i have been in an iva for a couple of years - and I have had some payment hicupps in the past - because of this I feel that my IP is sure to enforce BR on me -and I want to avoid this at all costs ! - my IP hasnt been very sympathetic in the past and with the current climate with jobs - I feel sure they will enforce BR and I could lose everything -is this realistic ?
I don't think they would enforce BR to be honest as it would cost them. It would be likely if you missed 3 payments or more that the IP would fail the IVA and you would be back to square one again with your Creditors.
Have you actually spoke to your IP directly or just the Office Staff?
You can get there direct details from www.insolvency.gov.uk and search for your company
I agree with Ray, unless there is specific provision in your proposal to put aside monies for BR, then it is unlikely your creditors will push for it.
You will just be back to the phone calls and letters.
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
Read what your proposal says about breaches and bankruptcy. Always have a frank chat with your IP and discuss problems and find a way to sort the problem out. I am sure the IP won't enforce BR on you without a proper reason which must be justified and in accordance with the terms of your IVA.
Last edited by David Mond on Tue Jan 06, 2009 5:23 am, edited 1 time in total.
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.
And creditors will not welcome a bankrupcy either. If the IVA eventually does fail, they would much rather you enter into a DMP so that they can continue to receive payments from you. Bankruptcy would serve little purpose for anyone, if you wish to avoid it.
Yes creditors at the end of the day given a truthful assessment do not want bankruptcy - they are only after money and all being equal are prepared to accept the affordability factor. So don't worry, check things out and have a chat with 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.
