CANNOT AFFORD BR

[pm.e]

Hello,

I really want to make myself BR because I have simply had enough, but I havent got enough money to do so.

I've heard of some firms that will lend you money until your next payday, but charge extortionate amounts of money to do so.

Should I get a loan from these, and then apply for BR?

I suppose they become one of my creditors then when they ask for their monies??

Does anyone have any thoughts on this?

Many thanks,

[WhenInAHole]

These are Pay Day Loans companies and they do charge quite a bit although so do regular banks if you go overlimit! In the case of proposing BR though I'm not sure that this would work as there is a chance of the OR closing the account the loan was to be paid back from and it should technically be declared a bankruptcy debt and then I think it might fall under "borrowing knowing you would not be able to pay the loan back".

Do you have any credit payments you could miss to find the BR fees?

[MelanieGiles]

Don't do it - wait until you have saved up the money. Borrowing from this source would be treated in the manner the poster above has described. Do you have any family members who could lend you the money?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi pm.e
Are you in an IVA at present ?
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

[pm.e]

Hello,

Yes I am in an IVA, but is about to fail.

[Adam Davies]

Hi
Can you not use the money that you would have paid into the IVA to fund your bankruptcy ?
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

[pm.e]

Hello,

I cannot afford the IVA and is the reason why its failling/failed.

I have around 3500 in my IVA from previous payments

[pm.e]

Hello,

I understand that I would have to pay 3 fees

The Court fee of £120
The deposit of £250 towards the costs of administering my bankruptcy.

Is this correct, as I thought it was more towards £500?

Any guidance would be most appreciated.

[Adam Davies]

Hi
I thought that it was £485,all in
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

[MelanieGiles]

The cost of a debtor's bankruptcy petition is £485 per month if you are employed.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

Can you not save some of the money that would have gone into your IVA for a few months? That's what I did to save my BR fees.

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/

[pm.e]

Hi,

What if I had the money, repaid it, closed my account, then BR?

Would this be ok?

[MelanieGiles]

In priciple - yes, but do make sure that the debt is repaid before your Court hearing.

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

Appoint me as your IP:
http://www.melaniegiles.com/ivaEnquiry.asp

[mikebdomain]

Hi pm.e

I have a hand in a 'payday' loan company and would never recommend ANYONE, especially someone in your situation borrowing from them (us)…..

Surely if your IVA fails the money you have paid in initially is to cover the costs of bankruptcy should the IVA fail,.


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[iva experts]

Hello there,

I would advise that you contact your I.P as soon as possible and let them know of your intentions to go bankrupt and stop your monthly IVA payments.

That way they are aware and the money you were putting towards your IVA you can put towards your bankruptcy fee.

Best Regards. IVA Experts