can i pull out of an iva

[tonia]

can i pull out of an iva

[Rainbow]

Hi tonia and welcome to the forum. I am not an expert but why would you want to pull out of IVA?

Please post more details then an expert will be able to help.

Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

[MelanieGiles]

Hi Tonia

Has the IVA been accepted by creditors, or are you still at the proposal stage?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[sonyse2t5]

IVA gives people pittance to live on especially with love ones to care for.Damn creditors don't give a monkeys if you are married or single but demand 40p plus to the pound or failure!!
I think BR can be better for many and some people get early discharge and rebuild lifes on 100% salary.

It is upto you??

[Skippy]

Can I just point out that while BR is the best solution for some people it's not as easy as you make it sound Sonyse2t5. Also you don't necessarily rebuild your life on 100% salary - if you have more than £100 surplus you will be liable to pay up to 70% of that to the OR. I appreciate this is only for 3 years as opposed to 5 in an IVA, but the consequences of BR will be there for the rest of your life - people need to think very carefully before making this decision.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[sonyse2t5]

If the BR doesn't mean you get fired and it doesn't deter your job future and it is only for 3 years then discharged or earlier AND you have more to live on then the rest on a 5 or 6 yr IVA. That will suit some.

Everyone complaints of not having enough to live on on this site, so why stay with an IVA and suffer?? If the IVA fail and many do in the FIRST YEAR....BR will happen anyway.

You right it is a tough choice.

[Skippy]

As well as losing their job you have to bear in mind that as soon as you go BR all of your assets will belong to the OR, and if they own a house there is a good chance that they will lose it, unless they can find someone to buy back their beneficial interest.

BR is with a person for life. If I'm asked if I have eveer been BR at any time in the future I have to answer yes otherwise I am committing an offence. If I decide to apply for a mortgage I will most likely get a higher interest rate than someone who has never been BR. I will find it hard to upgrade my bank account from a basic account as a lot of banks ask if you have ever been BR.

It was the right thing for me to do, but if I could have varied my IVA so the payments would have been more manageable I would have done so.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[douglass]

Skippy, I would agree entirely.
Because of my bankruptcy, my name has been in the local papers, is on the insolvency website, and I will be repaying monies from my surplus income for 3 years. I think that both bankruptcy and IVA are really stressful. They are both valid options, and you just need to choose wisely. D.

[Skippy]

I just get cross when people think that BR is the easy option. In some ways it is easier - shorter payments, more lenient expenditure - but anyone thinking about BR needs to realise that it's not something that you just forget about after 6 years. It worries me that someone new to the forum might think that BR is easy.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[sonyse2t5]

Who saids BR is an easy option?? Of course an IVA is better than a BR. But if the IVA doesn't work then what choice is there?? NONE - Someone have posted on a thread on this site that many IVA fail in the first year, and all the payments to go with it goes too. So those IVA should not have been IVA as IP gets zilch for the work they have done and don't get paid the 8K under new TIX guidelines....everyone is p**sed

IVA is the way to go if you are lucky.

[Skippy]

That wasn't directed at you Sony! There have been comments on here about BR being easy, and a couple of people have said it to my face. My IVA failed after 4 months so I know how it feels. With hindsight perhaps I should have gone BR at the beginning, but hindsight is a wonderful thing, and at that time the thought of BR scared me.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[sonyse2t5]

Cool!

There was some 'MBNA' student guy I think posting late last week that he will change his name to go BR - I did laugh and think Kerry gave him stoic reply. I think the guy was drunk??

[Skippy]

I didn't see that one! I do get a little sensitive about BR - a (now ex!) friend of mine turned round and said to me that I got off lightly and they should have taken my car away.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
Just to add that I admire everyone that has been through bankruptcy,I certainly wouldn't want to do it.
However Sonyse2t5 is quite correct in that,on paper,bankruptcy seems less harsh than an IVA if property is not involved.
Something that the governments insolvency services needs to look at.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[BrassicLintus]

Just to add my thoughts, I don't thing anyone can say whether an BR is harder or easier than an IVA and vice versa because everyone's circumstances are different. But in my own personal experience there was no way I could have sustained an IVA for 5 years so BR was my only option. And it'll have an impact on the rest of my life (and any future partner's life!), but I've done it, so will have to learn to live with it. Skippy, I too had a so called friend come up to me as they had read the notice in the paper, and said I was so lucky!!! I think it's just ignorance about BR that make people think it's an easier option.