I live in N Ireland and have been in an IVA since 2006, I agreed at the start of my IVA that i would sell my house and pay 100% to all my creditors . My ex owned a business and put all in my name and i had to pay for all debts,at first it was said thst my debts totaled 169.00 but when i sold my house i gave everything to the arrangement this was 215.000. I am still in this arrangment to date there is no money left i have one asset that was excluded in my arrangment and now i am told the practioner did not really exclude it and it can be used. I have lost everything i cannot sell the flat cause of the market being terrible. I cannot raise a loan as i am listed as being in a IVA. I have now been served with bankruptcy papers as my insolvency pract says i am not comlying with the IVA. Can you please help im now left with nothing i am a lone parent with 2 kids.I think he has been contacted recently by a creditor relating to my ex and his rates bill which he says is is mine this was from 2003.Please help!!
If you are made bankrupt is there much to lose? If you do not have a surplus income and there is little or no equity in your current property it may be the best option. Is there any equity in your property?
Yes there is £50.000 in equity. However Mr Lismore will not say what amount he requires to finish the IVA.I really dont know what to do?I have had 4 solid years and was told this was a better option is it fair to go bankrupt now? Thanks
I think that you should take legal advice before proceeding with any agreement with your IP. There is an excellent firm of specialist insolvency lawyers in Belfast called Napiers who I would recommend you to. Brigid Napier is a very well respected lawyer and and insolvency practitioner in her own right - and I am sure they offer a service where they will provide an initial consultation with you on a free of charge basis.