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andreamc
Starting Member
4 Posts |
 Posted - 16 July 2009 : 19:40:25
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| hi we are in an iva have been for 3 years but did get extended have now decided we have had enough and want to go bankcrupt but are a little wary we have decided to include the house as there is hardly any equity and are paying alot out for the mortgage a month aswel as all other bills teh one thing scaring us is the cpo i think its called will we get one of these are how will i know if we will before deciding as thought with br you will owe nothing can you answer any of this please and also a name of a firm who would do the br for us please thanks |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 16 July 2009 : 19:59:31
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Hi,
Sorry to hear that your IVA isn't going well.
What you are referring to is an Income Payment Agreement, and if you have surplus income of over £100 a month after your priority debts have been paid then you will have to pay across between 50 and 70% of that to your creditors for three years.
Your debts are written off, but if you can afford to pay back something to them, this is good.
You would have to let your IVA fail by missing three payments, and to go BR will cost you £510 each.
Your credit record will also be shot for a further six years from the date of the bankruptcy.
As you are so far in to your IVA, it would be a shame to let it fail now.
The glimmer gets brighter all the time
Jan
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andreamc
Starting Member
4 Posts |
Posted - 16 July 2009 : 20:06:13
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what do you mean after your priority depts have been paid i thought you ahd none once gone br i just dont understand and also when we went into our iva there was a couple of things we didnt put in is it to late to add them now that is what is crippling us thanks
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 16 July 2009 : 20:23:34
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Your priority debts are things like mortgage/rent, the utilities, housekeeping etc.
You should have put everything into your IVA. You need to speak to your IP and inform them of this. It could be that this omission will put you in breach and your IVA may fail anyway.
The glimmer gets brighter all the time
Jan
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andreamc
Starting Member
4 Posts |
Posted - 16 July 2009 : 20:33:18
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i dont need to tell them tho if i am managing to pay it just about, tho do i,as long as i am paying my iva do i, or can they find out
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 16 July 2009 : 21:12:04
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Hi
you really should review this with an expert BEFORE you decide to go down the Br route and hand the house back.
If you are on a high mortgage costs then if you moved to rented accomodation ( at a lower monthly cost) there is a serious risk that you will be left with a large disposable income and therefore have a 3 year Income Payment Agreement.
You should go through the options with someone experienced with IPA calculations and then speak to your Insolvency Practitioner about your feelings and options.
There is no point ending the IVA only to find out that you are in a similar monthly outgoing.
However if you have excluded debts from the iVA then that is also a major problem.
speak to an expert to rationalise your thoughts and review all your options.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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hi we are in an iva have been for 3 years
