I am currently in an IVA, we have been on it for 2 years or so, I recently lost my job so started a free franchise, it is picking up slowly however still not enough to live on, my wife was in a well paid job however she has now been laid off, The IVA company (Blair Endersby) have given us a payment break but extended the duration of the IVA by a year..... I am seriously considering BR, I have very little equity in my home and have a car on finance which we could do without..... If I want to go down this route what do I need to do and how do I go about it.???
You would need to let your IVA fail before going bankrupt and then it would cost you £600 for the court fees. There is no guarantee that your house would be safe either as the OR will retain an interest in it for up to three years afterwards.
Speak to GT and get advice from them.
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
If you can do without your car, you could get rid of it and continue with the IVA. That way you don't risk the house and you are only likely to be repaying a year longer than you would under BR anyway.
BR may be your best bet, but it's just an option to throw in the mix.
hi i too am dealing with blair endersby and just incase you do get rid of your car i have been told that once my hp agreement finishes the £220 i currently pay would be added to my iva so be careful if your car is on hp cuz they will take that amount a month as soon as you sell your car xx[:)]
That is the same for everyone who has a vehicle on HP,.
It means that your creditors get a much better dividend when you start paying the extra across.
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
