my iva

[mish1953]

Zippy - I'm already BR - did it myself, £485 .

Does the company that your with give you added value, help you though all the forms etc ?

I haven't found it difficult doing it myself but I gather that there are companies out there that will help you thru the process, hopefully they will give you tips on I & E, assests etc.

Slainte
Mish

[zippy72]

hi optimist12,i knew there were fees but not that much,and what you have quoted is what ive paid.I hope going bankrupt is the best option,which i was not offered in the 1st place!

[zippy72]

hi mish,i did not know about br until i got letter 3 weeks ago,i have spoke to people from that company and they are helping me,i wish i knew how to do it myself.

[zippy72]

Did the company you are using advise you that you can make yourself bankrupt for free, using the Insolvency Services on line petition?

Many posters on this board have done this without having to pay any more fees.

Of course you will need the court fee and deposit of £485, but you will also need that with the company that you are now using.

So what are they going to do for you for your 4 payments, and out of interest, how much do those 4 payments come to?

[zippy72]

no i didnt advise me,ive never been in this situation,i dont mind paying them £250 for 4 months its a lot less wot ive got 2 pay my iva! well im gonna do it and hope it works out.

[catullus]

Well, if they didn't advise you about this Zippy, you need to ask yourself what else they didn't mention.

I would strongly advise you to read the post in the following link, in full, before you decide that bankruptcy is the right route for you.

http://www.iva.co.uk/forum/topic.asp?TO ... hichpage=1

[mish1953]

Zippy - it really isn't complicated, read everything on here, read everything on the insolvency site BUT and its a BIG BUT make sure that you fully understand what you are getting into .

If you are paying for advice & help make sure that you read everything anyway .. the main thing to remember is that its YOU thats going bankrupt and that it you that is going to have to live with it .

Lots of help/support and advice on here.

Slainte
Mish

Will an automatic discharge hurt.

[catullus]

Guid advice Mish!

[zippy72]

I have looked at link,but it is to late im going through with br.Hopefully the future is brighter the other side of the fence.

[zippy72]

Zippy - it really isn't complicated, read everything on here, read everything on the insolvency site BUT and its a BIG BUT make sure that you fully understand what you are getting into .

If you are paying for advice & help make sure that you read everything anyway .. the main thing to remember is that its YOU thats going bankrupt and that it you that is going to have to live with it .

Lots of help/support and advice on here.

Slainte
Mish

Will an automatic discharge hurt.

[zippy72]

hi mish,I know i will have to live with it but its better than paying £531 a month to iva for the nxt 3 years,i will pay £250 for nxt 4 months and £485 court fees but hopefully i will b free of debt!

[catullus]

Zippy

What makes you think that you won't have to pay £531 to your trustee in bankruptcy AND lose your car, golf clubs, camera and anything else of value?

What has this company actually told you about bankruptcy?

[zippy72]

They have asked me questions if i own a car or a house,i dont so they cant take it from me if i dont have it.

[emma_t]

Zippy its my understanding that if you have spare money each month, after completing an income and expenditure form, that you will have to pay this to the official reciever for up to 3 years during your bankruptcy.
Lots of people who have been through the process will be able to give you more accurate advice but I thik this is what happens.

Have you already defaulted on your iva and paid this company any money?

[Adam Davies]

Zippy
are you paying 4x£250 and the £485 fee ?
Also has the company explained to you the strong possibility that you will have to pay a monthly amount to the OR for three years ?
Who is helping you petition for bankruptcy ?
Regards

Andy Davie
IVA.co.uk Spokesperson

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

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