prevent me from getting the IVA

[platypus]

I owe £49000 to 8 creditors i am considering an IVA. I do not own my own property. I obtained credit cards by stating on the application forms (18 months ago) that I owned my property would this prevent me from getting the IVA ?

[lesley]

I don't think so my creditors also requested that i put homeowner on the forms just a formality they said, my IP says that they should check these things so it is down to their own irresponsibility. I did what they said but I have proof that I have never had my name on property so they can't get what i haven't got. They will do whatever to get you to sign i wouldn't worry about it. My debts are £56000 and i am offering £420 a month if that is anything to go by.[:)]

[MelanieGiles]

Hi platypus

I doubt whether this false declaration will stop creditors from considering an IVA, as your offer will be judged on its own merits. You must make sure that you fully disclose your financial circumstances accurately within your IVA proposal.

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

[platypus]

Hi melanie and Leslie thankyou for your replies why do so many IVA s seem to fail at the first hurdle of application I thought it would be in the best interests of the bank / credit card co to get something?

[lesley]

My creditors meeting is on the 29th and if it is rejected I will be going bankrupt I am in the same position as you with no assets so it would have been in my best interests to go bankrupt to begin with but I felt that I should try to make some effort to pay something back, I am making the best offer I can so if they reject it I will go bankrupt knowing that I tried. I have given up worrying about it now it's in their hands now. Some people make themselves really ill and they can't change anything just leave it the people who are helping they know their stuff.
This forum answers a lot of questions as well I wouldn't have coped without their help.

[platypus]

I will have to look at bankruptcy always thought it had that stigma with it! This forum does seem to provide some excellent information. Best of luck on the 29th

[Skippy]

Hi Platypus, I was in an IVA which failed after 4 months and I am petitioning for my BR next month. I didn't do this to begin with as I was afraid of the stigma attached to BR. Looking back, I wish I had done it to start with. Please don't get me wrong, I am not saying that everyone should go BR instead of proposing an IVA, I just think it is worth considering as there is not such a stigma these days.

Good luck x

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

[tracy.h]

to be honest with you platypus when i read how brave skippy has been and others on this forum ,BR doesnt sound half as daunting as i first thought. I think most people are frightened of the stigma associated with the word bankrupt,but i am now seriously considering it.Good luck with what ever you decide to do,im sure if you keep posting you will get excellent advice and support.

[MelanieGiles]

Can I just remind everyone that bankruptcy is not a punishment or something to be ashamed of, but it is a sanctuary that every British citizen can avail of when you find that you cannot afford to continue paying your debts. I appreciate that there is still a high perception of "stigma" out there, but the reality is that it is a very speedy procedure, and one which on the whole is relatively forgiving these days.

You are all to be commended by wanting to repay your creditors something, and if this is a prime motivator then consider either an IVA or DMP. If creditors then turn this down, there is little to be afraid of within bankruptcy.

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