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Joseph.sj
Starting Member
1 Posts |
 Posted - 02 April 2012 : 19:27:54
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| I have agreed to repay £4000 per month and made the first payment on 23 March. I have now been served with a statutory demand for the full amount and threatened with bankruptcy. Can I set up an IVA? |
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debtinfo
forum expert
2826 Posts |
Posted - 02 April 2012 : 19:55:58
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| please can you provide some more details |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 03 April 2012 : 07:26:57
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Hi Joseph,
Is it just the one debt you have?
As debtinfo has asked, please post a few more details, or contact an expert on here who can chat through all of your options.
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 |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 03 April 2012 : 08:16:13
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Hello there - the best advie i ca give on such limitedinformation is to have a look on the left hand side of the screen at the 'experts' tab and scroll down to view the experts and contact one of us from there - either of us can go throug our particular situation and advise you on what your options are - An IVA is possible to set up, provided you 'qualify' debt level, disposable income etc and which ever of us you contcat can talk you through the process. Icf an IVA is something tht you wish to then take forward, I have to advise you that time is of the essence, so that your creditor can be contacted prior to the bankrtupcy date to advise re IVA etc, so try to get in touch asap
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms. I can be contacted at www.lifestylemoney.net or via the experts tab |
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mydebtpages
Starting Member
43 Posts |
Posted - 03 April 2012 : 10:07:42
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Hi Joseph
If you start the IVA process it is possible (theoretically at least) for your Insolvency Practitioner or IP firm to get you legal protection from your creditors via the courts.
However just the threat of this happening (and of course the possibility of a payout from the IVA) is often enough to cause an aggressive creditor to back off anyway.
Regards
- MyDebtPages |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 April 2012 : 10:22:25
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It's not just theoretical - an IP will take out an Interim Order to stop any creditor from taking legal action whilst the IVA is put in place if this is threatened.
Obviously if the IVA is not accepted then the creditor is at liberty to start pursuing you again otherwise they are bound by the IVA.
Do speak to an expert - they will be able to give you free advice
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 - 03 April 2012 : 10:27:44
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The obvious elephant in the room here though is that with such a large repayment planned to this one creditor then unless the debtor has massive debts then this creditor may have sufficient voting power to block the IVA
That's my first impression given the. sparse details anyway |
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Kelly O
forum expert
United Kingdom
27 Posts |
Posted - 03 April 2012 : 11:06:55
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Once you have been served with a statutory demand you have 21 days to settle the debt or 18days to challenge it, so time is of the essense.
After 21days the creditor can petition for your bankruptcy.
You should seek advice on whether an IVA is an option in your circumstances.
Do you have any assets that would be at risk in Bankruptcy?
Kelly Osadare CertDR
If you would like any help or advice on any aspect of your debts do not hesitate to contact me. |
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I am threatened with bankruptcy. Can I set up an IVA ?
