I am interested in applying for an iva, however,my other half is on verge of getting made or declaring himself bankrupt. Our house will be repossessed in a few months as we can no longer afford mortgage and ground rent (have missed 3 payments already)if he gets bankrupt then the shortfall of house selling price and mortgage value and also secured loan will revert wholy payable to me. is it best to wait for this to happen then enter into an iva, or can this be added in at a latter stage?
i have thought about it, but dont really know where i stand with work etc.. i am traing to be an acca accountant, I have been in touch with governing body and they are ok with it as long as i inform then within 1 month of doing so, give written consent i havent been bankrupt previously and can give a good reason why gone bankrupt then i can still carry on studying! but dont really know how my employers would react? i have got a written contract but no mention of it in there and nothing in staff handbook! however when applying for the job a question on application said had i been bankrupt or iva in past? so they obviosly have rules regarding it
How many monthes bank statements do they want? Will they accept ones printed from internet banking as i dont get bank statements and got informed today by llyods that they will charge me for them. Cant win can you.Do i also need to start saving any receipts from shopping or petrol?
I have never had to produce receipts for shopping or petrol.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Your chosen IP will need to see documentary evidence of all of your debts, and your income and expenditure in order to put forward a proposal to your creditors. This will include an estimate of the shortfall anticipated following the possession of your property and subsequent sale.
A full list of all your creditors (with reference numbers and addresses)amount you owe, details of your income (pay slips for say last 3 months)bank statements for last 3 months and detailed list of what you pay each month.
Applying for an IVA will not affect your training to be an Accountant with ACCA (it is one of my professional bodies as well who actually license me for Insolvency work.
Anyway you need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars and those of your partner.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with. They will give you
the most appropriate advice and it is free.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
can we have a joint iva or are they seperate? also do iva's get reported in the local paper too?
should we be looking for somewhere to rent now in aticipation of when our home is repossessed. seems we will need around 2k for deposit and rent and agency fees, so mortgage will definately not get paid for 2 more months taking us to 5 missed payments
IVA's are not reported in the paper. Your names will be on the Insolvency Register though, and this is a public record on the Internet. The good thing is that not many people know it is there.
I would start to look around, if you can find somewhere and move in, it will be one less thing to worry about.
As long as your mobile phone contracts are not astronomically high, then you will be allowed to keep them. Mine is £35 a month and I have had no problems with it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
