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jonnyboy336
Starting Member
United Kingdom
2 Posts |
 Posted - 23 January 2009 : 09:05:06
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My wife and I entered into an IVA in June 2006 after not being able to pay all our debts, everything was fine untill my wife was diagnosed with Bowel Cancer in December 2006. Our IP was very understanding and we had a payment break of 12 months agreed by our creditors while my wife was out of work having treatment. She went back to work in November 2007 and we started paying our IVA again everything was cool. She had a scan in November 2008 which revealed it had spread to her lungs, she has had surgery on one lung and is now waiting for the other one to be done with follow up Chemo etc afterwords. We have asked for another payment break which is being decided today. So she is off work recieving SSP only and we are surviving on one wage through this very difficult time. I have no Idea what the future holds for us as we are making it up as we go along. I just get the feeling we are holding off the inevitable as I will be made redundant later on this year as my work is going through a phased closure. It never rains but it pours. Would it be better for us to go bankrupt now and get it over with, having said that We cant even afford the fees 300 court costs and 700 fees between us so god knows.
We have two cars which are over ten years old which we use for work, we live in rented accomadation have no valuable antiques just the usual houshold stuff.
Ive heard that you lose your bank account we have a coop cashminder which we set up when the IVA started the only other bank we could use is Barclaya but the were one of our original creditors.
HELP |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 23 January 2009 : 09:16:42
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Hi Jonnyboy & Welcome
I am sorry to hear about your past problems and i do hope that your wife is ok :-)
You would have to get a cert of failure to go bankrupt but how much is your debts. Do you have any assets like a home or car.
bankruptcy would be a viable option and would make sense at least you can start afresh and get on with your life again, together.
Jo
x
25 Weeks down
 Yippeee!
27 to go
 Im getting there!
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John
New Member
United Kingdom
73 Posts |
Posted - 23 January 2009 : 11:49:47
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Hi
if you can no longer service the IVA payments and the creditors refuse the latest variation application then bankruptcy may well be an option for you. It depends on how certain you are regarding the redundancy and your subsequent ability of finding alternative employ.
Of course if you do declare bankruptcy and you are not working then the cars may be at risk of claim by the OR.
If you do decide on this route you would need a letter or a certificate of failure from your IP or the court will not grant the petition.
To acquire one or both of these your IVA has to fail which means you would need to stop paying towards it- usually for 3 months - before the IVA is considered to have failed. Therefore the fees in relation to bankruptcy could be accrued from not paying.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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jonnyboy336
Starting Member
United Kingdom
2 Posts |
Posted - 23 January 2009 : 12:08:29
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| Thank you for your message John unfortunately we have had a drop in income of approx 616 per month our IVA payments were 420 so we have had to tighten our belts considerally |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 12:24:25
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Hi Jonnyboy336,
It does increasingly look like BR is going to be the best option. given the payments you've made to date into the IVA, I would suggest trying to keep the IVA alive if you can (with the cooperation of your creditors). If the IVA does indeed fail, them BR is your only option.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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John
New Member
United Kingdom
73 Posts |
Posted - 23 January 2009 : 12:29:18
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Hi
I see the dilemma regarding court fees in bankruptcy.
Speak to your IP and ask, in the event of the variation application being refused or indeed your potential bankruptcy, would the creditors kindly consider authorising the IP to petition for your bankruptcy as, with your poor wife's situation as well, the stress of the whole thing would be too much and you have little to no chance of gathering the court fees to petition yourself.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 23 January 2009 12:29:48 |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 12:36:46
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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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My wife and I entered into an IVA in June 2006
