Posted: Wed Oct 03, 2007 12:36 pm
Good afternoon, I hope someone can advise us with information regarding our conundrum?
Our Story..........
3 years or so ago I was earning quite a good self-employed earnings, which led us to spend a bit more on various credit cards, (use there money instead of ours & repay more than the minimum each month)accumulating around 50k of debt, ( I was earning in excess of 30k profit). We lost the biggest contact we had which was the majority of our earnings; however we continued to pay the minimum instalments hoping that other contracts would arrive?
To our dismay nothing materialised within 6 months so we decided to cut our losses, close the business & move abroad, hoping to gain enough income to carry on with the monthly expenses.
this again was a shock for us both, my wife managed to continue with her part time business as a market trader, but barely enough to repay the minimum amounts on the C/C & living costs, thus why we endeavoured into an IVA which dropped the debt to 20k over the 5 and a half years, to which we though ok we can manage that on what we earn in my wife's business.
until March of this year & the bottom fell out of the Market trading here, yes we still trade, but there is just enough to keep us but none left to pay the IVA or my maintenance for my 2 other children. I contacted my IVA supervisor, who has just advised me that he doesn’t think the creditors will petition for a BR? We also think our supervisor has lost all interest in our case? (Is this because he won't receive any money now?) We did keep an address in the UK for Tax purposes, we have a UK online business to which we complete SE each year as we though it was the correct thing to do.
Could anyone please advise us to our next step into a BR?
Many thanks for your assistance in advance.
Regards
Our Story..........
3 years or so ago I was earning quite a good self-employed earnings, which led us to spend a bit more on various credit cards, (use there money instead of ours & repay more than the minimum each month)accumulating around 50k of debt, ( I was earning in excess of 30k profit). We lost the biggest contact we had which was the majority of our earnings; however we continued to pay the minimum instalments hoping that other contracts would arrive?
To our dismay nothing materialised within 6 months so we decided to cut our losses, close the business & move abroad, hoping to gain enough income to carry on with the monthly expenses.
this again was a shock for us both, my wife managed to continue with her part time business as a market trader, but barely enough to repay the minimum amounts on the C/C & living costs, thus why we endeavoured into an IVA which dropped the debt to 20k over the 5 and a half years, to which we though ok we can manage that on what we earn in my wife's business.
until March of this year & the bottom fell out of the Market trading here, yes we still trade, but there is just enough to keep us but none left to pay the IVA or my maintenance for my 2 other children. I contacted my IVA supervisor, who has just advised me that he doesn’t think the creditors will petition for a BR? We also think our supervisor has lost all interest in our case? (Is this because he won't receive any money now?) We did keep an address in the UK for Tax purposes, we have a UK online business to which we complete SE each year as we though it was the correct thing to do.
Could anyone please advise us to our next step into a BR?
Many thanks for your assistance in advance.
Regards