hi i entered into an IVA in may 2004 and it lasted until 2007 which then i was un employed and was told that my IVA was failed and was told to consider bankruptcy, i became self employed as a driving instructor in February 2007 until November 2007 then my buisness came to an end, i started working in November on a temporary contract until April 2008, by the time i pay my monthly outgoings i am left with around £65 and that is still not paying my debts that were included in the IVA, my total debts are around £26,500. could you suggest anything as i am very worried
Interested to see if you have any assets that would be an issue in bankruptcy such as a car, house etc.
If so please advise on what their values are and if there a morgage / finance on them.
Assuming that driving school provided a car and that you don't have a property it would seem that an IVA or DMP is not possible because you have insufficient disposable income to make them viable.
Unless you have a family member that can contribute a lump sum ( 15 - 18k) then it would seem that bankruptcy is a viable option for you to finally draw a line under the issue and start a new life.
You can optain the court forms from the court or download them via the interned ( debtors petition & statement of affairs ) you also need to pay a court fee ( cash on the day) of 485.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
could you suggest anything as i am very worried
Posted - 11 March 2008 : 22:33:24
