I've spoken to my IP

[Skippy]

I have never actually spoken to him before today, and I was pleasantly surprised! He phoned me as I have not returned the new income and expenditure form, and wanted to know more details of why I am struggling.

I mentioned to him that I am seriously considering bankruptcy and he went through the implications with me, and to be honest it wasn't as scary as I thought! I am going to think about it over the weekend, but I am seriously thinking that I will petition for bankruptcy. The only asset I have is my car, and my IP advised that as it's not valued much over the BR limit if I can get a family member to pay the difference then I will be able to keep it.

Regarding me having a financial interest in Dave's flat, he said that shouldn't be too much of a problem as I have only been living there for a year, and I haven't paid him any 'rent' for most of that time, and when I have given him the money he has had to give it back so we can eat!

I asked if it was possible that I would have to make the same payments in bankruptcy as I do in my IVA, and he advised that the OR USUALLY only takes 50-60% of your disposable income, rather than the whole lot.

If it will help me get out of this mess then having my name in the paper isn't too much of a problem. It's not an ideal situation, but it would be an improvement on where I am now. I am going to ring my IP back next week and let him know what I have decided, and he will then tell me what to do next.

For the first time in a long time I can see light at the end of the tunnel.

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

[MelanieGiles]

Hi Skippy - glad that you have at last managed to get some sensible advice from your IP. I concur with everything that you have said - and you must agree that it was worth persevering to speak to him personally.

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 skippy, long time no type (smile). If you have a BR question post on my sister in debt and I shall answer or link you to the right place. I wish you success in whatever route you take to financially unburden yourself. And your IP told you correctly, BR is not scarey today.

Good luck either way!

All I have left is my humour.

[Skippy]

Thanks Melanie and Debt Dummy - I'm sure I'll need your help in the coming weeks! I'm actually feeling a lot happier, and I've still got the half completed forms online. I've got a few letters to write for information about my pension and I'll get that done over the weekend.

Incidentally, this was not my original IP - he has left the company. I never met him or spoke to him - he was just a name on a piece of paper. I can't help wondering if things might have been different had I had a different IP.

Life could be a whole lot worse, and I will get through this - as we all will xxx

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

[thebear29uk]

Hi Skippy

I'm sure whatever you decide Dave will stand by you and if you can cope with your name being in the local paper to reach the end of what has been a long journey then choose the path thats best for you. There is a lot of negative press about IVA's just now with the banks claiming they are mis-sold and the general public feeling it is an easy way out for people. What they misunderstand is that it is a way for insolvent people to pay as much as they can afford to their creditors. Still we see cases of people offering over 50p in the £ being rejected and these individuals being forced into the BR route. Worse still people are wrongly advised and often encouraged to sign up to unrealistic monthly payments which are not sustainable for the 5 year term.
You chose an IVA in the belief that you could offer your creditors a better return than BR. Sadly this is now proving too difficult and if its unlikely that a variation will be approved at least you can say you tried your best. That's all anyone can ever expect.

Whatever you decide you know we will back you and, who knows, you might be able to plan that wedding just a little bit sooner[;)]

Best wishes

Dave

[Skippy]

Hi Bear (it'll get confusing talking about 2 Daves in the same post!), thanks for your kind words. Dave has been so good about this, and yes, I think I can cope with my name being in the paper - my my once said I had a hide like a rhino, and maybe she's right!

I have tried with the IVA, and I came to the conclusion that things must be bad when my IP didn't try and convince me to keep going with it! When I first decided to go down the IVA route bankruptcy was mentioned briefly to me, but never really explained in detail. I had the image of men coming round and seizing the fridge freezer (one of the few things I've got to show for 65k debt!) but I know now that it's not like that. All I stand to lose is my car, and I think there will be a way around that if I talk nicely to the family!

On the subject of the wedding - don't order the hats and suits yet! If Dave thinks it means getting married sooner he'll be finding all sorts of reasons to stay in the IVA - extending it by 10 years would be a good bet!

I don't know what I would do without this forum - you are all such kind, caring people, and it helps knowing that I am not alone x

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

[scaredkez]

skippy you better tell dave i have ordered the hat and its non returnable.
lily sends her love she is having such a good time which i am sure she will tell all when she gets back.
i know its a hard road to go down, and i am very frightened at the prospect but have no way out, i haven't got the job as i haven't heard anything and dead line tomorrow so now it looms nearer the BR but i know we have to get it over and done with the sooner we do the sooner we are discharged, its just the thought of losing the home and one of the cars which in time can be replaced , i wish you luck skippy what ever happens and you have a good man standing with you
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[thebear29uk]

Hi again Skippy

I dont have much to show for my £80000 debts (ouch, hurts every time I type or say it). As with all things I wish I'd known about this website much sooner. I think that for the last 2 years I have been withdrawing cash on one card to service another. In terms of interest paid and increasing minimum payments I have probably increased my debt by £20000 by not acting sooner. I could cope with my name in the paper. I've lived here for over 2 years but not many people know my surname. I may lose my house either way as I dont live in it ( I rent it out and pay rent where I am) and the creditors may want it sold and the equity releasing sooner rather than later. I'm not 100% sure if my profession has a policy on BR. Having looked at the figures I can definitely offer more in an IVA than BR so I hope mine is approved. I have a certain IP known on this forum so I'm in good hands.

