i think may have to go BR!

[poppy84]

Ive been in an iva for a year now,interlinked with my husband.We have not missed a payment.
However ive been very silly!!
Our telly broke whilst in the middle of the iva & i remembered i had an account still open with studio!So i got one form there.I had forgotton to include this in my/our iva (therre was a balance owing)so after i got the tv i tried to include it.
The supervisor has now asked studio for my statements because they have said that this was not the balance when the iva was entered in to.
The person i spoke to at accuma said they would have to wait & see what would havppen now,this could nto be decided untill they recieve the statments from studio.
I am so angry at my self becausethis route was taken to sort out the silly financial mess we were in n now i think i have spoiled it.
Ive told them my mum is willing to pay studio off for me so not to affect the iva,& was told this may be a possibility,i woudl recieve a call today when he had spoken to my supervisor telling me if this would be a yes or a no,but this may still not be decided untill my suporvisor sees the statments.
So im resigning myself to the fact that I will have to go Br!!!
Does this mean that my husbands part in the iva will alsofail,as they are only interlinked.Plus hes in the army & i thought people in the army couldnt go BR.
Can any one give me any help as to the silly mess ive got my self in to again.
If i do have to go br & my husband can continue with his part in the iva,what actually happens ive read parts that i have something to pay to do so & that i have forms to fill in.
Also read that you can keep a car if this is for work purposes.
Our home is joint owned & has a secured loan on it(our house was run down when we got it 4 years ago,we got the loan to do kitchen, central heating etc)So wondering what happends with this.My husband works awya at the other end of the country & i live near to our family,where my place of work is(although im on maternity leave at the moment)
Also ( i thinkive got this right)that balifs or who ever come to your home& take certian things away,to sell to pay off part of your debt(although i know they get hardly anything for the items)What items are you able to keep & if it was only me that had to go Br how would thay determine what items where mine n what where my husbands?
Sorry forgoing on,i realiseits my fault forgetting in this mess agian but thought i may as well prepare my self for the worst!!!!
thanks for reading

[lily]

Hi

Not sure what will happen, I am just another person in debt but common sense tells me that your IP will not want to fail your arrangement. I do understand that you are not allowed to have credit in an IVA without express permission of your IP. You would have only spent a couple of hundred pounds for the TV, right?

I can tell you that no one comes into your home to remove everyday domestic things. If you have antique furniture or a huge plasma screen TV worth thousands of pounds its a different story. You would be allowed to keep a car worth around 2.5K and a little more but anything flashy would be taken but you would be able to have funds for a cheaper car.

Dont beat yourself up about whats happened, we all make mistakes, you have faced it and are doing something about it, this is just a little set back.

Good luck

lily

[katy]

Hi Poppy, I did pretty much the same thing omitting creditors out of an IVA, I only became BR because I couldn't afford to pay for the IVA and the omitted debts - lesson learnt there.
I'm not sure what will become of me regarding that as I have my OR interview tomorrow morning. I am pretty sure if you fail your side of the iva then your husbands will to (im sure an expert can confirm or deny this) it is what happened in my case and my husband is bankrupt too even though 98% of the debt in in my name.
Try not to worry too much until you have anything concrete from your IP. Remember you can vent your spleen about anything on here and there will always be a sympathetic ear.

Good Luck

[jasperyogi]

hi there poppy,
Not sure about your circumstances exactly but a friend of ours omitted his overdraft of £1200 for 9 months and was worried about what would happen. But, after excellent advice from this forum ( earlier this week) he called his IP to discuss it with them and they agreed to either include it OR he had to pay it off in full, which is what he has done now with a loan from his father. So hopefully this will be ok for you too. Surely they wont fail your IVA if you can pay off studio. I hope this helps a little, try not too worry too much ok.

Why spend life worrying...when you can spend it smiling!!

[poppy84]

Thanx i hope it is all ok.
I have been very foolish!
It would be upsetting if it was to fail,as we were managing ok & it finally felt good on the road to being debt free.Not worrying about phone calls or when the next bill was due.
I am being quite pesamistic on the whole thing,rather than be hit by it n not think that Br was coming.
I jus think they will fail it because i have looked at my modifications &it says no further credit.although i asume that goes for every one,but i see that as breaking the terms so to speak,therefore failing it,even though my mum will pay studio off for me.
Sorry im ranting agian.
Curse the day credit was invented lol!!

