Currently in a IVA and want to go bankrupt

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whitey98

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Post by whitey98 » Mon May 23, 2011 5:51 pm
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Currently in a IVA and want to go bankrupt howlong does it take to fail or get out of IVA?
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ginger3232

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Post by ginger3232 » Mon May 23, 2011 6:01 pm
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Hi Whitey - stop making payments after 3 you will be in breach and then it is dooomed to fail . However the creditors will start to chase you for all the debt you owe + interest.

Is there a reason why you wish to fail your IVA - is there problems the forum maybe able to advise on ??
Last edited by ginger3232 on Mon May 23, 2011 6:01 pm, edited 1 time in total.
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whitey98

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Post by whitey98 » Mon May 23, 2011 6:10 pm
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Just wondered how many months it would take to be in court roughly from now? Roughly , Bankrupt may be bestoption
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Foggy

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Post by Foggy » Mon May 23, 2011 6:19 pm
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Three months before you fail your IVA, then you have to apply to coutr ( and pay the fees), after that it's a few weeks to court hearing ( varies according to specific courts caseload), then it's a while ( how long is a bit of string) before OR gets around to dealing with your paperwork.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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ginger3232

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Post by ginger3232 » Mon May 23, 2011 6:23 pm
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Oh dont forget Whitey98 - there may also be a payment order put in place on any disposable income. And you credit report will be shot to bits for another 6 years
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whitey98

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Post by whitey98 » Mon May 23, 2011 6:26 pm
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What's anpayment order and your credit rating is gone for 6 years on a IVA so what's the difference? Cheers
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whitey98

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Post by whitey98 » Mon May 23, 2011 6:28 pm
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What's a OR? Cheers so it's atleast 6 months then.
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ginger3232

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Post by ginger3232 » Mon May 23, 2011 6:30 pm
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The 6 years will start on the bankruptcy date . payments order are more strict on allowances - so you could end up paying more. The PO will be made by the court via the OR
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ginger3232

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Post by ginger3232 » Mon May 23, 2011 6:32 pm
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Offical Receiver
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whitey98

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Post by whitey98 » Mon May 23, 2011 6:36 pm
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Is the official receiver the person who grants the bankruptcy. I understand thanks
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whitey98

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Post by whitey98 » Mon May 23, 2011 6:39 pm
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Has anyone on here gone from a iva to bankrupt?
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Judo

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Post by Judo » Mon May 23, 2011 6:39 pm
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The Official Receiver is the person who will deal with your Bankruptcy once it has been granted by the court.
A bit like your IP. You will have to report to them all your changes in circumstances, he/she will deal with your assets, things like that.
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MrsKnight

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Post by MrsKnight » Mon May 23, 2011 6:40 pm
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Hi whitey

I noticed from your other post you were having some difficulties in regards to your income going up & borrowing from a family member? Have you managed to get in touch with your IP to explain?
They may be able to help & give you a solution to sorting this out for you.

Do you have any asest to protect? Going BR will have a more severe effect on your credit record. And recently BR have become more stricter, so you could end up paying more than what you would do in a IVA.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
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ginger3232

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Post by ginger3232 » Mon May 23, 2011 6:42 pm
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A few people who post on here have, due to their circustances changing.
Main thing is you fully understand all your options and Pros /cons of all the routes.
None of the debt management plans - are easy options !
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MrsKnight

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Post by MrsKnight » Mon May 23, 2011 6:43 pm
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Read skippy blog,

Skippy started off in a IVA & it did not work out & has gone through the whole BR experience & is now debt free.

If you have not already, please have a chat with your IP, before doing anything x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X



An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt

Lyns x
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