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Will.sm
Starting Member
3 Posts |
 Posted - 16 July 2013 : 23:21:28
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| Hello i have just failed a joint iva with my wife and our creditors are starting to up the pressure with threats of doorstep collectors and ccj's, we made the creditors an offer to settle the debts with money from our parents but they all declined, as we are not in a position to increase the offer can you please tell me if banruptcy is the best option for us? we have £100k debt our house has practically no equity and we have no other assets. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 17 July 2013 : 07:12:51
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Hi Will,
Sorry your offer was turned down. Did your IP offer it when you were in your IVA? What reasons did the creditors give for turning it down?
Why could you not carry on with the IVA and how long where you in it for?
Bankruptcy could be an option? Did your IP give you any advice regarding this? Please post some more info or speak to an expert on here to chat everything through.
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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Will5430
Starting Member
7 Posts |
Posted - 17 July 2013 : 07:55:03
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quote:
Originally posted by Viki.W
Hi Will,
Sorry your offer was turned down. Did your IP offer it when you were in your IVA? What reasons did the creditors give for turning it down?
Why could you not carry on with the IVA and how long where you in it for?
Bankruptcy could be an option? Did your IP give you any advice regarding this? Please post some more info or speak to an expert on here to chat everything through.
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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Will5430
Starting Member
7 Posts |
Posted - 17 July 2013 : 11:49:17
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| Hi viki thank you for replying so quickly this is my original username from way back when we needed advice. The offer we made was recently, we offered a 5% one off payment this was rejected by all creditors reasons being not high enough or no reason given, the best reduction we were offered was 15% which is still a figure considerably higher than our iva payment which we could not afford to pay( strange logic applied there). We entered our iva in 2008 and wrote to our ip in feb 2010 to tell them we could not afford to continue paying after calls to them over a period they eventually called a creditors meeting july 2012 to close the iva. Since then we have received nothing and the iva has been passed onto a different ip/company. some sort of block was lodged with the land registry re selling our house and the new ip is acting as if we still have an iva in place. I am hoping to speak to them later today to get some idea as to where we stand at present but honestly just want an end to it. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 17 July 2013 : 12:55:09
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Hi Will,
Check if you're still on the register:
http://www.insolvencydirect.bis.gov.uk/eiir/IIRMasterPage.asp
Which company are you with? As if you pop over to www.iva.co.uk and post on the forum, there may be a representative who posts on there and they are usually good at dealing with forum members, so you may get an answer quickly.
If you are still in the IVA, and you have no ongoing disposable income, then your IP can make the offer of a full and final for you, if that has not been the case.
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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Will5430
Starting Member
7 Posts |
Posted - 19 July 2013 : 07:51:07
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Hi viki, thanks for the advice. We now have the failed iva certificate and we are not shown on the register so that is history now. I want to try and find a way of paying as much back to creditors as possible but as this money is coming from my family could you advise a minimum % figure that in your experience would be acceptable to offer creditors, i appreciate you cannot speak for them but if we could avoid bankruptcy then that would be preferable. Also we have a registered charge on our house title deeds do you know what that actually means to us please.
Thanks again for your help.
Will |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 July 2013 : 11:58:51
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Who has registered the charge?
If a creditor has a charging order on the property, then there is nothing you can do about that debt now as it is no longer unsecured. Have you come to arrangement with the creditor to repay this?
If you want to offer a legally binding offer, a lump sum IVA, then it really depends on your circumstances. Creditors would want to know that you have no disposable income per month and little/no equity or assets.
If you want to do it informally, then, again, after proving to creditors that you have no means of repaying the debts, then if they have been passed to debt collectors, they may accept 50% of the debt.
You really need to speak to someone about this though before you do anything as you need to consider all your options.
You can speak to your previous IP for advice, or 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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Hello i have just failed a joint iva with my wife. Is bankruptcy the best option for us ?
