www.iva.co.uk

So I finally received my notice of termination in the post from GT yesterday, having stopped paying into my IVA 8 months ago. Basically since my IVA was approved 3 years ago, I have received bills for what now currently stands at £44k for business rates in a property that I left 4 years ago, as the lease hadn't run out. Not realising at the time that I was still liable for rates until the lease ended, I took an IVA out for £70k also owing on rates as I had been wrongly billed by land and property services for the 3 years previous which they wanted paid back (even though it was their mistake). I know I'm going to have to go to BR, but getting that letter today has made me feel like such a failure.....strange as I've been waiting on it for months so it's hardly a shock lol. Worried and scared about BR process, sleepless nights ahead I fear.....

Hi Susan. Hold your head up -- you tried your best ! That is more than many do.

BR isn't as daunting as it sounds. Please stay on the forum and let us know how it goes.

BR is nowhere near as bad as you imagine it to be. It will allow a fresh start for you.

Best of luck moving forward.

Paul

Thanks guys x

Hi Susan there is not so much of a stigma with BKY any more. It is no longer advertised in the local paper. If you do not have a disposable income (and you cooperate, which I am sure you will) then you will be automatically released after 12 months. Your credit rating will be affected for 6 years, so a bit longer than it would have been had your IVA worked out as it will be starting from your BKY date. Any windfalls during the 12 months will belong to your Bankruptcy estate so make sure Great Aunt Ethel keeps eating her greens. If you do have a disposable income you may have to make contributions for 3 years. That's roughly it in a nutshell!

Pity GT did not make you bankrupt and save you the fees. You can always wait on Land & Property to do it for you.

PS the current cost to go Bankrupt is £705

Yes Michael, think I will just wait on them to
Do it, I'd say it will be dinner rather than later

You are not a failure. You made attempts to resolve the situation which hasn't worked out ... hold that head high and go through bankruptcy!

Susan please note they may not bankrupt you. They may simply terminate your IVA leaving you back to square one with creditors pursuing you for payment. If this happens consider your options, which might include making yourself bankrupt.

Lisa, GT are not going to bankrupt me, it says in the letter sent to creditors that they are free to pursue bankruptcy if they wish. They also said not to contact them as they are no longer responsible which was nice to hear. I think land and property services might bankrupt me though as they have been pursuing me relentlessly for 4 years. Their advice to me was to finish paying the iva for 4 years the. Take out another IVA for the extra amount owing.....means I'll be paying £600 a month to them for the next 10 years!!!

Hi Susan, sorry I did not re-read your original post. In which case you can either sit around indefinitely waiting to see whether any creditors do bankrupt you, which may never happen or take the bull by the horns and do it yourself. The quicker you do it the quicker it will be finished.