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Posted: Mon May 23, 2011 5:51 pm
by whitey98
Currently in a IVA and want to go bankrupt howlong does it take to fail or get out of IVA?
Posted: Mon May 23, 2011 6:01 pm
by ginger3232
Hi Whitey - stop making payments after 3 you will be in breach and then it is dooomed to fail . However the creditors will start to chase you for all the debt you owe + interest.
Is there a reason why you wish to fail your IVA - is there problems the forum maybe able to advise on ??
Posted: Mon May 23, 2011 6:10 pm
by whitey98
Just wondered how many months it would take to be in court roughly from now? Roughly , Bankrupt may be bestoption
Posted: Mon May 23, 2011 6:19 pm
by Foggy
Three months before you fail your IVA, then you have to apply to coutr ( and pay the fees), after that it's a few weeks to court hearing ( varies according to specific courts caseload), then it's a while ( how long is a bit of string) before OR gets around to dealing with your paperwork.
Posted: Mon May 23, 2011 6:23 pm
by ginger3232
Oh dont forget Whitey98 - there may also be a payment order put in place on any disposable income. And you credit report will be shot to bits for another 6 years
Posted: Mon May 23, 2011 6:26 pm
by whitey98
What's anpayment order and your credit rating is gone for 6 years on a IVA so what's the difference? Cheers
Posted: Mon May 23, 2011 6:28 pm
by whitey98
What's a OR? Cheers so it's atleast 6 months then.
Posted: Mon May 23, 2011 6:30 pm
by ginger3232
The 6 years will start on the bankruptcy date . payments order are more strict on allowances - so you could end up paying more. The PO will be made by the court via the OR
Posted: Mon May 23, 2011 6:32 pm
by ginger3232
Offical Receiver
Posted: Mon May 23, 2011 6:36 pm
by whitey98
Is the official receiver the person who grants the bankruptcy. I understand thanks
Posted: Mon May 23, 2011 6:39 pm
by whitey98
Has anyone on here gone from a iva to bankrupt?
Posted: Mon May 23, 2011 6:39 pm
by Judo
The Official Receiver is the person who will deal with your Bankruptcy once it has been granted by the court.
A bit like your IP. You will have to report to them all your changes in circumstances, he/she will deal with your assets, things like that.
Posted: Mon May 23, 2011 6:40 pm
by MrsKnight
Hi whitey
I noticed from your other post you were having some difficulties in regards to your income going up & borrowing from a family member? Have you managed to get in touch with your IP to explain?
They may be able to help & give you a solution to sorting this out for you.
Do you have any asest to protect? Going BR will have a more severe effect on your credit record. And recently BR have become more stricter, so you could end up paying more than what you would do in a IVA.
Posted: Mon May 23, 2011 6:42 pm
by ginger3232
A few people who post on here have, due to their circustances changing.
Main thing is you fully understand all your options and Pros /cons of all the routes.
None of the debt management plans - are easy options !
Posted: Mon May 23, 2011 6:43 pm
by MrsKnight
Read skippy blog,
Skippy started off in a IVA & it did not work out & has gone through the whole BR experience & is now debt free.
If you have not already, please have a chat with your IP, before doing anything x