www.iva.co.uk

I've been on IVA over three years. I've decided to go for bankruptcy as I need to move abroad to look after my mum who has cancer. I've contacted the IP supervisor however they trying to convince me to suspend the payments first and see if I return to UK. Unfortunately I'm not planning to and they didn't give me much details how to go for buncruptcy. Can someone please help me and explain step by step what to do? Any advises will be much appreciated

If you do not intend to return in next 10 years previous suggestions on board is let iva fail and then let limitation legislation apply.

It comes down to individual circumstances and what you believe is the right thing to do.

Have a quick look here and follow the link:

http://www.iva.co.uk/bankruptcy.asp

Hi,

Have a word with Viki Warbrooke from Vincent Bond who can give you some free advice on Bankruptcy.

Hi, bankruptcy, whilst looking a minefield is fairly simple to arrange for yourself. I would definitely take some time to have a look at our sister forum and ask some questions. Skippy has a very comprehensive blog too.

Skippy's blog has been hacked and is full of spam postings so the genuine posts will take some finding. Andy is going to try and sort it.

You cannot declare yourself bankrupt unless and until your IVA has been closed as you cannot do two insolvencies at the same time.

You could ask your supervisor to arrange a creditors meeting and see if they will accept your payments made to date as full and final settlement of the IVA, which they may do, under the circumstances. This would avoid the need for and cost of bankruptcy.

If that doesn't work, then from next week the bankruptcy process will be an online one, there will be no need to attend court, the forms are supposedly much easier and the cost will be the same for everyone, £655. This can be paid in instalments if necessary, with no time limit to do so, although "regular" payments are expected, which can be as little as £5. I am not 100% sure at the moment as to what the insolvency service will class as regular.

Regards.

Ask your IP instead to call a variation meeting of your creditors to accept payments to date in f&f settlement.

Alternatively if you breach your IVA your Supervisor may be required to issue the bankruptcy petition themselves against you.

At the moment the process to go Bankrupt is to fill in some forms and go to your local Court with the current fee which is £705 however this is all about to change in the next couple of weeks and applications will be made online and the costs will also go down (from memory to £650).

Thank you for all advices, I really appreciate your help

I hope things get sorted for you Joanna x

Here is a useful link:

http://debtcamel.co.uk/complete-bankruptcy-application/

The application can be saved on a step by step basis, and if it is not necessary in the end, perhaps because your creditors have accepted payments to date on your IVA, then it can be abandoned at any time and any monies paid over can be refunded.

Regards.

Very useful link, will bookmark that to help others with the same question. Thank you.

I went backrupt in 2013, I went to the CAB and they provided me with the forms to fill, and told me the time and place to go to petition. It was free of charge, but you can actually download the forms online and fill them in yourself, and take them along to the court yourself. You don't really need anyone to help you do that.

You don't actually need to go to court anymore - it's just done online as has been posted above.

Out of interest how did you go BKPT for free? I believe you can waive some costs (if you are in receipt of certain benefits) but not all...?