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Crockett
New Member
68 Posts |
 Posted - 30 December 2008 : 10:28:13
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Hi,
As posted on another thread I have a creditors meeting for an IVA scheduled for 9 Jan but think now that bankruptcy may be a better course of action. Is it better to ask my IP to change to bankruptcy or do it myself? Will there be lots of charges involved if I carry on with my IP? Also will it be frowned upon by the judge and OR that I have changed my mind from IVA to bankruptcy?
Cheers |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 December 2008 : 10:46:01
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Hi Crockett
What assets do you have that may need protecting etc as you can indeed do it yourself but if you have things that need to be protected then it may be worth giving the helpline or paul at reviva a call and get some one to one advice.
Best of luck
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Crockett
New Member
68 Posts |
Posted - 30 December 2008 : 11:03:46
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Hi,
I have no assets apart from my home, usual furniture car worth £350. My house is negative equity so would want someone in my family to buy the BI.
Cheers |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 December 2008 : 11:09:38
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Hi Crockett
Then there is no reason why you cant do this yourself.
The BI can be bought by a 3rd party for £1 plus fees £211 then the rest can be done by you.
The forms can be filled in online and you would need to contact your local court to find out about how to book appts etc as some you can turn up some you book.
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 December 2008 : 11:10:23
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Your not in an IVA yet are you?
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Crockett
New Member
68 Posts |
Posted - 30 December 2008 : 15:58:30
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| No not in IVA yet the initial creditors meeting is set for 9 Jan so trying to decide what to do before then. |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 December 2008 : 16:08:30
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Hi it does look like you could do the bankruptcy route yourself.
Its not difficult and we can help you along the way.
Jo
x
Wishing you all a Happy Debt & Worry Free 2009
21 Weeks down
31 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 16:09:15
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Hi
Which IP / firm has proposed your IVA?
Also I was reading your notes on the IVA forum and wondered if you had had any response back from David Mond?
cheers
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Crockett
New Member
68 Posts |
Posted - 30 December 2008 : 16:26:59
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Not sure I should post on here which IVA company I am dealing with as I have not spoken to them regarding the fact that I am now seriously considering bankruptcy.
Not sure what you are refering to regarding David Mond? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 16:45:01
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Hi
on the IVA site David responded to one of the threads and offered to review your IVA proposal
Obviously £400 per month is quite a committment over 5 years so it is worth getting it right before you commit to either solution.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Crockett
New Member
68 Posts |
Posted - 30 December 2008 : 17:06:01
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Hi Paul,
I didn't have my proposal at that point so never sent it to him. The commitment would be six yrs in my case due to the Northern Rock element with the potential for 7 give the equity release clause.
My thinking now is that whilst there is a stigma associated with bankruptcy it is not as bad as it was and will probably become far more commonplace give the current financial climate. I'm 31 now and with bankruptcy by the time I am 35 this will be behind me and I will be able to consider the things that I have been unable to realistically consider before like moving abroad for a while or having a child. With an IVA i am looking at being closer to 40 before I am able to draw a line under these problems and move on. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 17:28:34
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In truth I believe that there is a shift towards Bankruptcy rather than an IVA.
This is not just for financial reasons ( often one pays less back than in an IVA) but because as you have said life is short and 6 years is a lifetime.
Sometimes people feel that morally they should try to repay as much as possible but again in Br the official receiver will work out what is fair and affordable.
The reason why I asked which iVA company you are using is that some offer a stunning service and will always give the right advice. This is why they invariably have extremely high sucess rates for people finishing an IVA ( i.e. the right solution)
Some large companies have much lower successful completion rates and one could argue that perhaps the soultion may not have been in everyones best interest at the start.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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RHB
Senior Member
1159 Posts |
Posted - 30 December 2008 : 17:32:49
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| Thing is, just cos your house is in negative equity now doesn't mean it might not be at risk. Correct me if I am wrong, but I think the OR has some time in which to decide what is best done with the property? |
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Crockett
New Member
68 Posts |
Posted - 30 December 2008 : 17:37:32
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| I may be wrong also but my understanding was that if the house is in negative equity now, someone can buy the beneficial interest which can then be transferred back once bankruptcy is discharged. The OR will then have no hold over the property or any equity there may be in years to come. is this right? |
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Crockett
New Member
68 Posts |
Posted - 30 December 2008 : 17:46:41
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Paul,
My IP is Jones and Giles, I tried to phone earlier today but think most places are still closed due to Christmas. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 17:55:15
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Got to say that they are probably one of the best in the country.
Melanie was on the short list for IP of the year in 2008 and they do seem to be very fair in giving all the advice.
There is no rush at this point, have a chat with them when they are open on Monday and see where you should go from there.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Insolvency Practitioner
