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Shelley
Starting Member
9 Posts |
 Posted - 09 May 2009 : 19:19:10
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Hi im married and am in debt. I only told my husband of our problem last week as I was scared about what he would say. Ive been trying to manage the accounts on my own and have been struggling for a few years now, but have just hit rock bottom. I have looked at all our debts and expenditure thoroughly and am trying to find a solution. With all our outgoings together NOT including any debt payments, we are left with roughly around £20 per month between us. We have made an appointment at the County Court to go bankrupt and while on the phone was asked if I had been advised about bankrupcy. I hadnt and have now just started an IVA with a payment of around £225 per month for 5 years. Looking at our expenditure there is no way we can afford this. Im scared of not giving it ago and going straight to court and the Judge telling us where to go. Im sick with worry and dont know what to do.
Many thanks. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 09 May 2009 : 20:04:10
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Hi,
The first thing to do is to speak to the CAB, CCCS or National Debtline as they have dealt with similar issues in the past.
When you entered into the IVA did you go through your I&E with your IP? I think you need to have a minimum of £200 disposable income after your outgoings and if you only have £20 then your IVA should never have been agreed.
I don't know if you can reverse the IVA but you should speak to your IP to see if it can. Otherwise the IVA will need to fail, which is automatically will after 3 missed payments. If you decide to declare BR you will need the certificate from your IP to say that the IVA has failed in order to declare BR. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 May 2009 : 20:32:21
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Hi Shelly
I would suggest you review your income and expenditure with an independent third party to establish what your allowable disposable income is in Bankruptcy.
Some expenses are not allowed and others are suprisingly generous.
Secondly you need to cancel the appointment at court to petition for bankruptcy because if you are now fully in an IVA then there is a procedure you will need to follow before you can turn up at court an petition.
The judge will not be worried that you "haven't given it a go", but you actually need to have documentation from the IVA company confirming that they are aware that you are going to petition, or documentation confirming that the IVA has failed ( this will take 6 - 7 months usually)
First steps are to review your I & E and make sure everything adds up. If you really cannot afford the iva payment then it is disappointing that a firm will have wasted everyone's time just to make money.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Shelley
Starting Member
9 Posts |
Posted - 09 May 2009 : 20:51:39
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| I have filled forms out the whole of today and have always had no money left at the end of it to pay anything. We cant afford to pay £225 for our IVA that I have been quoted. We have 7 days to cancel it which is looking very likely. Can we just go to court declaring bankruptcy after looking at all possible options?? I dont know what else to do - after going through all expenditure with IVA bureau we are -£165 per month - so how can we afford an IVA that they have suggested. What can we do?? |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 May 2009 : 21:02:09
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Hi
If you are with the IVA bureau they will know what expenses are allowable in an IVA and in Bankruptcy.
These may be different to your actual outgoings.
The IVA bureau are from my experience genuinely interested in helping folk, so if your income & expenditure doesn't work out you need to speak to them on Monday and raise your concerns and try to understand where the differences are.
There is little point goint Br in a few weeks only to find the Official Receiver doesn't allow some of your expenditure anyway.
Please speak to them and they will go through the figures
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Shelley
Starting Member
9 Posts |
Posted - 09 May 2009 : 21:16:07
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| I have a telephone conversation with IVA Bureau on wednesday - i have taken out an IVA with Debtadvisoryline which I have 7 days to cancel. How can they advise me on an IVA when I have minus money left at end of month. They took £295 from me for the start of debt and administration. I have not over spent on expenditure - I have given quotes to 4 companies now and noone has said my expenditure is too much. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 May 2009 : 21:27:00
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Hi Shelly
I am a little confused so sorry for being slow.
You are not in an IVA with anybody from the way I now read your posts.
I suspect you have completed a "CONTACT ME" form on the debtadvisory website and that have had a conversation with you and passed your details to an IVA company to see if they can help.
The £295 was probably to set up an IVA with one of their providors but you are not actually in one yet.
See what the IVA bureau say next week but from what you have posted i suspect that you have insufficient disposable income for a successful IVA
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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Shelley
Starting Member
9 Posts |
Posted - 09 May 2009 : 21:41:16
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| Im sorry its me being bad with my knowledge and understanding of all of this. I spoke to someone from debtadvisoryline - he told me to cancel all debt DD and SO which I have. To pay him £295 and then £225 per month for next 5 years and then we will be debt free - but obviously in more detail. I have 7 days to cancel if I want - i have nothing left after all expenditure so how can I consider IVA?? Im in debt and have been for past few years - Im sure bankruptcy is best way, just need someone to tell me that making myself bankrupt is ok - this is all too scary. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 10 May 2009 : 07:46:39
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speak to the IVA bureau next week to get their view - they are a really good group of professionals.
Let us know what they say and if Br is right then we can all help with your questions as you prepare for Br.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 10 May 2009 : 09:15:25
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As Paul has mentioned speak to the IVA bureau and see what they say. If you only have £20 disposable income then there is no way that you would be able to afford the £225 that the debtadvisoryline are asking you to pay.
When is the 7 days to cancel the IVA up? I would strongly recommend canceling this anyway and, if an IVA is possible, the IVA Bureau will be a much better company to enter into an IVA with.
When you have an IVA you need to enter into an agreement with creditors and this can take a couple of months to setup and 75% of the creditors need to agree to the amount you are able to pay. It doesn't sound like any of this has happened so you should be very careful with paying anything or entering into an agreement with the debtadvisoryline. |
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Hi im married and am in debt.
