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Lucy.sh
Starting Member
1 Posts |
 Posted - 21 August 2012 : 12:26:42
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Hi, I'm currently filling in my bankruptcy papers. We have just had our IVA failed. I was made redundant and the new job pays much less.
I just have a few questions, as I am now starting to panic about the situation. Perhaps I have read too many stories about stringent OR's who are unsympathetic and ask questions I may not have the answers to. I am rather worried about how this will affect my two young children.
Is the OR likely to ask for our family bicycles and 2 TVs to be sold? They are not worth much but I know the OR is expected to seize assets when they can.
Our IVA expenses were adjusted by the IP to cover unusual / excessive costs and some expenses used guideline figures as I wasn't sure of actual costings at the time. I have since worked out the figures more accurately. Will the OR have a problem with the IVA figures being quite different from those on my new expenditure sheet? I was also not allowed any allowance for hols/ birthday / xmas on the IVA. Would they query adding an allowance for this in now?
I also used some of my redundancy money to pay for a holiday abroad this year. After a few difficult years and the stress of coping without benefits whilst fighting to get redundancy monies, we decided to use some of it to get away and give the children one decent holiday which they won’t have again for a number of years. Will we be judged harshly for this decision as perhaps from an outsider looking in, it could appear frivolous?
Once the IVA was agreed, I destroyed all credit card / loan statements I had apart from the most recent ones. I have no access to my previous bank account / statements either. I only have about 18 months’ history with which to give the OR. I heard they can ask for 6 years' worth - I haven't a clue what was spent, where, why - I have nothing to look at to try and even figure that out. I am not sure when I even took our some credit cards. So when questioned about all this, what on earth am I to say?
Sorry for the long post :-(
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 21 August 2012 : 12:37:58
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Hi Lucy, welcome to the forum.
If your bikes aren't worth much then they will be fine, so will your TVs.
Put down exactly what you spend, don't worry about the IVA guidelines, although birthdays and Christmas outgoings won't be allowed. You can put in something for a UK holiday though.
Try and get as much as you can back from the IVA company, anything else you don't have the OR can get from creditors.
Were you in the IVA at the time of the redundancy pay? How much did you spend of it on your holiday. Do you have any left?
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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Lucy
Starting Member
2 Posts |
Posted - 21 August 2012 : 13:40:42
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Hi, thanks for the reply.
Eventually received about £5K, told IVA firm and they didn't want any of it. I entered a 6 month payment break so was still in the IVA.
Most money went on paying usual bills, another lot was set aside for bankruptcy fees should it occur. About £2K went on holiday. So none left.
Holiday was booked once I secured the job and also was aware that we wouldn't be able to save the IVA on that salary.
My parents helped out substantially with our living expenses until I got the job (buying food, clothes for kids, cash etc), so the holiday money would have otherwise gone on bills (they knew about and supported our decision to go on holiday). However they are not aware of our IVA or bankruptcy and I can never tell them. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 21 August 2012 : 14:07:53
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Hi Lucy,
Yes, the IVA company would have let you keep it until you found work, usually you would still pay the IVA each month though, but maybe they thought you couldn't afford it as the redundancy was a small amount.
My advise would be to just be honest about the holiday on your statement of affairs and at your OR meeting. I'm sure many many people have done similar.
Make sure you take advice about the bankruptcy, your IP should be able to help. Or you can contact an expert on here or visit the CAB.
Sorry about your IVA, but glad you have another job.
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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Lucy
Starting Member
2 Posts |
Posted - 21 August 2012 : 15:01:46
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| Thankyou for your help Viki. I think part of the problem is I'm over-analysing things and thinking towards the negative parts of what could happen or what may be asked rather than just getting on with it with an open mind and dealing with it. |
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Hi, I'm currently filling in my bankruptcy papers. We have just had our IVA failed.