Has Dave not heard of that much longer repayment term for repaying the debt of love. Its called an MVA. (marriage vows arranged) Sorry. Bit cheesy.

By the way I'm a massive Man Utd fan. Have been ever since my mum and dad bought me a shirt for my 5th birthday and my mum sewed 2 strips of pyjama cord (no fancy printing back then) on the back to make a No. 11 for George Best. That was in 1971. I grew up 5 miles from Old Trafford and used to go to games in the late 70's and 80's before becoming a season ticket holder between 1989 and 1993. After that my job entailed working every Sat so my mate took over my ticket. Did see them beat Wigan on Boxing Day whilst staying over Xmas.

Oh and yes I've heard of The Saw Doctors!!

[scaredkez]

oh dear i feel we are all going to fall out in respec to fball i can't talk to any manu or city fan being a liverpool through and through lol!

jokes aside i wish everyone luck in which roads we are made to take, my house my little palace is going i know i can cope with that its just my parents who live so close so many things will be turned upside down and they are the things that are going to be harder to cope with.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Skippy]

Glad to see another Man Utd fan on here Bear!!! Dave is a Chelsea (yeuck!) fan so we have some good 'conversations'!

I've decided against mentioning the wedding to Dave - talking about bankruptcy and marriage in the same week might be too much for him!

I have just spoken to my case manager and I am going to sent my income and expenditure form and they will have a look at it, but she agreed that bankruptcy might be in my best interests. I am not making March's payment, and she said that she won't discuss me making up the arrears as it might not be worth it. I have spoken to a few people and nobody has tried to put me off, so this is making me think that it could be the right decision. I've got a bit of breathing space at the moment, so I don't have to make any rash decisions, which is what got me into this mess in the first place! It's my birthday in a couple of weeks, so at least I can enjoy that!

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

[freelili]

Hello Skippy

I think that you are making the right decision by going BR, you have tried the IVA route and seem to be existing rather than living. You have no assets of your own and have to rely on your good man to bail you out every month (I know he dosent mind) but at the end of day its really not helping your own sense of worth. Ok so you owe the money, but to be constantly in this kind of limbo/deep down guilt ridden state for the next five years, you would really have to be super-tough. I know there's the moral issue but lets face it, how long are you actually going to think about that after the rubber stamp? Its daunting, I know but theres a whole new life just waiting for you on the other side and youre not likely to walk down this road again are you? Its just my opinion Trace and I wish you the best, whatever you decide.

One more thing, UP THE VILLA.

Loads of love to all of you

LILY

[Skippy]

Hi Lily, welcome back! How was your break?

I know that I am now making the right decision. I will send in my income and expenditure form as requested, but as you say I am existing not living, and I hate being dependent on Dave and my mum. I do feel daunted by it, but as I said I can now see light at the end of the tunnel. The forms are nearly complete online, and I just need some more info from a couple of pension companies, so I can't do anything just yet, but whats another month or so?!

You're right, once this is sorted I WILL NOT GET INTO DEBT AGAIN!!! The only thing I plan to have is a car loan, which is a fixed amount and if I don't pay it's bye bye car! I was talking to my friend last night - she is 35k in debt, and she asked me how I would get a credit card or a loan if I went bankrupt! I tried to explain that I never want another one, but she couldn't understand me. Oh well, each to their own.

We've got a good variety of footy teams on here!

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

[freelili]

My break was really great thanks but I am glad to be back, no place like home, right?

I wouldnt have another credit card or loan either. I am going to put money (as if it were a car loan) into a savings account each month and when theres enough I will buy a car with it.

There is no rush is there just do the BR when you are ready, we will be here for you.

Love


LILY

[thebear29uk]

Good evening ladies

Just a couple of points.

Skippy at least we are not in as much debt as Malcolm Glazer. Or for that matter Man Utd now thanks to good ol' Malc.

Lily I hope you dont owe any money to MBNA. What with you being a Villa fan and Randy Lerner owning MBNA and Villa.

Sorry nothing serious tonight. Tough week at work and got me a cheap bottle of red. Still got the busiest day of the week to get through tomorrow. C'est la vie.

Dave

[freelili]

I am not owing anything to learner thank goodness. They seem to have ways of making you talk, right?

I am a little worried about lerner as his american club are bottom, I like the new players though. I used to sit on my dads shoulder, (he wanted a boy)
enjoy the red, both tonight and tomorrow

LILY