| Author |
 Topic  |
|
|
Sstar84
Starting Member
2 Posts |
 Posted - 03 September 2012 : 19:46:12
|
Im in an IVA and have been for 3 years - but have other debts. £750 credit card to be precise. I recently went part time with work as they were carrying out redundencies, so the payments got reduced slightly. But i just cant seem to keep on top of things. Im left with Hardly no money and i just cant live like this anymore. I also took out a payday loan which is messing me up.
Whats the possibility of going bankrupt? i owe about £8000, but im so scared, i dont know where to turn. and i do NOT want to confront the situation with my company.
Any advice? xxxxxxx |
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 September 2012 : 19:59:26
|
Hi and welcome.
You need to speak to your IP asap - how did you manage to get a credit card whilst in the IVA?
Is it £8k or £80k you owe?
You do have to speak to your IP about this at some point. |
 |
|
|
Sstar84
Starting Member
2 Posts |
Posted - 03 September 2012 : 20:11:46
|
It was a card I thought had been closed down but wasn't. And I ended up finding a way to use it as I was struggling.
It's £8k I owe- around that anyway.
Isn't there anyway I can get around it without speaking to them..? :( |
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 03 September 2012 : 22:13:10
|
| You will need to get them to fail your IVA so that you can go bankrupt. I presume this £8k is on top of your IVA debts. |
|
|
|
Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 03 September 2012 : 23:16:08
|
Hi Sstar84,
Please speak to your IP, they are there to help and have dealt with this kind of thing before.
If you need to go bankrupt, then as Niobe has said, there is a procedure to follow and the IVA will need to fail before you can go to court.
It sounds like the IVA payments have been set as unaffordable, which is probably why you needed to take further lending, but with the level of new debt it is unlikely that the IVA can carry on, but please speak to your IP asap.
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 |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 04 September 2012 : 15:45:28
|
Hi sstar
yes agree with Viki and Niobe speak to your IP
unfortuantly their are some IVA providers that set the monthly amount too high and the IVA becomes unaffordable.
The Ips have systems in place to try and get you back on line.
Dependant on how long you have been paying the IVA some of the providers have bankruptcy clauses, these are rare.
Good Luck Richard,
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 September 2012 : 15:57:59
|
It's very rare these days for IP's to have provisions in place for BR. My own is almost five years old and if I had to go BR then I have to fund that myself.
I hope you get sorted Sstar - let us know. |
|
|
|
Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 04 September 2012 : 16:48:58
|
yep i thought that clause was a thing of the past but i met with someone this weekend who when we reviewed the IVA a) could not afford B) had the clause about creditors paying for bankruptcy.
so for the cost of a phone call it could mean BR court fees are paid. bound to be sub clauses that mean they are not entitled !!!!!
Five years is a long time for an IVA so well done Niobe for sticking with it, alas so many default.
Good Luck Richard,
|
|
|
|
Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 04 September 2012 : 18:07:24
|
| If they are protocol compliant then it is usually excluded as it is with me. |
|
|
| |
Topic |
|
Advice Needed!
