www.iva.co.uk

Hi all, haven't been on the forum for a while.

A good friend of mine was recently made unemployed from the company I presently work for.

Long story short, we've discussed my IVA a few times, and he's been in a similar position, looking at an IVA, since he's £50-60k in debt with his wife.

She hates her job, so there now considering both quitting and going for bankruptcy.

I've been able to advise him regarding an IVA, but since he's not working, I'm thinking bankruptcy would be the preferred route.

These are his main concerns:

1. Will he be discharged from the debt within 12 months.
2. Will he loose his car (value is £500)
3, Will he loose his computer two laptops and numerous games consoles and TV (his most prized possesions I guess)

He has a young family, so he's concerned that his son will loose some of his stuff like games consoles and so on.

He rents privately also.

I've advised him to look at this site and sign, since there's so many people willing to help.

In the meantime thanks in advance.

Hi John

Why not also take a look at the sister site http://www.bankruptcyhelp.org.uk this may help further.

In answer to your questions:

1) It is likely that bankruptcy will be discharged after 12 months but this cannot be guaranteed.
2) He should not have a problem keeping his car (as a guide cars up to the value of £2,000 will be acceptable)
3) These items should be ok in bankruptcy as individually they will be classed as low value and if your friend’s family need these items for day to day uses (e.g. Laptop – to look for work, or children use to complete school work etc) this should not be a problem.

Hope this helps but you should take a look at the other site too.

Take care

Good Point Helen regarding giving up jobs just before going Bankrupt

Regards

Thanks Helen and Bridgewood.

I just discovered the sister site before I checked any replies, so I've referred him to the site.

Very useful! and shows how much has change since I last logged on.

Regarding both there jobs. I helped with my friend leave since there was a legitimate grievance with the company (I was his line manager). His wife is still working but hates the job.

Thanks, again.

I'm just about 3 years into my own IVA, just two more and a bit to go!

Glad I could help John,

Congratulations on your success and lovely that you are able to provide support for others.

Take care

He may be lucky and get early discharge. It is unlikely that it will go on after 12 months unless you have not complied with the OR. For example, Kerry Katona is still bankrupt after 18 months, and won't be discharged just yet as she has not complied with the conditions of the BR order.

With jobs, up to the date of discharge, if you have DI over £99 per month you will get an Income Payment Agreement for 36 months and will be expected to pay across between 50 and 70% of the DI.