Please can somebody help me on a step by step basis to go bankrupt.

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Joanna.07

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Post by Joanna.07 » Wed Mar 30, 2016 7:12 pm
I've been on IVA over three years. I've decided to go for bankruptcy as I need to move abroad to look after my mum who has cancer. I've contacted the IP supervisor however they trying to convince me to suspend the payments first and see if I return to UK. Unfortunately I'm not planning to and they didn't give me much details how to go for buncruptcy. Can someone please help me and explain step by step what to do? Any advises will be much appreciated
 
 

lifenoteasy

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Post by lifenoteasy » Wed Mar 30, 2016 7:49 pm
If you do not intend to return in next 10 years previous suggestions on board is let iva fail and then let limitation legislation apply.

It comes down to individual circumstances and what you believe is the right thing to do.
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.
 
 

Foggy

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Post by Foggy » Wed Mar 30, 2016 8:52 pm
Have a quick look here and follow the link:

http://www.iva.co.uk/bankruptcy.asp
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

kallis3

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Post by kallis3 » Wed Mar 30, 2016 9:46 pm
Hi,

Have a word with Viki Warbrooke from Vincent Bond who can give you some free advice on 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
 
 

Shining

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Post by Shining » Thu Mar 31, 2016 7:56 am
Hi, bankruptcy, whilst looking a minefield is fairly simple to arrange for yourself. I would definitely take some time to have a look at our sister forum and ask some questions. Skippy has a very comprehensive blog too.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Thu Mar 31, 2016 8:59 am
Skippy's blog has been hacked and is full of spam postings so the genuine posts will take some finding. Andy is going to try and sort it.
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
 
 

size5

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Post by size5 » Thu Mar 31, 2016 9:07 am
You cannot declare yourself bankrupt unless and until your IVA has been closed as you cannot do two insolvencies at the same time.

You could ask your supervisor to arrange a creditors meeting and see if they will accept your payments made to date as full and final settlement of the IVA, which they may do, under the circumstances. This would avoid the need for and cost of bankruptcy.

If that doesn't work, then from next week the bankruptcy process will be an online one, there will be no need to attend court, the forms are supposedly much easier and the cost will be the same for everyone, £655. This can be paid in instalments if necessary, with no time limit to do so, although "regular" payments are expected, which can be as little as £5. I am not 100% sure at the moment as to what the insolvency service will class as regular.

Regards.
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Lisa Thomas

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Post by Lisa Thomas » Thu Mar 31, 2016 10:32 am
Ask your IP instead to call a variation meeting of your creditors to accept payments to date in f&f settlement.

Alternatively if you breach your IVA your Supervisor may be required to issue the bankruptcy petition themselves against you.

At the moment the process to go Bankrupt is to fill in some forms and go to your local Court with the current fee which is £705 however this is all about to change in the next couple of weeks and applications will be made online and the costs will also go down (from memory to £650).
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
 
 

Joanna.07

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Post by Joanna.07 » Wed Apr 13, 2016 5:14 am
Thank you for all advices, I really appreciate your help
 
 

Shining

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Post by Shining » Wed Apr 13, 2016 7:19 am
I hope things get sorted for you Joanna x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

size5

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Post by size5 » Wed Apr 13, 2016 9:44 am
Here is a useful link:

http://debtcamel.co.uk/complete-bankruptcy-application/

The application can be saved on a step by step basis, and if it is not necessary in the end, perhaps because your creditors have accepted payments to date on your IVA, then it can be abandoned at any time and any monies paid over can be refunded.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

Shining

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Post by Shining » Wed Apr 13, 2016 10:37 am
Very useful link, will bookmark that to help others with the same question. Thank you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

DoctorInternet

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Post by DoctorInternet » Wed Apr 13, 2016 11:25 am
I went backrupt in 2013, I went to the CAB and they provided me with the forms to fill, and told me the time and place to go to petition. It was free of charge, but you can actually download the forms online and fill them in yourself, and take them along to the court yourself. You don't really need anyone to help you do that.
Last edited by DoctorInternet on Wed Apr 13, 2016 11:26 am, edited 1 time in total.
I hope everything is fine, because we're in a mixed up world
 
 

kallis3

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Post by kallis3 » Wed Apr 13, 2016 11:44 am
You don't actually need to go to court anymore - it's just done online as has been posted above.
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
 
 

Lisa Thomas

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Post by Lisa Thomas » Thu Apr 14, 2016 4:38 pm
Out of interest how did you go BKPT for free? I believe you can waive some costs (if you are in receipt of certain benefits) but not all...?
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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