www.iva.co.uk

My i.v.a has fail. If i go bankrupt can the creditors still ask for money of me even if I've sold my house and they was not enough to pay the creditors.

I'm sorry to hear you couldn't complete the iva - what went wrong? You do still owe the outstanding balance on all your debts. Have creditors been in touch yet to confirm these balances and request payment? There is nothing to stop you proposing an iva, going br or entering a dmp. Good luck

Your Trustee will assess your income and expenditure and if you have a surplus they are likely to ask you to agree to an Income Payments Order or set an Income Payments Order at Court which will run for a naximum three year period.

dont worry we are going bankrupt and the creditors wont chase you, its the best decision we ever made because we got mis-sold by the iva company who totally ripped us off. we found a really good family run company that are recommended by the oft and they are helping us through bankruptcy, they even come recommended by martin lewis from money savings expert and dominic littlewood.
go bankrupt you will be fine but just get the right advice first but not from an iva company...

Hi msi-leadkings,

To just advise bankruptcy to someone is not the only answer. I am sorry to hear you had a bad time within an IVA but not everybody does. I successfully completed mine with no problem so it goes to show that they do work as do many others.

I agree with Rayb, an IVA is an excellent solution for many people. I'm sorry that yours was unsuccessful, but I would recommend to anyone contemplating an IVA, BR or DMP that they speak to an IP for advice.

Is msi-leadkings a genuine poster?

At the moment I've no reason to think that he isn't, and hopefully if he is going to keep posting he will be more careful with his advice.

msi-leadkings wrote:

dont worry we are going bankrupt and the creditors wont chase you, its the best decision we ever made because we got mis-sold by the iva company who totally ripped us off. we found a really good family run company that are recommended by the oft and they are helping us through bankruptcy, they even come recommended by martin lewis from money savings expert and dominic littlewood.
go bankrupt you will be fine but just get the right advice first but not from an iva company...

Hi
msi-leadkings can I ask who you used ?

There is another post from Msi-leadkings and in it he/she names the company used. It sounds like Msi-leadkings had a bad experience but many people do complete IVAs and are happy with the outcome.

Regards,

Drew

Many people also go through bankruptcy themselves without the assistance of any company and although I've not done this myself understand it's a fairly straightforward process. Several other posters have and hold comprehensive blogs about the process.

I quite agree that people should not just jump into bankruptcy, and you certainly don't need to pay for assistance.

The vast majority of people on here go on to successfully complete an IVA, and for some people bankruptcy is not an option for one reason or another.

I hope any prospective posters won't be put off.

It is very unfortunate that Brendan.01's IVA has failed. Generally speaking, IVAs run successfully if they are nominated and supervised by reputable IPs.

In terms of what to do after the failure, as Brendan.01's house has already gone and there are still debts outstanding, bankruptcy seems a sensible way forward.

There will only be a requirement to make monthly payments towards the creditors in bankruptcy if there is any disposable income after allowing for reasonable living expenses and then only for a maximum of three years.

Hi haven't sold the house as yet. What i'm worried is how so the creditors will want there money when the i.v.a fails on the 21 jan 2011. Will I just have to put the house up for sale at an auction.
Sorry but I have a list of questions, could go for ever about this.
Just want the bankruptcy to over with aspa so I can get on with my life.

Is there equity in your property? If not, you will most likely be able to keep your house if you choose to by buying the beneficial interest from the OR for a nominal fee.

If there is equity an you want to keep the house a third party can buy the beneficial interest, enabling you to keep the house.

If you don't want to keep the house it can be surrendered and any shortfall will be incorporated into your BR.

If you go BR and you have a disposable income of more than £20 you will be expected to pay into an Income Payment Agreement for 3 years.