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dawnlougib
Starting Member
United Kingdom
41 Posts |
 Posted - 28 September 2012 : 12:45:42
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| Want to stop my IVA and go bankrupt. What would be the first step |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 September 2012 : 13:49:03
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Hi and welcome.
Is there any reason you want to do this? Is there anything your IP can do to help?
You will need to let your IVA fail, usually by missing three payments. This should ho you save up the fees.
You may find that you get an IPA which will last for three years and your credit will be shot for a further six years |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 September 2012 : 15:51:09
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Hi,
your first step is to speak to your IP to see if a variation will help. Then if it definitely needs to fail, the IP can start the procedure.
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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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 28 September 2012 : 16:27:37
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Hi thanks for your messages. The reason that i want it to fail is because I entered into the IVA with my partner at the time. We have now separated and i am on my own with 3 kids and only money i get in is benefits and my children's disability money which i am not happy with it being used to pay my iva.
I don't have any assets so won't lose anything.
Also my ex is saying that he is going to go bankrupt and i have spoke to the company i am with and even though our iva's have different numbers mines 226 and his is 225 they have said that they cannot separate them into individuals. I also asked if they would help me with bankruptcy and they said that they do not deal with that there.
I am really worried as what to do and i really feel that bankruptcy would be my best option and i have obtained more credit due to moving house and the struggle and feel that that i am stuck and don't know where to go. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 28 September 2012 : 16:53:26
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It does sound like bankruptcy is your best option now. You still need to speak to the IP as you will need to miss 3 months payments for it to fail, before you can declare bankruptcy.
Your IP should be able to give you some good advice regarding bankruptcy, otherwise, contact an expert on here for a chat.
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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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 September 2012 : 19:08:52
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I agree with Viki - speak to an expert on here for some advice.
Dawn - if your IVA's are interlocking then they can be separated. If not then they are separate anyway.
See if you can get someone to confirm this for you or check your paperwork.
Do you make one payment a month or two? |
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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 28 September 2012 : 20:00:28
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Hi i went onto the insolvency register and mine and my ex partners are under 2 different numbers so not sure if that means that they are seperate.
I have spoke to my ip before about missing my payments and maybe then being made bankrupt but was told that the more likely outcome would be people banging on my door as creditors wouldny benefit from me being bankrupt.
I was told today that they can't be seperated and if one of us missed payment then both would fail. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 September 2012 : 22:01:13
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Check the paperwork you both have. Myself and my husband are in an IVA and they are both separate.
Do you make one or two payments each month?
As regards what your IP has told you - ignore it - people won't be banging on your door.
Who is your IP? |
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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 28 September 2012 : 22:48:00
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| i make 1 payment each month but that is to cover both of ours. When we were together we only made 1 payment each month |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 September 2012 : 08:26:05
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That sounds liked an interlocking IVA to me in which case they can be separated.
If you really want bankruptcy then tell the IP company that you will stop making the payments and you want a termination letter so that you can petition for your own bankruptcy.
What is your ex going to do about his? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 29 September 2012 : 08:35:27
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Hi dawnlougib,
As Niobe has said, they are interlocking so can be seperated, but if the IVAs relied on both contributions then it may be that yours can't carry on, on your own.
Speak to your IP on Monday and start the ball rolling.
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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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 29 September 2012 : 08:55:15
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I don't understand if they are supposed to be there to help me a why are they telling me that there is nothing that they can do to seperate them and yes they are interlocking. I am the only one making the payments now anyway and they know this and basically they have said as long as they get the payment each month they don't care where it has come from as long as it's paid.
I don't think that i will be able to file for the bankruptcy myself as suffer from anxiety and depression and this is really getting me down and i am really worried about having to try to deal with this on my own and would rather have someone help me.
I f i tell the company that i am going to stop my payments and i want a termination notice, do they still have to wait for 3 payments to be missed before they can fail it as i am going to need that money to save for the court fees etc but also whilst doing that i don't want to have threatening letters or calls.
Sorry to be a pain with all my questions but this is really getting me down and every day it is worrying me.
My ex has told me on phone that he is going to file for bankruptcy so will start paying half of the payments from next month so he can then stop his payments which either means i go back to paying it all and the iva continues or i allow him to stop his payments and i refuse to pay that half and then the iva fails anyway. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 September 2012 : 10:54:10
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Please don't worry Dawn. You can stop making the payments and save that money for the court fees. Your creditors are unlikely to contact you until the IVA has failed by which time you will be in a position to petition for BR.
Don't worry about what your ex is going to do - you are the most important person.
If you need help then contact one of the experts on here for some free advice. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 29 September 2012 : 11:36:00
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It may be that if they seperate them, yours won't be able to carry on with only your contribution.
You will more than likely have to miss 3 months payment but at that time, you are still in your IVA so you won't have creditors hassling you. Then it will fail, then you can declare bankruptcy. But your IP is the best person to explain their procedure.
I suggest you make an appointment with a money advisor at the CAB and ask them to help you through the bankruptcy, due to anxiety.
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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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 01 October 2012 : 02:07:55
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| Hi can anyone tell me what income is used to pay creditors in bankruptcy as i am getting different advice from different sites. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 October 2012 : 07:39:02
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All income is used when making the calculation but it depends on what your income is made up from when determining the payment.
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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Topic |
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Want to stop my IVA and go bankrupt. What would be the first step ?
