Telephoned a bankrupty firm.There say i should never gone on iva i should miss my payments so my iva will fail.By then this will kick in what do you think
Only you can make that decision starboy, although it would seem to be a good option.
The firm is right that if you miss three payments to the IVA it will fail. If you are going to do this, I recommend that you save up the payments to pay for the bankruptcy.
Don't be tempted into paying a company to assist you to do this, you can do it yourself, the forms can be filled in online.
Any other questions about it, we will do our best to help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
BR would give you and your wife a fresh start without the worry of debts.
Did the company that you phoned offer to help you go BR for a fee? I'm a bit concerned that they said that you shouldn't have gone into an IVA in the first place - this almost sounds like they want your IVA to fail.
Where on earth would you find that money starboy? The court costs are £495 without anything else.
You would have all the help you needed on here to fill the forms in yourself.
You don't need to pay anyone to do it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If BR is the right solution for you please don't pay anyone to 'help' you. You can complete the forms online or ask the court to send them to you. It's not difficult, and certainly not worth paying £1000 for.
Don't come to any rash decisions, think about it long and hard.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My hubby and I entered into an IVA in 2006 November. We have been paying regularly except when I was pregnant we had a reduction in payment. We also had a couple of months when we deferred payment. Since then we've returned to our country of origin and in Nov 2008, we spoke to our IVA rep re payment (either to reduce payment or offer a lump sum of 10,000 pounds to pay off - we owed 60,000+ but had paid about 8000+) as my husband would have to be off work for at least a year to have an operation on his tumours etc. We were advised that since we were overseas and had no plans to return to the UK, it would be easier to just let our IVA fail as the creditors wouldn't accept a payment of 250 pounds (originally 769 pounds). Without much choice, seeing that the pound was weakening against the Aussie dollar, we took their advice and let the IVA fail. What will happen now? The lady who dealt with us was more sympathetic, now that she has left the company, we seem to have somebody who just churns out official statements to us instead of listening to us. Please advise.
Presumably the IVA will be terminated, leaving creditors free to pursue you directly for the full balances outstanding - unless your IP is obliged to petition for your bankruptcies under the terms of the arrangement.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Starboy - first of all if you miss three payments then your IVA can be terminated and failed. You can go bankrupt yourself by going to the local county court paying the fees and filling the forms.
Before you do that why not impress upon your IP to try another variation to allow say 4 to 6 months payment break whilst your wife recovers. I am sure creditors will accept not withstanding the previous variation last September. Who is your IP or the firm?
Also to Dufus - not sure that you were given the right advice at the time. With your situation and the health problem a variation to your creditors might have been appropriate. Contact your IP and ascertain (a) what has happened and (b) informn him/her that you think the previous given was wrong. By the way who is your IP?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
