Pls, pls, pls help!

[stevie_H]

Hi. I'm 25 and entered into an iva in march. I lost my job and missed a couple of payments. I have been informed recently that i've failed my iva. I'm £50k in debt and don't know where to go from here. I've been looking for work but with no luck yet. I was considering bankrupty but don't know if this will have a big knock on effect in the future. I've been with my gf for 9 months and haven't told her because i think of it as it's my problem so i've got to find my own way out. Pls, pls, pls help! Thanx alot. Steve

[MelanieGiles]

Hi stevieh and welcome to the forum

As you have tried an IVA and it failed so early on, I suspect that bankruptcy is now your best option. Did you keep your IP informed of your circumstances, and did they offer to put forward a variation for you?

I am sure that your girlfriend will be sympathetic as it was not your fault that you lost your job.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[Adam Davies]

Hi
You will be discharged from bankruptcy in a year or less and as you are so young you have plenty of time to rebuild your life.Have a look at the blogs from Skippy,coco and debtdummy,they have all been through the bankruptcy process.You will at least know wha to expect.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

Bankruptcy is a legitimate solution for solving debt problems and if you have been unable to continue with your IVA agreement and feel that you will be unable to do so in the future then Bankruptcy might be the best solution for you.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[stevie_H]

Thank you all for your help. Its much appreciated! So Bankruptcy looks like the best option. So whats the best way of going about it? I was thinking of taking a trip to my local citizen's advice bureau. Will they be able to help me through the process? Thanks. Steve

[aguise]

Hi Steve Cab will help and you can also get the forms online to have a look at. Ask all the questions you can think of and understand everything. All the best
Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[stevie_H]

Thank u, thank u, thank u![:)]

[andymac]

Hi,

Post whatever questions you may have onto this site, it is full of very helpful people.

I too have had to go for Bankruptcy, and your head becomes full of all sorts of questions.

get all the facts, and try to stay calm. Once you have all the facts, it isnt as frightening as you first think!

[iva experts]

Hi Stevie,

To apply for bankruptcy you can complete the forms online and then to book an appointment you will have to contact your local court.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[stevie_H]

Ah rite ok. So where online will i find the forms? And i don't have a fixed address at the moment is this going to have much effect on my bankruptcy order? Also i've got a savings account for my son who's 4. Its in his name so can they touch it at all? Will i have to close it? Its addressed at my mums where i was living wen i mounted all my debt up.

[aguise]

Hi Steve you will get the forms at insolvency.gov.uk or something like that it will come up if you google it. Your sons savings are his, not sure about the address, you will obviously need one. Wait for other answers.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[iva experts]

Hi Stevie,

You should be able to fill in your bankruptcy forms online at www.insolvency.gov.uk. Also I believe you may be able to use your mum's address as a correspondence, unless you will have a fixed address in near future.

In regards to your son's savings account, if you can show that you are not benefiting from the savings in that account I think that this should be fine.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[stevie_H]

I've been putting £15 a month into it. Will this matter? Just want something for him for when he hits 18.

[iva experts]

To be honest its hard to say, it all depends on what your OR thinks is reasonable. I think the best way forward is to be upfront about the savings account and then see what decision they make.

The worst that could happen is they say you cannot pay into it anymore, but you could always put some aside from you contingency etc. If they do ask you to cease the payment it will only be for a maximum of 3 years anyway.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[stevie_H]

I told my gf yesterday bout my debt. She wasn't to impressed. She's worried bout if i was 2 become bankrupt then we wouldn't b able 2 get a mortgage a couple of years down the line. Will this b the case? Also i've made an appointment wiv my local cab. I tried filling out the forms for bankruptcy online but i couldn't make head nor tail of them! Also is it worth me closing my bank account now? we've recently set up a joint account too. Is it woth me taking my name off of it?