We have just failed an IVA

[sarah.w]

We have just failed an IVA with debtfreedirect and they have said that our creditors are not going to petition for Bancrtuptcy. What happens now do I wait or do I contact them. I do not want bailifs calling as my husband is not too well and he is on incapacity bebefit.

[aguise]

Hi Sarah
If you post a bit more then someone will be along to advise. Did you have a major drop in income which caused the fail, do you have any property. Yo will need to put something in place but dont worry the bailiffs and things like that take a long time to go through the courts. Is bankrupcy an option. If you can answer these questions then we can help more. There is always a solution so try not to worry.

Ang

[MelanieGiles]

Hi Sarahw and welcome to the forum

You can petition for your own bankruptcies in your local County Court - this will cost approximately £500 each, and will bring an end to your financial difficulties providing that you do not own any assets.

You could also consider entering into a Debt Management Programme if you have sufficient disposable income to make ongoing payments to your creditors. I would only recommend this to you if you have assets to protect under bankruptcy proceedings.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk