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nixx37
Junior Member
United Kingdom
171 Posts |
 Posted - 17 June 2008 : 22:21:41
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hello all
I am really hoping that some of you on here will be able to help me?!
I will try and keep this short, but is a long story i am afraid...been getting divorced for nearly 2 yrs now, and am settling for much lower financially than i deserve, but lets not go into that....
I will only be getting about 7 k once all the solicitors fees have come out and the statutory charge as i'm getting some £ off my ex, plus an over payment of £2.5k which i have to pay back to the inland revenue for an overpayment of tax credits...lets not go there either...long story...
Basically i have been looking at an IVA, but am getting mixed reviews on that, and the iva companies i have talked to, sound rather dodgy to me...one told me i needed to owe 20k to get an iva with them, i owe 17k and could i not say that i owed someone £ and then that would account for the extra 3k i needed to get my iva with them, as you prob guessed i put the phone down rather swiftly after that comment! another iva company has now resorted to bullying me, i feel, and i am not going to put up with that either!
anyway all i really need to know is this, if i get 7 k financial settlement, and then go bankrupt after and the 7k is all spent....can i still go bankrupt or will the court get funny about that?
Just i was hoping to get alot more £ in my settlement and was going to ring around and offer the creditors a lump sum, for instance if owed 3k to one, was told if rang them and offered half of that they may accept to get it paid off...
You see for all this stress i have been through i want to get a conservatory built onto my housing association house (they've said i can at cost to me) may seem crazy but i have lived here 11 yrs now, and don't see me ever moving as will not get a mortgage ever i doubt..not a single parent the way the market is. so seems worth it to me, my son is 13 and my daughter is 2 so they cannot share so my daughter and i share a room, we are in a 2 bedroomed house, i have done all i can to try and get us an exchange but no-one wants to swap a 3 bed for a 2 bedroomed house...
also i need a car, i do not have one right now,and am using my mothers to get to work and to college. So that 7k is spent really, so if i then went bankrupt would court get funny and make possess my car? even if worth less than 2.7k?
Any advise would be greatly appreciated,just do not know what to do for the best, the iva or the bankruptcy....
help?!
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 17 June 2008 : 22:30:58
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Hi Nixx37 - welcome to the forum!
I know you have already spoken to various Insolvency Practitioners but it would be really worth your while speaking to Melanie Giles - Expert on this site and on the sister site IVA Help.
She will give you a realistic view on whether IVA is suitable or, as you are in rented property etc that BR is the better option.
Have a look on the "experts" link for her contact details - she may even be online later tonight.
I know the OR can be funny about spending money immediately before going BR and also about paying selected creditors so see what she, and other BR assist experts, advise you about that too.
Hopefully an expert will be about soon
Regards
Vicki x |
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nixx37
Junior Member
United Kingdom
171 Posts |
Posted - 17 June 2008 : 22:40:57
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thanks vicki
much appreciated will contact melanie giles, keep hearing of her so she must be a good person to ask
thanks
x |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 17 June 2008 : 22:45:19
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You're welcome - let us know how you get on.
Vicki x |
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melanie_giles
Senior Member
1191 Posts |
Posted - 18 June 2008 : 00:18:34
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Hi nixx
You have a relatively low level of debt, and the ability to reduce that with your matrimonial settlement down to approximately £10,000. Do you have any disposable income then left which would enable you to make ongoing restructured payments to your creditors?
I don't think that an IVA is the right solution for you, and would certainly not approve any attempt to falsify your records to try and make the criteria fit - that advice was shocking. A DMP would be a better option, or even bankruptcy proceedings if there was no way to repay the debt. As you have already recognised that you are insolvent, you should not spend your settlement money on anything until you have made your mind up which way is the best for the future.
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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to go bankrupt or not to go bankrupt....
