Can they threaten bailiffs as we only really have a car worth about 2000 at most, no posh tv and/or any other assests whatsoever

Thanks for your messages and advice...will the creditors wait 6 months (ish) for us to get funds together to pay for bankruptcy??

Thanks for your words of advise, if we enter into a DMP are the repayments going to be more realistic/affordable than the IVA? WOuls this be an indefinate payments, obviously depending on monthly payments and amount owed? Also we had a F&F agreed, as we sold our house, however due to the slump in th...

Yesterday our IVA was failed, my husband lost his job in the beginning of the year and thankfully found another after only 5 weeks, however we struggled with the repayments and hence the decission yesterday...... However...what exactly does "The Supervisor fails the arrangement, issues a Certificate...

Skippy13 - Your story sounds simular to us, our IP is useless to be honest, only seem to be in it for themselves unfortunately....it just all seems daunting really, I am curious of the long term probs we may incur years down the road after potentially having the Bankruptcy order and also how our lan...

Thank you for your information, have just been reading about bankruptcy..scary!
We are currently on housing benefits and get some other benefits too, does this effect anything I wonder?

Bankruptcy has been mentioned before, do not really know too much about it and whether it effects us in the future or hangs over us at all. As do not really want anything like that...will look into this, thanks

In breif...IVA in place since May 2008. Found out I was pregnant, it was agreed for us to sell up and move into rented so F&F given. Due to property price decrease, sold house but not enough equity to pay F&F. IVA monthly payments restarted. A week into new house, husband lost £28k job. Out of work ...

Thanks for help, awaiting a reply from IP as off for eater hols.
We do have a car that is worth more than £300 however...will let you know what our IP says. thanks again

Just read blog...no do not qualify for DRO (unfortunately!!)

Excuse my naivaty, do not know what either a DI nor a DRO is...will check blob.
In answer to your question David, it is a joint IVA that we have

In our current situation we have no disposable income...not any at this time, this is where I am unsure how things will work..will have to have a chat with my IP to just check this option...If you have no spare cash, then what? Do things wait until you do have?

The only asset we have is our car which we need for school runs and that my husband will need for his potential job. (we own)
Not really sure how bankruptcy actually works though

For the IP to agree a possible payment break does she need to arrange yet another meeting to get the creditors to agree this? We only just scraped through the last meeting, with a few wanting the IVA to fail, would hate to upset the creditors further after them only just agreeing for us to carry it ...

Just dont really want to go down the bankruptcy route really