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Posted: Thu Oct 01, 2015 4:34 pm
by DeanH
Hi, I am looking for some help and advice. After 4 Years of having an IVA it was recently failed - mainly because we couldn't release the lump sum required from the property and the majority creditor refused to extend the IVA, so it now looks like BR is my only option - I have no idea what to do or who to speak to, is their anyone on here that could over help and advice?
Dean
Posted: Thu Oct 01, 2015 4:42 pm
by kallis3
Hi,
If you go BR there is a chance you could lose your house.
You will also have to find the fees for bankruptcy.
Posted: Thu Oct 01, 2015 5:08 pm
by DeanH
Yes, I am aware of probably losing the house. It appears I may have very little other option.
Posted: Thu Oct 01, 2015 5:16 pm
by kallis3
It seems really harsh - were HMRC one of your creditors?
Posted: Thu Oct 01, 2015 5:19 pm
by DeanH
yes they were, apparently they rarely extend an IVA and definitely will not look at a 2nd one
Posted: Thu Oct 01, 2015 5:26 pm
by kallis3
I thought they were.
You could always let them make you bankrupt so avoiding the charges.
Posted: Thu Oct 01, 2015 5:28 pm
by DeanH
Oh, I thought it worked out better if you declared yourself bankrupt, is their no benefit to doing this then. I was under the impression that if creditors made me BR I would have to pay their fees.
Posted: Thu Oct 01, 2015 5:35 pm
by kallis3
No, as far as I am aware you will not pay their fees if they make you bankrupt.
Could be wrong so hopefully someone else will come along.
Posted: Sat Oct 03, 2015 1:53 pm
by DeanH
Anyone else help out with any advice on this for me?
Posted: Sat Oct 03, 2015 1:58 pm
by kallis3
Why don't you pop over onto the sister site:
http://www.bankruptcyhelp.org.uk/bankru ... topics.asp
You could give Viki a call for some free BR advice and her details are in the expert link on the left hand side of that page.
Posted: Sat Oct 03, 2015 1:59 pm
by lifenoteasy
Whoever it is let them make you bankrupt and do the work.
They should have known that releasing equity from a property is difficult and a one year extension would have been standard.
I'm assuming that the level of equity is significant.
Posted: Sat Oct 03, 2015 2:02 pm
by kallis3
It's HMRC Lifenoteasy.
Posted: Sat Oct 03, 2015 2:03 pm
by kallis3
Thinking about it anyway - how can they make you pay fees if you are bankrupt?
Posted: Sat Oct 03, 2015 2:13 pm
by DeanH
OK Thanks, didn't know about that site.
Posted: Sun Oct 04, 2015 6:33 pm
by DeanH
Des anyone know who the admins or moderators are for the sister site
http://www.bankruptcyhelp.org.uk/bankru ... topics.asp
I registered yesterday but haven't received an email to allow me to log on to the site, have also sent a contact message and heard nothing back.