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 bailiffs
 Considering BR and currently in IVA		  New Topic  Reply to Topic
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wantfreshstart
Starting Member

1 Posts
Posted - 23 August 2009 :  17:40:01  Show Profile  Reply with Quote
Hello,

I am in an IVA but considering bankruptcy - I was advised to go BR initially and really wish now I had as I am finding my IVA very tough.

I do have a few questions and would be grateful if anyone can help me . I have a couple of things in the home that could be considered luxury items (some exercise equipment for example). How and when would these be siezed? Do I sell them on myself or would the OR send baillifs round to collect goods and sell them on?

Would I be allowed to keep my laptop or is this too considered a luxury item?

I also have a very ancient and damp caravan worth only a couple of hundred pounds on a good day..would I also have to lose this?


Thank you

Niobe
Administrator



United Kingdom
4590 Posts
Posted - 23 August 2009 :  18:15:20  Show Profile  Reply with Quote
Hi,

If you are struggling with your IVAm then bankruptcy could be an option.

Firstly, I would recommend that you speak to your IP to see if you payments could be lowered as it would be a shame to give up on your IVA.

However, I doubt your exercise equipment would have to be sold as it probably wouldn't be worth a lot to the OR. Your laptop would be ok as well.

Not sure about the van, but you might be ok if it's not worth a lot.

The glimmer gets brighter all the time

Jan
xx
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Reviva UK
Advanced Member

United Kingdom
2452 Posts
Posted - 23 August 2009 :  19:01:41  Show Profile  Reply with Quote
Hi

the excercise equipment is unlikely to be of significant value second hand unless it was expensive and bought recently.

The same goes for a laptop and unless it was bought on credit very recently it is probably safe.

I am confident that the Caravan would be collected unless you made an offer to purchase it back from the official receiver.

Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com

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