Page 1 of 1
Posted: Fri Feb 22, 2013 11:27 pm
by jayne.64
iva is failing due to reduced working hours bankruptcy next but cant afford 700 for it can you have help from anywhere to help with payment
Posted: Sat Feb 23, 2013 5:11 am
by luluj
If the IVA is failing, then you could save the monthly payments for a fe months until it has been saved in full. During this time creditors may chase you for payment but I would imply say go away..i am going bankrupt
I am not aware of any help to support the funding for bankruptcy. Have you any relatives / friends that could help?
Posted: Sat Feb 23, 2013 9:02 am
by Rich
The only other way is to let one of your creditors make you bankrupt by failing the iva and not making any payments to them. I know some of them threaten Bankruptcy. Perhaps this action being suggested to them may open up some discussion re settling the account with some kind of token payment.
I would speak to your IP and complete a new income and expediture form to see if a lower monthly payment can be accepted. Im sure they will be able to offer support and understand your new circumstances at work
Posted: Sat Feb 23, 2013 12:08 pm
by Skippy
Although creditors threaten BR I don't know of any cases of them actually going through with it as it's an expensive procedure - it costs them more than the £700 for a debtor's petition.
When my IVA failed I saved the payments I would have been making and used them to go BR. Some unions and utility companies will also help.
Posted: Sat Feb 23, 2013 12:23 pm
by Shining
Why not ask at the CAB if they know of any charitable orgnaisations that may help?
Bankruptcy does cost a lot of money I agree.