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amyc
Junior Member
113 Posts |
 Posted - 29 October 2009 : 17:45:43
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| hi. My main worry is if we dont save the money before 3 months when the IVA has failed and get the bankruptcy finalised then the creditors may start turning up on the door. we are only protected until the third payment of iva is missed so after that we have no protection from bailiffs or creditors. |
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RHB
Senior Member
1159 Posts |
Posted - 29 October 2009 : 18:43:47
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| I think it unlikely that baliffs will turn up, how long do you think it would take to save the fees up? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 October 2009 : 18:56:20
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Amy, it is unlikely that bailiffs will turn up. If debt collectors pay you a visit, then you don't have to talk to them at all if you don't want to.
Are both of you going BR? If so,then you are going to need a while to save up the fees.
I have to say that you were wrongly advised in the first place and should never have done an IVA.
The glimmer gets brighter all the time
Jan
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amyc
Junior Member
113 Posts |
Posted - 29 October 2009 : 19:19:32
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| yes kallis we are both going bankrupt. I think if we were to save up without it affecting us being able to pay our bils it would take 4 to 5 months. so if the bailiffs turn up on the doorstep can i just tell them to leave. we dont have much but dont want them taking what we do have. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 October 2009 : 19:27:23
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It is unlikely that debt collectors or bailiffs will turn up, and you will certainly be notified if that is the intention. Don't forget that for three months you will be ok as your IVA won't fail until after then, so only another couple of months to go after that.
I doubt if they would take anything anyway - you don't seem to have much which would be of value to them (although it is obviously of value to you).
Keep your chin up and think that in a few months, you will be totally debt free and able to start again without the IVA hanging round your neck like a millstone.
The glimmer gets brighter all the time
Jan
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RHB
Senior Member
1159 Posts |
Posted - 30 October 2009 : 07:47:40
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| I would take that time then Amy & not use your overdraft. That way there will be no possibility of a BRU/BRO |
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amyc
Junior Member
113 Posts |
Posted - 30 October 2009 : 12:16:57
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| hi rhb. would you mind explainign again what an BRU is, i not good with all the lingo and abbreviations. also if you have disposable income more than £99 how long are you expected to pay some of it towards your bankruptcy. |
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RHB
Senior Member
1159 Posts |
Posted - 30 October 2009 : 12:37:18
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If you get an IPA (Income Payment Agreement) then it would be for 3 years.
A BRU (bankruptcy restriction undertaking) puts you under the restrictions of bankruptcy for longer than the usual year of bankruptcy. |
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amyc
Junior Member
113 Posts |
Posted - 30 October 2009 : 12:42:38
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| does everyone get an IPA? sorry if questions seem daft just want to try and understnad everything so we dont get stuck again. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 30 October 2009 : 13:00:06
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Amy
There is no problem in using available credit to fund your bankruptcy fees, if there was no-one could afford to do it the fees have to come from somewhere. Whats the difference in using credit to fund your housekeeping then using your housekeeping to fund your bankruptcy costs nothing at all. The Judge will not even be aware you have used credit anyway, the OR will possibly not even ask, if your overdraft is used to pay the fees then just tell the OR there will be no problem. It is a condition in the IVA that you take no further credit but that has failed anyway so it will not matter |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 30 October 2009 : 14:35:31
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Amy, you only get an IPA if you have £100 or more disposable income each month.
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/
28 IPA payments made, 8 to go - in single figures! |
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charlie44
Junior Member
231 Posts |
Posted - 30 October 2009 : 15:24:11
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Amy even with a BRO/BRU you will still be discharged after 12 months. Her are the restrictions imposed on you,
The person must disclose their status to a credit provider if they wishes to obtain credit of more that £500.
The person must disclose their status to those they wish to do business with the name under which they were made bankrupt.
The person must not act as the director of a company or take part in its promotion, formation or management unless they obtain permission from the court to do so.
The person may not act as an insolvency practitioner or as receiver or manager of the property of a company on behalf of debenture holders.
May not be a Member of Parliament in England and Wales
May not act as a local councillor
May not hold the office of school governor
May not hold other positions as contained in other legislation |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 30 October 2009 : 20:04:51
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Personally Amy, I don't think you have anything to worry about.
I hope you can manage to meet Mel the week after next and she will help you with everything.
The glimmer gets brighter all the time
Jan
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troubled mind
Starting Member
United Kingdom
11 Posts |
Posted - 06 November 2009 : 19:09:06
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Amy
I am a new member of this forum and as such can not give you advice. We are in the same position in that we can not afford our IVA. Today I took the advice of another member and rang Paul at Reviva. He has given me hope for the future and I feel that I have lost all my fears as I know he is going to help us each step of the way. There is always an answer and I have found mine. I hope you do too.
Please take care and my best wishes for the future.
Tina
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amyc
Junior Member
113 Posts |
Posted - 06 November 2009 : 23:49:42
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| hi ya. i know the feeling exactly, i spoke to paul this week and the same as you he has really out my mind at rest. I am thinking about getting an expert to help us through the whole process but am unsure of the prices for this. Any ideas? |
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using credit for fees
