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Suzanne100268
Starting Member
2 Posts |
 Posted - 21 June 2011 : 11:36:07
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| I am currently in an IVA with my partner. We are struggling to maintain it. Currently we pay £700 per month which shows as our disposable income. We have negative equity in the property and are considering whether to go bankrupt as we cannot forsee another 4 years of paying this IVA. What would the likely Income Paymnts Order be and how long would it last. |
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moodybluetwo
Junior Member
156 Posts |
Posted - 21 June 2011 : 12:38:14
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| Welcome to the forum. Currently if after all your allowable expenses you have £20 or more per month left as disposable income then this can be claimed by an IPA/IPO . An IPA/IPO runs for 3 years from its start date which is sometime during your bankruptcy year. |
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Suzanne100268
Starting Member
2 Posts |
Posted - 21 June 2011 : 14:19:45
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| Thanks - I may as well continue my IVA for 4 years! |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 21 June 2011 : 15:46:48
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donememoney,
You are a bit out of date with your info. You can not buy back the beneficial interest in the property for £1 anymore. The property will be valued again 2 years and 3 months after the bankruptcy order is made.
You also won't be allowed a lot of the expenditure that you have listed, although well done you for getting them all accepted.
Suzanne, I advise you to speak to your IP, tell them you are struggling and go through a new income and expenditure and take your time to make your decision. If you really think that bankruptcy is going to be the best option, you will need to formally fail it anyway which can take several months.
Please keep posting, we're all here for 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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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 June 2011 : 16:08:24
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donememoney, just because BR was the right thing for you doesn't mean it is right for everyone, and as Viki says some of your info is incorrect.
Although this is BR advice forum it's important that posters are made aware of all their options as BR may not necessarily be the best thing for them.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 June 2011 : 18:03:34
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I totally agree with Viki and Tracey. Some of your information is very out of date.
Suzanne should try and sort out her IVA firstly with her IP before deciding whether bankruptcy is the right way to go.
These days the allowances in BR are not as generous as they were and Suzanne could end up paying as much to an IPA as she was to her IVA.
BR is brilliant for some people but not for everyone and all posters should seek advice as to which is the best way forward for them.
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
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debtinfo
forum expert
2826 Posts |
Posted - 21 June 2011 : 18:46:50
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As Kallis says nowdays you would expect IPA and IVA payments to be assessed at a similar rate as they are both working on the ethos of taking all surplus that is not needed for reasonable living standards.
Suzzane - Why do you think that yu are struggling to maintain the payments, By definition you must be either spending more than originally agreed or earning less, have you had and drops in income, and increases in expenses, do you keep a log of all spending, alot of people in IVA's do this so that they can measure it against what they allowed and identify where it is falling short |
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Bankruptcy or IVA
