Hi all, Im new on here and am after a bit of advice really. I am currently in a IVA and have been sine March 2009. Over the last couple of months i have lost hours on my main job and lost my second job completely. My Ip has granted a payment break for November and i currently have some interviews coming up to increase my hours onto of what i have at the mo. I have to phone my IVA company when i know what is happening in terms of interviews and whether i have the new hours or not. After having a serious heart to heart with my parents they have given me their support to go bankrupt if the interviews dont work out. I know i have to let my IVA fail and that means missing 3 months of payments. Does this include the November payment which is a payment break therefore i could go BR in FEB or would it be March? Also what kind of paperwork does the OR look at, is it the same as for my IVA or is it just payslips etc. I am a single mum and live in rented accomodtion and i get tax credits. Will i have to pay the full amount to go BR or is there a reduction? I have read this somewhere but don't know if it applies. Also if once i go BR i then am fortunate to increase income does this get reviewed by the OR?
Sorry for the long post just got all these questions going round in my head.
hi and welcome to the forum you will need a failure certificate from your IP as regards the IVA. they should give you this after 3 months missed payments. some IP's keep some money from your IVA to pay for your BR fees should you fail the IVA it may be worth asking them if you are on certain income related benefits you only pay £360 instead of £510 to petition BR there is not necessarily a rush to declare BR it is better to be fully prepared than rush it. you have to fill out a SOA statement of affairs which you can see on the insolvency service website, then an interview (normally telephone)with the OR after Court. he may want to see bank statements etc but if you havn't got them it doesn't matter he can get them. you generally end up with more money in your pocket with a BR than IVA the OR doesn't take anything off you until your disposable income is over £100 you may want to consider taking the advice from an expert (link on the left side of the page) free advice given. that said it can be done yourself but thats not for everyone.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman) RevivaUK helped me through it all i can't recommend them enough!!
Possible Bankruptcy
Posted - 12 November 2009 : 22:28:27
