www.iva.co.uk

We are seriously considering BR as NR are refusing our IVA application and MBNA and Barclays demanding full payment and rejecting DMP proposals. (We have been called 22 times today by one creditor and are only one month in arrears) Just have one or two questions regarding BR.

When does anyone think the newspaper ads will stop being published as if this gets seen by my employer my position would be very difficult and if I lost my job we would loose our main income?

My husband is contracted to have a car under the age of four years old as part of his employment contract. He does get a car allowance of £300 per month to cover this but he owns his current company car it is not on finance. It is worth £7K - would he have to sell it. If he did he would be in breach of his contract as he can't get finance now we have started defaulting on our debts in our DMP?

I have a small run around car (worth £3K) that is on finance as a secured car loan. Again would this have to be sold because the current forced sale value of the car wouldn't settle the finance.

We would have £500 a month to pay into a payemnt order a % of this is from the car allowance. What would happen in that time if we had a baby. Would these payments adjust to cater for childcare etc?

What circumstances does the OR grant a Restriction order on someone. What is deemed as irresponsible spending. We have been using Credit Cards for food and petrol and moved house less than a year ago to relocate for work. This cost us money which in retrospect we couldn't afford... this along with an unexpected baby has sent us under. Would we end up in a lot of trouble or are these reserved for commercial bankruptcies or fraudulent cases.

How on earth do people afford it we estimate it will be £1500 including court fees and fees for parents to buy out the interest in our house for £1??

Would we ever be able to remortgage again? Our current mortgage is with the NR and fixed rate ends in 2.5 years??

How do the courts know what assetts you have do the bailiffs come round and take eveything of value? i.e engagement rings, wedding rings etc. or do you have to fill in an inventory and the OR decides without coming round?

Sorry for all the questions but we want to go into this with our eyes open!!

Hi w man and a big welcome to the forum

22 times in one day, that could constitue harrasment!! Thats plain ridiculous[:(]

With regards to you questions on bancruptcy I am sure an expert will be along shortly to answer your concerns.

Good luck
Emma

Hi
I will try and answer your questions

The newspaper ads will be here for some time,I do not think that there is a set date for these to stop.Your employer can't just sack you because of bankruptcy unless it is in your terms and conditions of employment.

I believe that your husband will have to sell his car,however there are some companies that will grant finance for a lease car.You will need to look around but try www.secretariatservices.net

It will be upto the OR regarding your car and the finance company,my thoughts are that he/she will not allow this.

If you are subject to an IPO and your circumstances change the OR would change the order

On the info supplied you will not be subject to a restriction order

You will not be paying any unsecured debts so should have some disposible income to fund the bankruptcy and any further costs

You will be able to remortgage once discharged but expect a higher rate

Nobody will visit your house,the OR will rely on your statement regarding household goods.Reasonable personal jewellery and household items will not be affected under bankruptcy
Regards

hi there, as andy said they won't come round and do an inventory on your items, you have to note down on the forms any valuable assets you have, they also go back through your statements and do ask what large amounts of money has been spent on so there is no hiding anything, in regards to the cars, that is upto the Or on the day they don't always necessarily allow you the use of cars if they deem that public transport can be used instead, in regards to your hubbies he should take his contract with him if i was him and show them the stipulation of his contract to back himself up, the fees for the 2 of you should be no more than a £1000, in regards to the equity they will do a drive by valuation themselves and if they feel there is no eqity they will write to you and give you the option of buying it for £1 plus their solicitors costs which was £250, i never even seen mine or hubbies advert in paper and so far as i know, no one else did as nothing was ever said to me, if i can help you anymore ask away, i went BR last april and was discharged in november,and to be honest life has gone on pretty much the same only now we are debt free, its not easy as you go through lots and lots of different emotions, we are still in the family home but it will be taken from us eventually we know for definite we have at least 3 yrs so that has helped a lot, good luck have you made a date yet?
kerri

Can we first of all find out why these creditors are rejecting your IVA - and perhaps there is then something which can be done to change their minds.

Which IP firm are you using, and what were the terms of your IVA offer? Has the IP asked why the creditors who are rejecting have made that decision?

Kez - a quickie [;)]
you Said "we are still in the family home but it will be taken from us eventually we know for definite we have at least 3 yrs so that has helped a lot,"

3 Years ? How come ?

I was told 12 months max (single dad with daughter living with me ) .. if the OR doesn't dispose of the house within 3 years it will automatically revert back to you .

Incicently I went BR in July and the trustee got a court order to get me out .. in January ! I got out within 3 days of it going to court ..

I dont want to scare you but you might want to check .

Slainte
MIsh

Hi w man

I am interested to know which firm represented the IVA. If as I suspect it is a larger firm you might well consider having the case reviewed by a smaller firm with great relationships with the people within the banks that actually vote on the proposal.

I understand that Melanie has these good relationships so it might be worth a call to review the possibility of reapplying.

When it comes to Br you should never enter into it because of desperation. You would need to fully understand all the process and your role in the proceedings PLUS what happens to house / cars etc etc etc.

There are almost too many Q's to answer in the post so I would seriously recommend setting some time aside and having a free chat to an expert ( Melanie in the first instance).

You will then be able to put things into perspective and start to plan for a future.