mortgage represents about half of our income

[mitsu9]

thanks for reply.am slightly worried because bankruptcy is not what i was after ,may end that way in the end but hoping not to.from what i was told tomorrow is just a informal chat but am slightly worried they will try to go for bankruptcy as they are coming about 200 mile

[kallis3]

If you are not happy about them coming, phone and cancel in the morning and then take your time choosing someone else.

If you do let them come, do not agree to anything without having first given it careful consideration. Tell them you will let them know.

[kallis3]

Having looked at their website, it does mention IVA, but be aware that they may charge you upfront fees as they will probably pass you on to an Insolvency Practitioner. A lot of the firms used by people on here will just ask for your first months IVA payment upfront, nothing else.

[MelanieGiles]

If they are prepared to travel to visit you, then you have nothing to lose by giving them a cup of tea - and you can always get a second opinion elsewhere if you have concerns. But the reality is that this firm cannot do an IVA for you - that can only be done by an insolvency practitioner.

[David Mond]

Will be interesting to see what they say and if they suggest an IVA - which firm they are pushing you to - sorry recommending you to?

Most firms of Insolvency Practitioners do not ask for any fees up front. Indeed all advice should be free and you will only have to start a payment into your IVA within 30 days of approval. So be wary for anyone who asks for up front fees as it is not necessary. It is also not necessary to see an IP in your area - visit www.iva.com for reviews on other practitioners. I know Melanie and Philip and neither of them would see you wrong but compare costs etc - see what this "facilitator" has to say and report back to the Forum - good luck.

[mitsu9]

i cancelled appointment this morning but have now spoke to melanies team and expecting phone call sometime today

[kallis3]

They will give you all the advice you need mitsu9. Let us know how you get on.

[mitsu9]

im director of ltd company .if i was made bankrupt am i sacked as director or do i give it up and let partner buy me out

[David Mond]

A bankrupt cannot be a director of any limited company. Your co-director and presumably 50% shareholder can buy your shares out - depends on any shareholders agreement you have or by negotiation. What monies you obtain will belong to your bankrupt estate

[mitsu9]

unfortunately we are probably going to be insolvent next mth as we are in construction.would that going under affect me getting an iva

[David Mond]

Sorry to hear that.

Speak to an IP who does corporate as well as personal insolvency work.

[mitsu9]

im just wondering if anyone knows that if i go bankrupt as director of ltd co i would have to resign etc but we have 25000 overdraft of which i have secured half.would my half come into bankruptcy or would partner end up with whole debt.thanks

[MelanieGiles]

What do you mean when you say you have secured half? Do you mean that you have given a personal guarantee for half of the sum borrowed?

[mitsu9]

hi yes i have given a personal security for half the overdraft.i spoke to tina tonight so she is looking into things for me but i was trying to find this out so i can chat to business partner tomw

[mitsu9]

it looks like i might have to give up my car as monthly payment is 500.00 .after speaking to my dad he asked if he could take over payments once i enter iva or bankruptcy .would paperwork have to be new agreement or could he be guarantor as he said he will make the payments