[jasperyogi]

but surely if it gets paid off???? wont a slap on the wrist be enough? why dont you just pay it off from the money from your mum and then when they get back to you explain that it was now dealt with?..
I'm sure one of the experts will be able to put you right on this though, because it is a different scenario to our mates, with the creditor already being involved in the IVA...[?]
Also with your reference to your hubby being in the forces, you are right BR is not looked on favourably[:(]
But, dont worry until you hear back from your IP I am sure something can be worked out, afterall it's in nobody's interest to fail the IVA.

Why spend life worrying...when you can spend it smiling!!

[poppy84]

I dunno either!
They guy i spoke to at accuma said he would speak to the supervisor & said it may not be possible to tell me if my mum can pay it off or if our iva will fail because she may want to see statments form studio before she decides!
Mum paying it off is the simple answer & every thing can continue as before but obviously im now in the waiting game of YES she can pay it OR NO she cant!
I do like you said & just pay it but reluctant untill i hear form them,cos if i have to go Br,it may as well be included,rather than my mum paying out!
Still sat waiting on todays apparent call back & i contacted them at 11am!

[jasperyogi]

I know what you mean, better to be safe than sorry. As for the waiting game, I phoned my IVA company up yesterday to be told all the advisors were busy and that they would ring me back within 24hrs, so I put the phone down...rang them straight back...and spoke to an advisor! If there is one thing this debt situation has given me its CHEEK!![:D]


Why spend life worrying...when you can spend it smiling!!

[lily]

I am not sure if you will be allowed to pay it off as it might be creditor preference,I can sense your panic about it all and I wish we could help.

Common sense would say that its in noones interest to fail the agreement, you have learned your lesson and feel bad but dont. None of us are perfect and we all fell victim to credit.

Hang in there, stay sane, I know its easier said than done but if you could communicate your distress via an email, perhaps you might be able to get an answer a little sooner.

I hope someone from accuma will be able to give you some peace of mind very soon.

lily

[accgroup]

Hi Poppy84

The best thing to do is be completely honest with your IP about this and provide all the relevant documentation or information they request. Once your IP is in possession of all the relavnt information they will be able to confirm the most appropriate solution to the problem based on the specific terms and conditions of your IVA.

Hope this helps

Jane Finch
Insolvency Practitioner

AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

[Oliver]

I agree with Jayne on this. Your IP will be able to advise you on the best solution to resolve this.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[poppy84]

I have contacted accuma,& have been told they still want to recieve the statements form studio which they are to recieve direct from them.
The advisor said he would talk to my suporvisor & in form her that i (my mum paying it for me)would make a payment on the account asap & would get back tome as to what the next step will be.
He advisedme that if this could be solved which my mum paying this for me would,then they would do that because they like to keep the arrangement going where possible.
However a breach would be issued but this doesnt mean my/our iva will fail.The creditor will be informed at the annnual review next moth stating the breach but also it has been solved (if this is what is to happen)It willthen be up to the creditors at the review if this will the fail the iva!!!!

[poppy84]

Ive done a lot of ranting today but can some one explain to me if our iva does fail,what are the implications for my husband as this is a joint iva,& is in the army.
If it was to fail (as ive explained in my earlier post)as it is joint can he continue with another iva or dmp?

[lily]

sounds like you will have to hang in there Poppy, I realise that its hard but it seems that we cant really help you, its up to Accuma and your IP.

We are here for you if you need to vent anything though, we might not have the answers but we will listen.

lily

[catullus]

Hello Poppy,

You've got yourself in to a bit of a mess but I doubt that the circumstances are sufficient for your IP to fail the IVA.

You will certainly have to put the situation right either by someone else paying off the debt or by coming to a repayment arrangement with Studio (which will affect your I and E) and might have a knock on effect on the IVA.

There may be more to this and I don't want to prejudge your IP too much and if your IVA did fail because of this it is almost certain that your husbands would fail too.

In those circumstances you might be able to propose another IVA but there would be a bit of a question mark over the credibility of a new IVA after one has already failed.

So, in the unlikely event that you did have to look at BKR I do not believe that the army has a blanket policy of dismissal for bankrupts, although I have to say that I'm not quite sure. From memory, I think that the army policy is influenced by rank (the higher up the worse it is) and security clearances needed. It would also affect promotion prospects.

Melanie, who knows a lot about the armed forces, will be able to confirm this point better than me.