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Posted: Sun Jan 04, 2009 11:59 am
by tracyg
Hello again, I have Decided that BR is the only way for me and have missed 1 IVA repayment after speaking to my IP. He was very unhelpful. I would like to know what to next. Do I write to my IVA explaining that I want to be discharged early from my IVA? and what do I write in the letter? Many thanks.
Posted: Sun Jan 04, 2009 12:02 pm
by MelanieGiles
Hi tracy and welcome to the forum
If you have decided that bankruptcy is the only way out, and do not believe that a reduction in your IVA payments is a sensible route to consider with your IP first, then when you have missed three IVA payments the IVA will be deemed to be in default and you ought to be able to apply for bankruptcy on those grounds. This will likely require your IP to serve you with a Notice of Default for you to produce to the Court. The application for bankruptcy will cost you £495.
In certain circumstances, IVA proposals do provide for the Supervisor to apply and pay for the costs of bankruptcy, so it would be a good idea to check the terms of your proposal to see.
Most definately confirm your intentions to your IP in writing so that they are aware of the situation.
Posted: Sun Jan 04, 2009 12:03 pm
by kallis3
Hi Tracey.
Normally once you miss three payments on your IVA, then it will fail, which will leave you able to file for BR.
I would get in touch with them again (did you speak to your IP directly, or was it one of their staff) and explain what you want to do.
Is there any reason why you feel that you can't continue with your IVA?
Posted: Sun Jan 04, 2009 12:17 pm
by tracyg
[quote]Originally posted by kallis3
Hi Tracey.
Hi thanks for your reply,
To be honest I couldn't afford the repayments in the first place, I was told to cut back on the expenditure so that the IVA would be accepted. With the cost of living so expensive now, I am really struggling. The only reason I took the IVA on was to get the creditors off my back. BR wasn't explained to me otherwise I would have opted for that instead.
Posted: Sun Jan 04, 2009 12:34 pm
by MelanieGiles
Yet another dreadful tale of someone who appears to have been pushed into an IVA without regard for the affordability of the repayments. Why did you agree to sign this agreement Tracy - I note the point about getting creditors off your back, but you must have thought that this could only be a temporary issue.
Disgraceful that bankruptcy was not discussed with you - which firm are you with?
Posted: Sun Jan 04, 2009 12:43 pm
by tracyg
MelanieGiles wrote:
Hi, thanks again for your reply,
I Have my IVA with Money, Debt and Credit. I knew that it was only a temporary fix. But I was so depressed and it seemed like a good idea at the time. The company contacted me and I just agreed to it. I didn't even try any other company. Just wanted all the debt to disappear. Now realising that another 4 years of this, I can't cope with.
Posted: Sun Jan 04, 2009 12:48 pm
by kallis3
That's a couple of negative postings about MDC just recently.
Wouldn't mind, but with me they told me I could only go BR!
I can understand why you grabbed at the lifeline Tracey, a lot of us do - anything to get the creditors off your back.
Speak to MDC - see what they say.
Posted: Sun Jan 04, 2009 12:54 pm
by tracyg
[quote]Originally posted by kallis3
Thank you so much. Glad I'm not the only one who feels I was pushed into an IVA I could never afford. I will speak to MDC, but I'm not very confident on the phone:(. They seem very pushy and tried to get me to pay a lower amount last month and pay the rest the following month..... like robbing Peter to pay Paul, God what a mess!!
Posted: Sun Jan 04, 2009 1:00 pm
by MelanieGiles
This is a dreadful way to treat people who are already completely stressed by the whole debt experience. Tracy, if you have no assets, and genuinely feel that you cannot make any form of contribution to creditor, then the bankruptcy procedure is there for you.
Your story appears to mirror that of Skippy13, one of the forum's regular posters, and I suggest that you have a read of her blog which you will find very helpful.
Posted: Sun Jan 04, 2009 1:01 pm
by kallis3
I would try to speak to your IP, rather than one of the minions. You can find his/her address here
http://www.insolvency-service.co.uk/newipsearch.htm
Otherwise, you can just not pay for the next two months and it will automatically fail and they will have to inform you of that.
You can then make yourself bankrupt. It will cost you £495 court costs.
Posted: Sun Jan 04, 2009 1:04 pm
by tracyg
MelanieGiles wrote:
Thankyou,
I have no assets and live alone, The only thing I am concerned about BR is that I rent a property from a Housing Association (which is one of my debts) I am worried that they will evict me if I go bankrupt. I don't want to be homeless as well as bankrupt.
Posted: Sun Jan 04, 2009 1:06 pm
by kallis3
Is this rent arrears we are talking about?
With you not paying your IVA, can you not catch up with these?
If you can, then I would think that your home would be safe.
Posted: Sun Jan 04, 2009 1:09 pm
by tracyg
kallis3 wrote:
I will try to ring them Monday and see what they say. Thankyou so much for all your help. Sometimes feels like you are alone and have no way out of debt. Keep trying to forget about it and just hope that it all disappears. But it won't, so I have to get it sorted.
Posted: Sun Jan 04, 2009 1:12 pm
by kallis3
Good luck Tracey.
Let us know how you get on.
Posted: Sun Jan 04, 2009 1:12 pm
by tracyg
kallis3 wrote:
Yes it is rent arrears.
Without the IVA I could pay a small amount back monthly. This is what I intend to do. Thankyou.