Can creditors make me bankrupt because of failed IVA?

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Lisa Thomas
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by Lisa Thomas » Tue Apr 17, 2018 9:14 am
How much is it worth?

Depending on the value you can ask that it be exempt as an asset in the Bankruptcy estate and potentially keep it.

Alternatively they can give you a cheaper car, or the funds to purchase a cheaper car.
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Lisa Thomas
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by Lisa Thomas » Tue Apr 17, 2018 9:15 am
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valerie443
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by valerie443 » Tue Apr 17, 2018 9:30 am
Foggy wrote:
Valerie, are you back in work now ? I would suggest a chat with a more helpful company (who were you with ?). They may see about starting another IVA or other solution, depending on what is best for your situation.

Hi foggy , yes back in work , was with creditfix , now they don't seem to want to talk to me , do you know were I could get another one please
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Lisa Thomas
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by Lisa Thomas » Tue Apr 17, 2018 9:36 am
Please answer my outstanding questions about your debts and the car so that I can try to help you.

I doubt you will be able to get another IVA so soon as failing the other one as creditors will very likely reject it but if you want to try you can speak to other local IP firms.
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Foggy
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by Foggy » Tue Apr 17, 2018 9:37 am
valerie443 wrote:
Foggy wrote:
Valerie, are you back in work now ? I would suggest a chat with a more helpful company (who were you with ?). They may see about starting another IVA or other solution, depending on what is best for your situation.

Hi foggy , yes back in work , was with creditfix , now they don't seem to want to talk to me , do you know were I could get another one please



I am not allowed to recommend a specific company, but would go with a smaller, more sympathetic, firm, similar to Lisa's (who posted above), or McCambridge Duffy. There is also, of course, the number at the top right of the screen
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valerie443
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by valerie443 » Tue Apr 17, 2018 9:43 am
Lisa Thomas wrote:
Please answer my outstanding questions about your debts and the car so that I can try to help you.

I doubt you will be able to get another IVA so soon as failing the other one as creditors will very likely reject it but if you want to try you can speak to other local IP firms.

my debts are 9,000 and my car is worth approx. 2,000 if that , I wont be able to get to work if they take that , is there anyone out there who will help me from this happening please
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valerie443
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by valerie443 » Tue Apr 17, 2018 9:50 am
I'm sorry if I'm not answering straight away , I am at my wits end and heartbroken , don't know were to turn
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valerie443
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by valerie443 » Tue Apr 17, 2018 9:55 am
please can anyone help me
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Lisa Thomas
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by Lisa Thomas » Tue Apr 17, 2018 10:06 am
Valerie

I think we have answered all of your questions....

Creditors can only make you Bankrupt if you owe them £5 or more (or they club together) which is unlikely due to the costs.

However I think you should consider Bankruptcy anyway. The debts will be written off and you should be able to claim your car as exempt due to its low value per the link I gave you.

I don't think a DRO will apply as you have assets of more than £1k.
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