IVA failing consider bankruptcy?

[MelanieGiles]

If your IP has insufficient funds to petition, then he is unlikely to do so. So your money is now probably better spent by saving up for the petition costs - £485 per person. Make sure that you keep the IP informed out of courtesy.

Your bank account could be "unfrozen" very quickly, but this is at the discretion of the bank, so it might be best to check with them what their policy is before proceeding further.

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

[watert]

Thank you Melanie. I will contact the bank today and ask their policy with regard to bankruptcy. We did open after the IVA and were upfront at the time, so hopefully they will consider and be lenient. I will contact our IP and let him know are plans. Just want to be so clear and worrying about everything.

[watert]

Does anyone know the answer to below please:
If we continue our plan and go abroad, should we be saying this, as understand there may be attachment to earnings and don't know how this would work if we are not here?

Also found out our car is worth around £3000, not £5000 as thought. Would we be able to retain for transport until we go?

[Adam Davies]

Hi
You do not get an attachment to earnings order in bankruptcy,you are left to pay the agreed amount over on a monthly basis.
I doubt if anybody can give you a difinitive answer regarding the car as it seems to vary from one OR to another.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

I would have thought a car at that value would be safe, but as Andy says the policy does seem to change from OR's office to office. If you do not pay your IPO payments in bankruptcy, the OR can apply for an attachment of earnings.

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

[watert]

I have made contact with our IP to discuss our plans. He has said sorry it didn't work out, and told us what court and how much we will need to petition our own bankruptcy. He said there are not enough funds with him to do this, as we expected. He also said this is him out of the picture now. I was hoping to ask a few worries, but he is not able to help - can I ask advice here please?

[MelanieGiles]

A shame that he is not prepared to give you the time of day to answer your queries - but feel free to use the forum to ask your questions as they arise. We will try to help as best we can.

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

[watert]

Thank you so much, I was a bit quite upset by his reply as we have paid a total of £3750 in to the estate, although the first 2-3 payments were before IVA approval.

We are one month behind with our mortgage and had an agreement to catch up add extra to our monthly payments. Should we advise the mortgage company of our plans to petition our own banktuptcy? We also have a secured loan and want to stop payment ann advise the same. We hope to the raise the funds doing this by end of September.
Will our IP advise creditors now and will they come for us in a hurry?
Thank you for your advise.