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Anxious2011
Starting Member
6 Posts |
 Posted - 13 June 2011 : 08:35:24
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Hi I seem to have so many questions but I would like some advice if possible before we make a final decision.
Hubby has around 28k unsecured debt and 6k corp tax bill. We cannot afford any of it. We have no savings/no assests. We rent privately with nice landlord. We have a car each - worth about 1k each
We have been advised an IVA is the best option but I worry we will not be able to sustain the 5 year repayments. 5 years is a long time.
IF the IVA fails does that mean that the BR starts from the time the IVA failed so in effect we could do 2 years in an IVA, it fails and then we start over at the beginning of 5 years again for BR?!
My hub is self employed, his company is insolvent he cannot pay the corp tax which is due in July. We have been advised to close the business and open a new one in my name so he can still trade but not as a director. I will be the director. However, should we hang on and close it now, or if he goes BR should we do it all in one go? Or close the business and then deal with the personal debt separately?
If i were to take a paid job during the BR time, does that count as extra income even though all the debts are in my hub name?
The BR fees : we need to find the fees! Do we put off paying our creditors so we can acumulate the fees?
Will they get straight on our backs if we don't repay the minimum? Are they really likely to accept a token payment for a month or two?? if we don't pay the current huge monthly repayments we could probably get the cash together in a few weeks.
We have never missed a payment on anything but we are breaking our necks every month so we don't default but it's really getting to crunch time now.
What is the best way to handle saving the fees whilst keep the wolves from the door? Plus all the other questions above too!
We are due to submit docs for IVA this week but need some answers before we do, if possible ! thank you |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 13 June 2011 : 09:14:29
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Hi Anxious,
I suggest you contact one of the experts as you really need all of your options and the pros and cons of each one explained fully to you.
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/ |
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Anxious2011
Starting Member
6 Posts |
Posted - 13 June 2011 : 09:16:51
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| How do i contact an expert? thanks |
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glafy
forum expert
436 Posts |
Posted - 13 June 2011 : 09:42:27
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Hi Anxious 2011.
The experts link is on the left hand side of this page in darker blue, under the 'Forum' sub heading. Just scroll up slightly.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Anxious2011
Starting Member
6 Posts |
Posted - 13 June 2011 : 11:04:19
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I clicked on the "experts" button and entered my message in there and it said it would be posted on the forum - what am i doing wrong!?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 June 2011 : 11:13:32
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If you click on the experts button there is a list of experts on there with contact details. Scroll down to the one you want to speak to and either email or phone if there is a number there.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 13 June 2011 : 11:15:05
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The other thing you can do is look at the posts on here by the experts - they all have details of their companies in their signature if they are in the insolvency business.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
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debtinfo
forum expert
2826 Posts |
Posted - 13 June 2011 : 19:06:37
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quote:
Originally posted by Anxious2011
Hi I seem to have so many questions but I would like some advice if possible before we make a final decision.
Hubby has around 28k unsecured debt and 6k corp tax bill. We cannot afford any of it. We have no savings/no assests. We rent privately with nice landlord. We have a car each - worth about 1k each
We have been advised an IVA is the best option but I worry we will not be able to sustain the 5 year repayments. 5 years is a long time.
IF the IVA fails does that mean that the BR starts from the time the IVA failed so in effect we could do 2 years in an IVA, it fails and then we start over at the beginning of 5 years again for BR?!
Yes but the bankruptcy is only for 1 year whenever you start it
My hub is self employed, his company is insolvent he cannot pay the corp tax which is due in July. We have been advised to close the business and open a new one in my name so he can still trade but not as a director. I will be the director. However, should we hang on and close it now, or if he goes BR should we do it all in one go? Or close the business and then deal with the personal debt separately?How are you going to run the business, do you have any expertise in that area, you are not alowed to front a company if someone else is really running it
If i were to take a paid job during the BR time, does that count as extra income even though all the debts are in my hub name?He would need to declare any changes in the household income
The BR fees : we need to find the fees! Do we put off paying our creditors so we can acumulate the fees?thats what most people do
Will they get straight on our backs if we don't repay the minimum? Are they really likely to accept a token payment for a month or two?? if we don't pay the current huge monthly repayments we could probably get the cash together in a few weeks. well they wont like it, and they will probably hassle you but there is not a lot they van do in a few months
We have never missed a payment on anything but we are breaking our necks every month so we don't default but it's really getting to crunch time now.
What is the best way to handle saving the fees whilst keep the wolves from the door? Plus all the other questions above too!
We are due to submit docs for IVA this week but need some answers before we do, if possible ! thank you
As above..... |
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Hi I seem to have so many questions
