I keep looking for answers to the same questions

[graeme.s]

Hi my name is Graeme. I entered into an IVA in april 05 but was dismissed from my job in June 06 for non attendance. The reason for this (and the £32,000 I owe is a drug addiction which started when i was 19 years old. I am an engineer and was earning around £30,000 for most of this time which made it easier to obtain credit. I started working again in april this year earningb £22000 and told my IVA company i could pay some money but they didn't seem bothered. They just sent me a letter saying I have been discharged from the agreement due to failure to pay. What happens now? I keep thinking bankruptcy is the right idea because i have no home and no assets at all but how do I stand there if I am actually earning money? I keep looking for answers to the same questions - can anyone stop me going bankrupt?, can I be made to pay contributions after bankruptcy?, and now my IVA is finished can my creditors start chasing me and adding interest again? Many thanks.

[catullus]

Hello Graeme

Your creditors will have been advised by your Supervisor that the IVA has failed and this now allows your creditors to recommence debt coleection procedures for the money that they are owed.

In practice, it will probably take them a while to "put you back on the list" which may be the reason that you don't appear to have heard from them but you certainly will.

It doesn't sound as though you have much to save from not being made bankrupt and, with the problems that you say you've had,bravely I might add, the chances are that another IVA wouldn't be right for you anyway.

Noone can stop you entering bankruptcy and although the creditors have the abilty to do this the chances are that they won't because it costs them money, preferring to hand you over to debt collectors who, when they get their teeth in to you, won't let go.

It's simplest for you to petition for your own bankruptcy and you do this by completing forms and handing them in at court with a fee of £485 (not sure if that's the correct figure but its close)

You'll then be quickly made bankrupt by the court and will be answerable to the Official Receiver.There will be a lot of questions to answer, you'll have to pay in to your bankruptcy a monthly amount which will normally be less than you would pay in to an IVA, but your debts will have been wiped out.

Before taking this step I would suggest that you read the blogs on this site of people who have gone down this road because they explain far better than I ever can what bankruptcy really feels like.

Best of luck.

[Skippy]

Hi Graeme, I went BR in March this year and to be honest I wish I'd done it sooner as it was such a weight off my mind. My going BR you will be protected from your creditors, who will no doubt start contacting you eventually. I was terrified when I went to court, but I was treated with dignity by everyone involved (except the security guard, but hey ho, that's life!) and even the OR interview wasn't as bad as I was expecting.

All the best for the future, and if you have any questions please post and someone will be able to help.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[mikebdomain]

Hi Graeme and welcome to the forum, sounds like you are starting to get back on your feet. From what I have read of previous posts and situations I would suggest bankruptcy is the way forward - good luck

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