If my iva doesnt work

[63k]

We have enough for an IVA although we are only meeting minimum payments etc, and have a family of 5. We have debts as to my user name and want to know, would they accept bankruptcy application if an IVA doesnt work out? I am confused by it as my husband is on a good wage although we have so much debt we would like to see a future again.
What is criteria for bankruptcy?

[iva experts]

Hello 63k,

If for some reason your IVA has failed, your are then back to square one in regards to your options. You can either apply for bankruptcy or a DMP. Why do you think that an IVA wouldn't work? Have you committed to a tight budget?

There is no real criteria for bankruptcy, however it is usually suited to individuals with no assets (house with equity etc) and/or Little or No disposable income.

If you are a Director of a limited company you cannot go bankrupt OR if you are in occupations such as the police, army etc.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Adam Davies]

Hi
You CAN go bankrupt if you are one of the above but it will mean losing your job or directorship.
Bankruptcy will draw a line under your debts but be aware that your house will be sold if you can't find a third party to buy the equity back from the Official receiver.
You may have to pay a monthly amount to the OR for a period of three years but this will be a maximum of 70% of your disposible income.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[iva experts]

Andy I think you misunderstood me, what I was saying was that if you are a director of a limited company you cannot declare yourself bankrupt as you strictly are unable to act as a director or management of a limited company whilst being bankrupt.

I think what we are both saying is the same thing just in different words.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/

[Adam Davies]

Hi
Agreed,just didn't want anyone who was a Policeman etc to think that they were excluded from bankruptcy all together.Bankruptcy is an option for everyone with financial difficulties but certain professions will not be able to continue in their current jobs if declaring bankruptcy and this includes company directors
agreed ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[63k]

Thanks for that, gives me an idea of my other option, yes we are now on a tight budget plus my husbands company are lowering the overtime so we are basing it on our basic rate of pay then adding the 50% payment for overtime into the IVA. Would this reduce the amount of time we would have to pay the IVA off?

[Adam Davies]

Hi
No it would not,unless you have paid the total ORIGINAL debt plus IP fees and possibly interest.
What it will do is give your creditors a higher dividend
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Skippy]

I heard recently that becoming BR as a police officer no longer means that you will definitely lose your job - it's at the discretion of each force.

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/

[iva experts]

Agreed Andy, I know of certain case where the individual who was a company director had to step down from being director then once the 12 months was over and he was discharged, he took on the role of director again. This individual was possibly just lucky as im not sure that everyone can do that.

Skippy, I have also heard whispers about certain forces allowing their police officers to go bankrupt. I think this is a positive step forward.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/