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gilldc
Starting Member
7 Posts |
 Posted - 19 September 2009 : 14:03:48
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| Im in an iva but am considering going bankrupt.Is it easy to make yourself bankrupt. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 September 2009 : 14:23:35
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You would have to let your IVA fail by missing three payments and letting it default.
Is there any reason why you can't manage your IVA? Speak to your IP in the first instance.
The glimmer gets brighter all the time
Jan
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 19 September 2009 : 17:06:49
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You should speak to your IP if your are having problems with your IVA but if you decide to declare BR then it is a fairly simple process.
You can find your local court at http://www.hmcourts-service.gov.uk/HMCSCourtFinder/CourtList.do You should contact them and find out the procedure for declaring BR. Some have an appointment system and others just let you turn up on the day. If it is an appointment system then it can take 4 weeks for your appointment.
The forms are located at http://www.insolvency.gov.uk/forms/englandwalesforms.htm You need forms 6.27 and 6.28 and there is a guidance form as well for more information.
It's probably easier to complete the forms online - http://www.insolvency.gov.uk/doitonline/doitonlinemenu.htm and then just print them off once you have completed them.
You will need 3 copies of the 6.27 and 6.28 forms to declare BR except at the High Court where you only need one copy. Don't sign the forms before you go to court as they need to be signed in front of the bankruptcy clerk. |
Edited by - gettingoutofdebt on 19 September 2009 17:07:08 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 September 2009 : 18:29:56
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You will have to let your IVA fail first though.
The glimmer gets brighter all the time
Jan
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gilldc
Starting Member
7 Posts |
Posted - 19 September 2009 : 18:34:30
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| Yeah i realised that i would have to let iva fail.I would feel terrible towards my ip for letting it fail and iam gonna decide by monday what i need to do. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 September 2009 : 18:35:28
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Speak to your IP before making any final decisions. They may be able to help you.
Is there a problem with your IVA?
The glimmer gets brighter all the time
Jan
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gilldc
Starting Member
7 Posts |
Posted - 19 September 2009 : 18:37:29
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| No not as the iva so much but its just the way iam feeling right now. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 September 2009 : 18:44:08
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You need to to speak to your IP and discuss this with them before making any final decisions.
The glimmer gets brighter all the time
Jan
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gilldc
Starting Member
7 Posts |
Posted - 19 September 2009 : 18:47:24
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| I just dont want to be feeling like this for the next five years and bankruptcy isnt as long. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 September 2009 : 20:38:26
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How long have you been in your IVA? Don't forget that if you have £100 or more surplus income you will have to pay into an Income Payment Agreement for 3 years. Your credit rating will also be shot for a further 6 years starting from the date you are made bankrupt.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
26 IPA payments made, 10 to go - on the home straight! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 September 2009 : 21:12:05
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Skippy is right.
If your IVA is not causing you any problems, you would be better off sticking with it for the remainder of the term rather than starting off all over again with bankruptcy and effectively being back to square one with having to pay an IPA and your credit record being stuffed for a further 6 years.
The glimmer gets brighter all the time
Jan
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mick1972a
Junior Member
235 Posts |
Posted - 20 September 2009 : 14:53:34
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Yeah but also remember that you are generally allowed to put down more for essential living costs in BR than you are in an IVA so you may not have to pay into and IPA. But still speak to you IP
Mick |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 21 September 2009 : 08:50:56
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You also have to remember that OR's are tightening up on expenditure so it's not as generous as in the past. Also, if there's not an issue with being able to afford and it's just a case of not wanting to carry on, you will most likely get an IPA.
Whatever you decide you need to speak to your IP to discuss your options, and if you do decide to fail your IVA and go BR you will need to inform your IVA out of courtesy if nothing else.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
26 IPA payments made, 10 to go - on the home straight! |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 21 September 2009 : 12:13:55
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I would rather my IVA complete and be debt free at the end of it than suffer another 6 years with a bad record, plus a possible IPA and court fees of £510.
Don't forget as well that although allowances might be more generous, once you have been bankrupt you will probably be more restricted when applying for anything outside as a lot of firms will ask if you have ever been bankrupt.
I agree with Skippy that you should speak to your IP out of courtesy.
The glimmer gets brighter all the time
Jan
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gilldc
Starting Member
7 Posts |
Posted - 21 September 2009 : 16:47:11
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| I have nothing but respect for my ip and very glad they took on my case therefore i will carry on with an iva for now. If my circumstances change and i feel the need to go bankrupt i will definatley seek help off the ip. Thanks for all your good advice. |
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debshoebridge
Starting Member
United Kingdom
35 Posts |
Posted - 21 September 2009 : 18:55:14
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| Myself and my husband were in an IVA and we couldnt cope with the payments for that as well as the mortgage bills etc... WE decided to terminate our IVA and have a court date of next monday for our BR hearing. This is the best decision we have made |
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Topic |
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bankruptcy/ iva
