Will not be able to pay additional bills

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jayg

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Post by jayg » Fri Sep 10, 2010 3:00 pm
Have been in an iva for 6 months, have closed down my shop that i was trading from as trade was well down and was at the stage that i could not afford the rent. Am now left with additional debt of £2000 made up of rent still owing to Dec 2010 and yellow pages advert, bt account which they expect me to pay a further years contract. Am just able to pay the iva but will be unable to pay these additional bills.
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 3:04 pm
Hi and welcome to the forum.

You need to speak to your IP as soon as possible.

Is bankruptcy a possibility for you now?
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
 
 

jayg

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Post by jayg » Fri Sep 10, 2010 4:11 pm
I am in the situation that I have just been offered another shop on low rent in a different town that I am thinking of taking on, this should give me a small income. It would be better than having no job and signing on. I am worried that if i go bankrupt i would lose my equipment and stock, total value £3000 and i have a small van valued at £2500. If i lose all that I would have no choice but to sign on and try and get a job, difficult at my age nearly 50. I am currently earning £100 a week on the internet with my equipment and the shop could possibly earn me another £150.
 
 

kallis3

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Post by kallis3 » Fri Sep 10, 2010 4:33 pm
You need to speak to your IP as soon as possible. They should be able to advise you. You may be able to keep your stock etc., but this is a question only they can answer.
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
 
 

ontheroad

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Post by ontheroad » Fri Sep 10, 2010 5:54 pm
Hi jayg and welcome to the forum, i am self employed and went bankrupt in april this year, i was allowed to keep my work equipment and my car because they are not of high value { a few hundred pounds on equipment, and car about £3000 } and without them i could not earn and that is what they look at, obviously if they are high in value that would be different, as Kallis3 has said you need to speak to your IP but i thought this might help you, good luck.
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