IVA and possible bankruptcy

[vegas]

Hi guys,

I know you guys have been really helpful on my other threads so thought i would pick your brains again if you don't mind

I rang my IVA company today to update them on our situation and our adviser suggested bankruptcy.

As you are aware from my other thread, i thought this would happen anyway.

I have done nothing but think about this all day :/
My advisor said considering the value of my car if i were to go bankrupt i would almost certainly lose the car, he said i could pay £100 into my iva for a short term period and i would not be able to go into a DMP because i donot have the available surplus.

Ok so now it gets complicated...If my husband were to go bankrupt first and once he was released have the car in his name so i could go bankrupt..would we get into trouble for that considering we need to keep the car due to hospital appointments etc

I have also been thinking that it is going to cost us £1400 to go bankrupt.. or possibly £1050 due to being in receipt of benefits.
We have only paid 10 payments towards the IVA and never expected our situation to change so dramatically...In the 4 years we have remaining on the IVA we would be expected to pay back just over £14000.
If we go bankrupt our creditors will receive nothing......
I know its a really long shot but would it be possible to offer a settlement figure on the IVA's now?
I have been talking it over with a close family friend and they have offered to help us out due to the situation we are in and if we use the little savings i have managed to save over the last few months i will be able to offer them a settlement figure of £1000 per IVA.

I am really concious of the fact that if we go bankrupt the creditors will get nothing...so is there a chance that they may accept this offer to close down the IVA?

Thank you in advance

[Foggy]

To be honest that offer of £1000 per IVA is on the low side.

Also, juggling with the car will be looked on badly by the OR and he will overturn any transfer designed to hide assets or put them out of reach of the BR. Were it possible to get him to allow you to keep the car, such a move would scupper any chance of that.

What is the value of the car ?

[vegas]

I have worked out by cutting back considerably that i would be able to afford my IVA paying back at £100 per month but my advisor is now telling me that i can only do this for a short period of time.

Im soooo confused by it all.

I don't know what the actual value of it is but i have had a look on 'we buy any car' and they are suggesting 6k

I have read somewhere that if they take the car they sell it and return some of the funds? I don't know! To be honest i would much rather just pay my IVA at £100 per month and carry on to the end of the term.

[MelanieGiles]

How much is your car currently worth?

And do remember that it is not your IP's decision whether you continue paying £100 into an IVA, but that of your creditors. If you can genuinely afford that sum as a maximum payment, you should insist that they propose a variation to the arrangements.

[vegas]

I don't know exactly how much it is worth but i think in the region of the 6k mark.

I have also read that because i own the car out right that there is more chance it will be repossessed.
I know i must sound like a stuck record but i don't find ringing the IVA company helpful at all they are very sketchy with any information they give me.

[Kelly O]

I suggest that you phone the IVA company and tell them that you want to propose a variation to pay £100 a month.

As Mel says it is for your creditors to decide whether they accept that amount.