LOSING JOB

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POLAND

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Post by POLAND » Thu Oct 11, 2007 4:03 pm
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If you are sacked or made redundant do the IVA company automtically file for bankruptcy? Also if you have made a number of payments into the IVA will the court take this into account and if so if your IVA was as a result of gambling would they be more lenient as they have seen you making regular payments into the IVA
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Adam Davies

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Post by Adam Davies » Thu Oct 11, 2007 4:45 pm
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Hi
Your IP will not automatically make you bankrupt,they will ask your creditors and only proceed if there are sufficient funds to do this.
It will be upto the OR as to whether you receive a BRO or BRU but it is most likely.
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
Andam Davies
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POLAND

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Post by POLAND » Fri Oct 12, 2007 1:17 pm
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andydavie wrote:

Hi
Your IP will not automatically make you bankrupt,they will ask your creditors and only proceed if there are sufficient funds to do this.
It will be upto the OR as to whether you receive a BRO or BRU but it is most likely.
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
Hi thanks for that what do you mean when you say sufficient funds?
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Adam Davies

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Post by Adam Davies » Fri Oct 12, 2007 8:14 pm
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Hi
If a clause in your IVA asked your IP to retain monies for bankruptcy and your creditors request bankruptcy then your IP will petition for this.However many IVAS do not have this clause so your IP will not petition for bankruptcy as they do not have the funds set aside to do this.
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
Andam Davies
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Soulgrowth

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Post by Soulgrowth » Fri Oct 12, 2007 8:36 pm
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Hi Poland

It usually takes three missed IVA payments before your IP will take action. Then it takes another month or so to call a creditors meeting and decide what action to take ... during which time you may well have got another job [:)]

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk
Debbie
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