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dawnlougib
Starting Member
United Kingdom
41 Posts |
 Posted - 01 October 2012 : 10:00:55
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| Hi my income is made up of child benefit, child tax credits, income support, and my 2 children's disability allowance. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 October 2012 : 10:03:32
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Ok, then if you have no income from a job, then you won't get an IPA.
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 : 10:06:01
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| thank you for that. I have had so many different answers from different sites some say that your benefits are taken as income and if you have surplus from them it is taken to pay into the bankruptcy. |
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debtinfo
forum expert
2826 Posts |
Posted - 01 October 2012 : 11:01:36
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And which sites would they be as they are incorrect :)
The key point in your case as viki points out is that you have no income other than benefits so it is quite clear cut. No IPA can be given whilst that remains the same |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 01 October 2012 : 13:01:26
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| Benefits are taken as income for an IVA but not BR as debtinfo says. |
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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 01 October 2012 : 13:09:32
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Thank you for your messages, now just to start getting the ball rolling.
Do i need to phone my iva company and let them know what is happening or do i just miss my payments? |
Edited by - dawnlougib on 01 October 2012 13:11:34 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 October 2012 : 13:31:00
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You will need to tell your IVA company that you want the IVA to fail.
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 - 01 October 2012 : 14:18:58
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| Speak to them, tell them what you intend to do and ask for a termination letter that you can take to the court. |
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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 01 October 2012 : 17:22:18
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| Will they only issue the termination letter after i have missed 3 payments and the iva has failed? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 01 October 2012 : 17:28:40
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If you tell them that you wish to go bankrupt and ask for the terminination then they should do that.
I would suggest though that you let it fail and save up the money to pay for the court fees. Your creditors won't pester you at the moment. |
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dawnlougib
Starting Member
United Kingdom
41 Posts |
Posted - 01 October 2012 : 22:08:20
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I am going to have to wait to let it fail otherwise i wouldn't have the money to pay the court costs.
Should i just wait until i have missed the payments before i ask for a termination notice as if i ask for it before can they then just fail it straight away and i wouldnt have the time to save. Also when i have filled in the forms do i have to take them in to the court and then make a court date or can i post them to them or do i take the forms with me on the day of the court date. |
Edited by - dawnlougib on 01 October 2012 22:58:17 |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 01 October 2012 : 23:49:08
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You will more than likely have to miss the 3 months payments, then the IP will call a creditors meeting, then they will issue with the letter you need to take to court to say it's failed, so it's a lengthy process.
You need to make an appointment at court for your bankruptcy and take the forms along with you then.
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 - 02 October 2012 : 01:18:51
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It all sounds very scary and i'm not sure if i can do it. It is really starting to affect me as there is so much that i don't know about and am panicking about filling the forms in, whether i will get a court date before creditors come after me and what do i do about my benefits etc that are paid into a bank account.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 02 October 2012 : 07:00:30
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Hi Dawn,
Why don't you make an appointment at the CAB and have them do it for you.
You can open the Co-op Cashminder prior to bankruptcy and have your benefits transferred over to there. Or you can open a post office account.
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 - 02 October 2012 : 08:00:32
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Dawn,
If you check out the Debtwizard website they have a free BR guide on there or even have a free chat with one of our experts.
Your creditors are unlikely to start contacting you again until after the IVA has failed and as soon as you get a termination letter you can make that court appointment. |
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Topic |
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Want to stop my IVA and go bankrupt. What would be the first step ?
