font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Michael Peoples
Based on your figures you should only be paying about £138 per month to any IVA as the rest of the combined surplus would belong to your wife. This assumes that there was not already an allowance for her own commitments but it is not correct to take her surplus to fund your IVA and this would not happen in bankruptcy.
If your wife is due to go on maternity soon any surplus could reduce or disappear anyway so continuing on at this level seems unsustainable.
This is the way that this particular firm operates, basing disposable income on HOUSEHOLD finances.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I disagree about having to notify the OR after 12 months - the wording changed shortly after I went bankrupt in 2007. I was on the original 12 month wording but people who went BR shortly after me had to notify the OR for the duration of the IPA.
What wording are you referring to this has been the same since April 2004,if anyone told you they had to notify the OR during the full three years they were simply mistaken, I understand about disagreeing however what I said is easily verified,as for Vicky the client would be in very safe hands with his petition paperwork but she used to charge £350 if she does it free now then great, but I dont think the client can afford it which is why I sent him to Stepchange because it is free
The IVA if clearly unaffordable then go Bankrupt.
You will be in a better position after an iva, when borrowing again, after been debt free.
Creditors have long memories.
I would not decide on the basis of which scheme cost less to settle the debt write off.
Being Bankrupt is not very nice to be in.It affects you in many many ways that an iva wouldn't.
You must contact your trustee (who may be the official receiver) immediately. You will be asked to fill in a form that gives details of your new income and your current spending. Your IPA or IPO may be changed to take account of the change in your circumstances.
Just to add that an IPA/IPO can't be set once a person is discharged from bankruptcy, so if one is not set following bankruptcy and a person is discharged it can't be set even if a persons situation vastly improves
I have thought long and hard about the implications of Bankruptcy and the inability to ever obtain credit again - but that what got me in this position. It's not my wife's fault and with the new baby on the way its time to make a fresh start.
Don't stop paying your current IVA until you have taken professional advice regarding your bankruptcy options and are sure that this is the route you want to go down
Many thanks for all your advice. I have taken advice from other sources and have contacted Payplan to ask them for guidance. But it does seem that petitioning for Bankruptcy does seem the best option given my circumstances.
