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buster
Junior Member
Bahrain
117 Posts |
 Posted - 12 September 2008 : 17:44:43
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Hi
I am currently in an IVA since May. The debt was £60k and my monthly payments are £949.
I have recently moved abroad and after some great thought feel that Br would be the better option for me. I cant manage the payments, the IVA company do not think the creditors will lower the monthly payments much, I have no assets and do not ever plan to return to the UK.
I have spoken to my IVA company but they say they can not file my bankruptcy for me. I have contact the local court from my previous home town who say I have to attend in person which is not possible. I have now missed one of my IVA payments.
Does anyone have ANY advise please? This is really causing me sleepless nights. |
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BankruptC
Senior Member
1030 Posts |
Posted - 12 September 2008 : 18:02:57
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Hi buster,
I'm not too sure about this one at all, but didn't want to read and not reply. I'm sure someone will be along soon who can give you some advice!
Take care and keep asking the questions!
CG. x |
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John
New Member
United Kingdom
73 Posts |
Posted - 12 September 2008 : 20:35:11
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Hi Buster
your IVA company are not being totally honest with you. First of all your IVA has to fail. This means you must miss a minimum 3 payments. At this point the creditors can ask your IP to file for your bankruptcy, but they won't. The reason being it would cost around £2K for them to go through the process, £2K is not something they will want to invest when they know that if you are bankrupt they will get no return on their investment.
You can file for bankruptcy in your absence through a 3rd party but only after your IP has issued you with a Certificate of Termination. This is done be legally arranging for the 3rd party to have power of attorney over your estate. There are companies that will do this but the service does not come cheap.
If you are absolutely sure that you never intend to return to the UK you need do nothing at all in theory.
If there had been no contact and the creditors did decide to make you bankrupt in your absence then the Official Receiver would leave you file open indefinately. So if you returned to the UK any time later you would still have all of the debt plus compound interest which is currently set at approx 8% per annum.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 September 2008 : 21:30:43
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Hi
some IVA companies will review the IVA and the request for a letter saying that they are aware that you are petitioning for Br and have no objections. Other companies will certainly go by the book and be unhelpful in this process.
As John has said you can obtain help in the whole process through a Bankruptcy Assistance company.
They will be able to pursue the IVA company for the termination letter. They will also be able to register a Lasting Power of Attorney on your behalf allowing them to represent you for certain financial matters. This then takes on average 6 weeks to be registered and is then in force.
The Company can then represent you in your absence in the High Court in London . You would however need to be available for a phone call for the Official receiver to confirm some details.
I hope this helps.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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buster
Junior Member
Bahrain
117 Posts |
Posted - 13 September 2008 : 10:24:44
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Hi
Thank you for your responses. My IVA company have come back saying they can call a meeting of creditors and put forward the proposal for me to go bankrupt on the grounds that I will be covering the costs as I will be pursuing bankruptcy anyway. They have said they can then represent my bankruptcy if the creditors agree to it.
I am available for a telephone conversation I am just not able to attend in person.
Does anyone have any Bankruptcy Assistance companies who would be able to assist me with this whilst I am overseas or is it just better to appoint a solicitor?
I guess you can never say never, I am in the Middle East and you can never guarantee that life here will always be safe so I may one day return to the UK but i don't wish to face £60k of debt plus 8% compound interest for the years I have been missing.
Thanks
Buster |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 13 September 2008 : 14:04:44
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Hi Buster
that sounds suspiciously like Blaire Endersby. Forgive me if I am wrong.
I also seems unfair that they don't propose that the creditors agree that more contributions are not forthcomming and recomend to the creditors that it should be concluded but not make you Br.
One place to look for bankruptcy assistance companies is here on the forum. Reviva UK are currently assisting several people abroad, both in the EU, Middle East and further afield.
Links to websites are found at the bottom of the signature.
take care
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 13 September 2008 : 14:11:24
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Hi Buster,
I really hope that you get this sorted out.
To me it sounds a bit unfair as they are not really willing to work with you on your current circumstances and help you get back on track.
Keep posting and keep advising on how you get on, you know mate your not alone on here, we are all here to give you a helping hand, some words of advice and to be a friend when you need one.
Good luck
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
For links to help with Bankruptcy, useful web pages and also a run down of my new debt free life, both before and after Bankruptcy, then please visit my blog:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 13 September 2008 : 14:50:12
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Great advice John!
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Topic |
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filing for bankruptcy from abroad
