA) what would happen to this in bankruptcy? I am feeling really stressed with our entire situation at the moment so just want to get the financial side sorted asap and concentrate on helping my family.
You will have to miss 3 payments to your IVA Company for the IVA to fail. They will contact you during this period to see if there is a problem. After the 3 payments have been missed they will contact your creditors and issue a notice of failure regarding your IVA…. You will need this notice if you intend to go bankrupt. You can then apply for bankruptcy. Your creditors can now contact you regarding your debts…..so I advise you apply for bankruptcy as soon as possible.
Your IP will tell you what will happen next so please contact him/her if you haven't done so already. You are still protected by your IVA until it has been failed, so your creditors can't contact you.
You need to speak to the HP company regarding the car as they may want to terminate if you declare bankruptcy. It also depends on what the car's value is and what it's use is etc so take specific advice on this.
If it's two of you in the IVA and you feel that bankruptcy is going to be the option for you both then you need to file for bankruptcy individually but include all household income and expenditure.
Do we have to miss 3 IVA payments to apply for BR?
Posted - 05 May 2011 : 11:30:33
