www.iva.co.uk

Hi. How long after becoming bankrupt can it still be annuled in favour of IVA? Is this information correct? I understand that after being made bankrupt I can apply for IVAs and have the BR annuled...?

I have been made bankrupt because my ex partner did not pay his debt and my name was on one of the agreements with his creditor. I have my own debts which I was paying back, but due to becoming bankrupt all of these are now taken as a BR debt. I run my own LTD company (and have one employee) for only 8 months therefore I am not able to pay all of the above debts at once (that was the reason I was paying my debts in monthly installements agreed with creditors). Now I can't be director in my own company (which has NOTHING to do with BR debt of my ex-boyfriend) and can't have an employee, what of course affects my income. What is the process of BR anulment (if it is true I can reverce BR to an IVA)? I don't think my receiver is helping me with this even dough I explained the situation to him and gave him all the evidence.

Also - if I stay bankrupt, can I apply for a discharge after 6 months? And if I do - can I then be director again and resume my work as before BR?

It is causing me a lot of headake. I had only one more year of repayments to become debt free and now it looks like it is going to be three years + debts I am getting into right now due to not being able to earn as much money as I used to. Any advice?

Thank you

Hi,

Yes, I think you can - take a look at this link

http://www.insolvency.gov.uk/guidancele ... a/ftva.htm

Hi
Yes,speak with an Insolvency Practitioner asap
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Thank you both very much. I will definitely try to speak to my receiver today. Mentioned FTVA - is this going to affect my credit rating in the same way as IVA does?

I was just reading some information here about IVA and realized that there is a condition that I have to be over 12k in debt. Is that right? My total is 5k, does that mean I can't go for an FTVA either? I am confused... There seems to be no way out.[:(]

You will need to discuss this with the OR dealing with your case, as it would be unusual but not impossible to do a FTVA for debts of only £5,000. What a shame that you allowed yourself to go bankrupt for such a small amount, and is there anyone who could lend you the money to apply for an annulment of the bankruptcy?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

I know, it is a shame, but I only received a letter about BR two weeks before the court date was due and was not able to get a loan. And since I am bankrupt it is even more impossible. I live in England for four years only and I have no family or friends who could lend me those money. I am fighting to write off my ex-boyfriends debt from it as it was not mine, he used it for his business, but they claim that my signature on the application form basically means I am the guarantor of that credit. I earn nice money, if there was a lender who I could meet in person to show all my paperwork maybe I could get a loan, but all of them are just brokers. They contact lenders who search my credit file (as nothing else matters) and that's it. I am out £250 of brokers fees and no outcome for me. Done. Noone needs to talk to me, noone cares that I am currently paying almost £400/month to pay back as soon as possible my debts (which are now BR debts) therefore I CAN afford repayments on a 5k loan... It's just crazy. Big lesson for me not to trust myself in choosing a boyfriend. [:I]