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Charliepops
Starting Member
5 Posts |
 Posted - 04 August 2011 : 18:00:00
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Hi everyone.
My IVA has failed after approx 2 years. Since starting the IVA i have had a baby with my partner, so it became unaffordable. After contacting my IP and speaking to them for months it became clear there was no way the IVA could continue.
I have now recieved my termination of IVA from my IP.
They said for bankrupcy i should contact my local county court (which i have) and get the forms to fill in (which i have).
I have a few questions though.
1 - What happens to the money that i already paid into the IVA? Does it come off the original dept (minus any fees my IP would have taken for the setup of the original IVA) to give me a new dept figure? Where do i get this information?
2 - When setting up my IVA i had to stop using my bank account and setup a basic account (which i still have). Will i have to do the same again? i dont want to mess up my rents or other utilities payments for no reason as well as changing where my wages go.
3-i have a car that i use for work (100 miles a day) this is in my name. My partner has a car that she uses to ferry little one around that is hers but i pay for the insurance, fuel, and maintenance. Can we keep both cars?
4 - Will someone come round and take a list of all the stuff we have? I dont have much really just a 26" tv on a stand, a ps3, and furtinutes, oh and loads of kiddies toys?
Sorry to have all these questions, i thought i had it all sorted when i undertook the IVA but now the old stress is getting to me again and i want to sort it out before i get letters and knocks at the door again!
Any replies are appreciated. :-)
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 August 2011 : 18:21:42
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Hi,
So sorry that you've had to let your IVA fail.
1. The money you have already paid in will have gone towards IP fees and your creditors. Don't worry about up to date information as the OR will sort this for you.
2. If your bank account is not a creditor it may well be ok. The OR will probably not have an interest in it.
3. If it is only you declaring BR then your partners car will be safe - if yours is worth less than £2k and is needed for work then you should be ok.
4. Nobody will visit your house. Household goods are safe, your computers and kids toys will be ok. Any debt collectors who call can only ask for money and you do not have to speak to them.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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debtinfo
forum expert
2826 Posts |
Posted - 04 August 2011 : 18:30:47
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1. The IP should issue a final report, you can ask for a copy and this should have all the details you need
2, Who is it worth,co-op and barclays are usually best for bankruptcy.
3. Does your partner have any income
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Charliepops
Starting Member
5 Posts |
Posted - 04 August 2011 : 19:19:20
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Thanks Guys for the replys. :-)
Kellis3 i seem to remember you being very kind and informative when i was going through the first stages of my IVA. :-)
Well thats good to hear about what happens, guess i just want this all to be over again and start a fresh!
Can they decline bankruptsy?
I owed £34k ish before the IVA and have paid in £10k in total, so probably £5k after fees etc. I earn just over £40k a year,my partner does not work. I rent my house. I dont have any assets.Can you please let me know how they work out how much i have to pay back per month? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 August 2011 : 19:29:17
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Just sorry to hear that it has failed - none of us like to hear that.
It will be a fresh start and your BR will go ahead - you have tried your best.
Is it just you going BR? Your payments will be worked out on disposable income. Anything over £20 a month and you will pay an IPA for three years on everything.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Charliepops
Starting Member
5 Posts |
Posted - 04 August 2011 : 20:42:19
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I hope it will be a fresh start! :-)
Yes it would just be me going backrupt. Do they work out the outgoings the same as the IVA would work them out? Do they let you have the same outgoings etc?
I thought the bankrupcy was 12 months?
So i pay 50% of disposable income for 3 years? IS this monthly amount set from the start or is it done on a monthly basis?
Sorry for all the questions! :-)
Is it just you going BR? Your payments will be worked out on disposable income. Anything over £20 a month and you will pay an IPA for three years on everything |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 04 August 2011 : 22:17:16
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I don't know if the allowances in BR are the same as an IVA as they changed at the end of last year.
You are discharged from BR after 12 months, but if you have more than £20 per month disposable income you will pay this into an Income Payment Agreement for 3 years.
The IPA is no longer worked out on a sliding scale so the 50% is no longer applicable.
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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debtinfo
forum expert
2826 Posts |
Posted - 04 August 2011 : 22:21:26
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| The IPA is now likely to be similar to the IVA under the same circmstances, the allowances may vary a bit but on average much the same |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 August 2011 : 22:26:56
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I think they differ in some parts - IVA does not have an allowance for holidays, Christmas or birthdays for example.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Charliepops
Starting Member
5 Posts |
Posted - 04 August 2011 : 23:26:31
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Tracey - So do they accept all the papaerwork, you pay £700 and then they contact you afterwards to sort out how much money you will pay?
Ok well i do have more than £20 disposable so i would pay into it. Are you saying that once i have paid everything out i will pay 50% of what is left? What happens if i get a payrise? or my outgoings increase? Can you ask for the amount to be changed or is it fixed?
Love the blog by the way,what a journey for you! :-)
Thanks "debtinfo"i guessed they would be pretty similar.
Kallis - that sounds good, i think christmas/birthdays and holidays were the things that stressed me out and made the IVA more difficult!
Im already feeling better! :-) |
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debtinfo
forum expert
2826 Posts |
Posted - 04 August 2011 : 23:48:18
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| no you have to pay 100% of your surplus which is calculated as what is left after all your reasonable outgoings have been met, the amount can be changed up or down or stopped altogether depending on how your circumstances change, that is the key difference between an IVA and bankruptcy, the IPA cant fail, it just changes if your circumstances change |
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Charliepops
Starting Member
5 Posts |
Posted - 05 August 2011 : 00:09:43
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hey
Thanks again for the reply.
So is the amount of the IPA set at te beginning and its upto me to say whats gone up or down?
What happens with thing like overtime and bonuses etc? In the IVA i had to pay over 50% of any extras, how does it work with bankruptsy?
Thank you.
no you have to pay 100% of your surplus which is calculated as what is left after all your reasonable outgoings have been met, the amount can be changed up or down or stopped altogether depending on how your circumstances change, that is the key difference between an IVA and bankruptcy, the IPA cant fail, it just changes if your circumstances change |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 August 2011 : 16:41:58
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I have no idea about overtime or bonuses but suspect that you might have to pay the lot across.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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Topic |
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IVA Failed, onto Bankruptcy, but some Q's..
