Im slowly coming to terms with the fact that my IVA is going to fail, probably early next year. My working hours are being cut on a monthly basis and its impossible for me to get a monthly variation on my IVA.
I just wanted to ask the experts on a step by step basis what happens after IVA failure and what is the best way about going BR?
Really sorry to hear you are struggling with your iva, is there no chance of a variation as everyone is aware that times are hard and if your hours are being cut its beyond your control??
Have you had a chat with your IP?
Emma
Be positive & look after yourself, there are more important things in life than debts....
I have let my IP know my situation. It looks like as of Jan, I will be around £300 pcm worse off. Also I have a large car repair bill and xmas to contend with
That will depend upon whether your Supervisor is obliged to petition for your bankruptcy or not, under the terms of the arrangement.
If they do, they will be obliged to use funds held for that purpose to pay for the cost of the application to Court. This will involve you in no additional expense, and alleviate the need to apply yourself or attend Court.
You may decide, however, that you prefer to make your own application, in which case you need to download the bankruptcy application pack from the Insolvency Service's website, complete the documents and call your local Court for a bankruptcy hearing appointment. You will need to pay a fee of £495 in cash on the day of the hearing, and if the IVA is still in place when you make your application, a letter from your IP to confirm that they have no objection to make to the appointment may also be needed.
Your own IP ought to be able to help you through this process, if you have to look at this in the New Year - which I really hope that you do not.
Sorry to hear that shanks, I am sure an Ip will be along soon to confirm the procedure but as far as I am aware once you miss 3 payments your iva will fail and you will get a letter to take to the court for the bankruptcy.
Hopefully Skippy will be on soon as she can give really good advice on going through bankruptcy as she has been through it. Also have a read of her blog as it will help you I am sure
Emma
Be positive & look after yourself, there are more important things in life than debts....
Thanks guys, I really appreciate it. Im getting to the point where I was when I had my original debt, sleepless nights, depression, it just gets too much sometimes
I made myself BR as my IP didn't have to hold funds for BR, and even if he had I wouldn't have made enough payments for him to do that.
BR really wasn't as bad as I thought it would be, and when I did it, it was a great relief. Things have changed slightly since I did it last year - as Melanie says you need either a letter of termination of your IVA or a letter from your IP.
I completed the forms online - they are long winded but not too difficult, especially if you don't have any assets. You can amend and save them as you go along, so it doesn't matter if you don't get things right first time!
Good luck, and if you have any questions please post - there will always be someone to help you x
I don't think Dave (my OH) was too impressed at the beginning, but to be honest it hasn't affected him too much. We have no joint finances so it hasn't affected his credit rating. The only time he had a problem was when he tried to get contents insurance and some companies wouldn't cover us because I was BR!
We have no joint finances either so it wouldnt affect her directly. She is just getting a bit fed up because she thinks Im never going to be free of it, it must seem like forever to her I guess. She is my biggest worry in all this
I have just had a reply from my IP and its a no to a variation! Also they feel that the major car repairs I need should come under my allowance for servicing even though servicing is an annual car maintenance neccesity and a breakdown is an unavoidable expense!
I have just replied stating my intentions so now I am waiting for a reply. Also my wage is going to drop anytime soon and they didnt want to know about that!
