Forces and IVA's/bankruptcy, help needed pls

[The Stones]

Hello and can I first say what a great site!

here goes.

First Q I have is, If you are in the HM Forces, what happens if you delare bankruptcy? Do you lose your job etc. I have tried to find out but it doesn't seem clear cut to me.

We are 18months into our IVA but it just doesn't seem to work for us. We were told that our outgoings can not rise by more than 10%, but already petrol prices have increased by more than that since we took out this agreement.
We really really struggle.
We have only had one face to face meeting with the IP and we weren't told at the first meet how exact we had to be re our outgoings, so a lot of things we gave 'best guess'. So with things not being accurate we have ended up being out of pocket 'big time'.
Also we asked what would happen if something like a big vets bill came up what would we do? we were told not to worry, so we didn't. Low and behold we got a big bill 12 months later.
We were nver told that they would take every last disposable penny we have. (We have struggled far more in this IVA than before the IVA)to cut a long story short, we have put forward a new I & E form to show our true outgoings, not missing a thing, but our IP is not happy. But it's above the 10% margin. We feel the best thing for us to do is declare ourselves BR.(Bearing in mind HM Forces) I know we could probably change the IVA company, but we don't want to start another 5 yrs of another IVA. Please, does anybody have any advice?

It's Xmas soon and we can not afford to buy our child a present, why should he suffer for our mistakes, I can't even afford to buy a PC game for him, what do I tell a child who still believes in Santa and is very well behaved, that Santa probably won't bring him a gift. My heart is breaking, arrggghhhh![V][V]

THANK YOU for reading this![:(][:(][:(][?]

[Andrew Graveson]

Hello The Stones,

I think you'll find that Melanie has a unique perspective on cases connected to HM's Forces. I'm sure she'll be available to respond soon.

Andrew Graveson
Mortgage Broker & Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk

[The Stones]

Thank you for replying. I have posted this under 'new topics' because I realise I put this one in the wrong place.

[spenmotherhen]

Hi The Stones

We are in an IVA (second year) and are in the forces. I'm not 100% sure but I think you will find that bankruptsy will be frowned upon. However I am sure that there must be a way around this. The majority of our debt was due to us both serving and seperation etc working at different camps etc and the need for two cars extra petrol etc didn't help.
Melanie would be the one to approach for her expertise.
Good luck.

[spenmotherhen]

oops!! sorry about the mistakes had a little too much egg nog!!! Hic!!

[The Stones]

oops!! sorry about the mistakes had a little too much egg nog!!! Hic!!

Don't worry about that, great to hear you can still enjoy life. Time for a bitsa party i think!

Anyway....you say that you too are in the forces, have you been posted yet? if so how did you manage with the drop in income with your partner not working initially. (or perhaps your partner doesn't work, never thought of that)
I'm worried cos we are due a posting soon and I will be temp' out of work, therefore less income etc etc.
I have found out also that if BR was to happen then my other halfs career in the forces would (more than likely) be ended. No money for anybody there then???

Hope you had a good new Year!!!

[The Stones]

Just realised you are both serving!! Doh! That teach me to read things before having a rant!!!

[MelanieGiles]

I actually do not think that your husband's career would be over if you were to be made bankrupt. From my own experience (I'm ex Forces too!) they are getting far more relaxed about this sort of think now, and realistic as well. If they started paying our Forces personnel a proper wage, there simply would not be that much financial hardship around.

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

[The Stones]

----------------------------------------------------------------------------Spot on Melanie!!!

That's fighting talk, yehaa, someone on our side for once, there is hope then, he he [:D][:D]

Yep low-ish wage, poor or less than average housing, etc etc. Hey a whole new forum could be opened on the subject.


On a more serious note here, If BR occured, the forces say that because BR's are published in the London Gazzette with all details right down to where you live and work, then you/we would be bringing the 'forces' into disrepute, blah blah blah! It would most certainly block any promotions/signing on's. But it isn't an option for us, positive thinking here.

Everything happens for a reason!
Live for today![:)][:)][:)]

[MelanieGiles]

What a lot of old tosh which was best left in the century before last! Is your husband a commissioned officer? And can you say what Arm he is in and what rank he holds?

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

[The Stones]

No not commissioned, he is an SNCO in the RAF.

I hope no one's watching me!!! Big brother.

[MelanieGiles]

The RAF are far more relaxed than the Army, so battle away at that IVA but never be afraid to say when it becomes too much.

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

[The Stones]

Thank you Melanie.

I think after reading what others write, it makes you/me realise that we really are not alone.

I can see 2008 being a year full of new IVA app's. I'm hearing so many people are suffering with their finances.

Thanks again!

Good night & god bless! [:)]