You should seriously consider bankruptcy and take it nice and easy for the next twelve months. You may get an income payments order/agreement less than the IVA payment or perhaps not at all if you reduce your hours or responsibilities as a result of the bankruptcy.
After discharge you could take on more hours and you would be the beneficiary of the extra income rather than your creditors or the IPs.
I don't know if the loan account was brought up due to the liquidators not wanting to peruse so I guess I'm at fault there.
I understand that all of my other creditors are going to be notified and I think this is why the 12 months have been added so it doesn't impact on the others and they don't fail the IVA.
The bank I'm with since all of this started is part of the RBS group. My bank statements are RBS and intern they have departments who deal with BR and IVA's. If I call the bank to add a dd and I need to speak with my IP they put me through.
Just worried about BR. Don't know if it will give me more problems. My boss had a previous business fail and was made bankrupt. He has just come out of it(6 years) and his credit file is looking good now but he has a wife with good credit who has bought a house in her name together with a brand new top of the range car. I worry about having to rent now and how BR may impact on this because my landlady will be notified.
Personally I would not be considering bankruptcy now. This debt was excluded due to a genuine error, given that the liquidator of the limited company misled you. If the debt had originally been included into the IVA a lower dividend would undoubtedly have been accepted byt creditors. Your IP of the IVA should now present a variation seeking to reduce the dividend by nature of the necessary inclusion of the director's loan debt. Simple! If this is not acceptable to creditors, then is the time to consider your next move - and then I do agree with Michael bankruptcy has to be a serious consideration, which I am sure your creditors will not want to see.
Hope it goes well with your IP today Katie, will be thinking of you and hope you soon start to feel better once you have got a clear way forward. From reading all your posts together it does sound like avoiding BR would be preferable as your first choice but only if it is not to any other detriment to yourself.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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