Just got off the phone to the IVA people. I asked them to fail the IVA so my wife & I could go bankrupt. I told them I have cancelled the IVA standing order & have no intention of giving them anymore money. They have also told us we will not be entitled to benefits due to us being self employed. The business has already given us our P45's. is this true.?
They say that it will take three months to fail. We have missed one mortguage payment & I have been told that the mortguage co will forclose on our home in 28 days.
We will be unable to go bankrupt until the IVA fails. By then we will (Hopefully) be in council accomodation. Do I have to inform the IVA of our change of address. ? I suppose we should so we can find out when the IVA has failed. They would probably put a tracer out for us anyway.
Is there anyway to speed up the process.?
This is quite a headache due to the business being liquidated at the same time. (See Business Bankruptcy post)
Hi not sure about the benefits aspect being self employed, perhaps someone else could help with that. It does take 3 missed payments for the IVA to fail, until then a Certificate of Termination will not be issued without which most courts would not be prepared to declare you bankrupt.
Whatever the mortgage co may say, you would need to have missed 3 payments before they can begin the repossession process and that should take a further 6 to 8 weeks. If they went to court before 3 payments were missed the judge would likely throw the application for repossession out.
Each LA works in their own way but from my experience you're unlikely to be housed by them until the eviction date. Many LA's will not house you before eviction as to leave your property beforehand is deemed as making yourself voluntarily homeless. Check this with your LA.
You would need to keep your IP informed of any change of address as you will need the Certificate from them.
I'm afraid there is no way to speed up the process.
Failing an IVA
Posted - 19 August 2008 : 11:24:24
