Bankruptcy help

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DeanH

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Post by DeanH » Thu Oct 01, 2015 4:34 pm
Hi, I am looking for some help and advice. After 4 Years of having an IVA it was recently failed - mainly because we couldn't release the lump sum required from the property and the majority creditor refused to extend the IVA, so it now looks like BR is my only option - I have no idea what to do or who to speak to, is their anyone on here that could over help and advice?

Dean
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 4:42 pm
Hi,

If you go BR there is a chance you could lose your house.

You will also have to find the fees for bankruptcy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

DeanH

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Post by DeanH » Thu Oct 01, 2015 5:08 pm
Yes, I am aware of probably losing the house. It appears I may have very little other option.
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 5:16 pm
It seems really harsh - were HMRC one of your creditors?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

DeanH

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Post by DeanH » Thu Oct 01, 2015 5:19 pm
yes they were, apparently they rarely extend an IVA and definitely will not look at a 2nd one
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 5:26 pm
I thought they were.

You could always let them make you bankrupt so avoiding the charges.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

DeanH

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Post by DeanH » Thu Oct 01, 2015 5:28 pm
Oh, I thought it worked out better if you declared yourself bankrupt, is their no benefit to doing this then. I was under the impression that if creditors made me BR I would have to pay their fees.
 
 

kallis3

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Post by kallis3 » Thu Oct 01, 2015 5:35 pm
No, as far as I am aware you will not pay their fees if they make you bankrupt.

Could be wrong so hopefully someone else will come along.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

DeanH

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Post by DeanH » Sat Oct 03, 2015 1:53 pm
Anyone else help out with any advice on this for me?
 
 

kallis3

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Post by kallis3 » Sat Oct 03, 2015 1:58 pm
Why don't you pop over onto the sister site:

http://www.bankruptcyhelp.org.uk/bankru ... topics.asp

You could give Viki a call for some free BR advice and her details are in the expert link on the left hand side of that page.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

lifenoteasy

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Post by lifenoteasy » Sat Oct 03, 2015 1:59 pm
Whoever it is let them make you bankrupt and do the work.

They should have known that releasing equity from a property is difficult and a one year extension would have been standard.

I'm assuming that the level of equity is significant.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
 
 

kallis3

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Post by kallis3 » Sat Oct 03, 2015 2:02 pm
It's HMRC Lifenoteasy.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

kallis3

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Post by kallis3 » Sat Oct 03, 2015 2:03 pm
Thinking about it anyway - how can they make you pay fees if you are bankrupt?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

DeanH

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Post by DeanH » Sat Oct 03, 2015 2:13 pm
OK Thanks, didn't know about that site.
 
 

DeanH

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Post by DeanH » Sun Oct 04, 2015 6:33 pm
Des anyone know who the admins or moderators are for the sister site http://www.bankruptcyhelp.org.uk/bankru ... topics.asp

I registered yesterday but haven't received an email to allow me to log on to the site, have also sent a contact message and heard nothing back.
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