IVA failed and ended

[David Jacobs]

My IVA has failed and my supervisor has brought it to an end.

He called a meeting of my creditors and asked if the wanted to petition for my bankruptcy, they said no. I asked him if he was going to petition fo my bankruptcy and he said no.

Where do I stand now?????

Can anyone help?

Kind regards,

David

[Sarah]

Hi David

I am very sorry to hear of your situation.

can you just explain a bit about your situation, Which compnay did you go with, How much are you in debt and who with and do you know the reasons they rejected you?

[MelanieGiles]

Hi David

You are really back to the position you were in when you first started the IVA - ie responsible directly to your creditors. Depending upon your circumstances, you could do either of the following:-

1 Petition for your own bankruptcy (costing circa £500)
2 Propose a DMP with creditors

As I suspect your IVA has failed due to non-payment, then perhaps you should seriously consider bankruptcy proceedings - but do seek specialist advice.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[DebtDummy]

Hello, David, sorry to hear about your IVA. What a blow that must have been. There is a sister site where you can go to have your bankruptcy questions answered. However, there is nothing preventing you from posting here.

The bankruptcy expert on the sister site is named Dennis and he would be more than happy to answer all of your questions. Also feel free just to vent. We do understand. You are not alone.
The site is:

http://www.bankruptcyhelp.org.uk

All I have left is my humour.

[hellybelly]

My partner is currently filing for bankruptcy after considering an IVA, and after reading everything i can get my hands on, its not as scary as it first seems.

He was on a DMP which wasn't feasible and an IVA wasn't really any better, so we were advised for him to go bankrupt.

The bankruptcy sister site is brilliant.

[Skippy]

Hi David, I am in a similar position to you - my IVA has failed and I have been advised to petition for bankruptcy. Like Hellybelly I have been reading everything I can find, and it doesn't seem as scary as I first thought, and to be honest, I wish I'd done this in the first place.

Good luck, and keep posting to let us know how you get on.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[David Jacobs]

Good evening everyone,

Basically my supervisor has now written to myself, my creditors, the inslovency service and the court. In the letter it states that he does not want to petition for my bankcruptcy and neither do my creditors following a meeting of creditors held with my supervisor.

I have also undertaken an insolvency search and I am no longer listed as being insolvent.

Where do I stand now?

Many thanks

[Skippy]

I've just checked the register and I'm still on there, although it still shows my old IP's name (he left a couple of months into my IVA) but with his new company's address...

Onwards and upwards!!!

[MelanieGiles]

David

See my earlier post for your options.

Assuming that your IVA failed due to non-payment of contributions, you are probably better off declaring yourself bankrupt. But do think through the options carefully before arriving at a decision.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[David Jacobs]

Many thanks.

What I do not understand is that if nobody wants to make me bankrupt and my creditors do not know where I am because I have moved country and we are two years on from when the IVA started what I should do?

What will the court do now?

I can not see the point in making myself bankrupt if no one else want to and life is just ticking over with no problems.

Any responses from people in this situation appreciated.

[go_4_broke]

Hi David

It's an odd thing about bankruptcy that people are much more keen to threaten it than actually do it, as they are having to put up money which they have no guarantee of recovering.

Once out of the IVA your creditors can once again pursue you for your debts. Obviously this will be difficult if they can't find you, in which case they will be keeping them warm for you pending your return to the UK.

You could wait until you return to the UK and then go bankrupt, in which case you would be restarting UK life as a bankrupt.

Or, you could bite the bullet now and have it pretty much as far back in the past as possible when you got back to the UK.

If you're not planning on returning to the UK at all, it probably doesn't make a right lot of difference. I think there is a time limit on how long your creditors have got to pursue you, but I don't know if this gets suspended if they can't find you.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

[MelanieGiles]

David

Your decision must be based upon how responsible you still feel towards repaying your creditors, if at all.

Creditors have a habit of turning up in the future, when you least expect them to, and when you owe them twice as much due to ongoing interest and collections charges.

It may seem attractive just to remain anonymous, but do beware that there are very sophisticated methods of tracing people these days, and I fear it will not be too long before they track you down. Presumably your IP has already provided them with details of your current address.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

Hi David, I have thought about just waiting to see what happens now that my IVA has failed, but I don't want to live with this hanging over me. I have been in debt for as long as I can remember, and I want an end to it. I am going to go BR as soon as I have the fees, and although I'm nervous I feel better than I have done in a long while. I want to have a fresh start, and this is the only way I'll get one.

Onwards and upwards!!!