Is there anything I can do to save the day

[nfp]

I have paid 15k into an IVA.
At the time of the IVA arrangement the figure I owed was just under 40k.
In December they decided to bankrupt me because I fell behind with my payments owing to an accident which they were aware of and had a doctors report.I offered to bring my payments up to date in January. They ignored me and issued a bankruptcy order for the end of this month.
I wrote to them today offering a settlement of £20k in 2 payments.
My house has little value.
Is there anything I can do to save the day.
I never had an iterm statement, I do not know if thy have issued a cancellation certificate.
Could I offer to make some payment direct to the people I owe in the IVA.
Can you give me any advice.
They said in the Bankruptcy order that I owe £50k.
Thank you so much for your time and help.

[Soulgrowth]

Hi nfp ... what a pain and worry for you ... yet another of those 'ironies' that make up this journey for us all ... one of the experts will be along shortly with some sound advice ... in the meantime, just wanted to wish you good luck.

Debbie

[Reviva UK]

Hi there

where is the 20K coming from?

If it is from a 3rd party you may wish to keep it on hold incase you are made B so they can protect the house and buy the beneficial interest ( you say there is little value in this)

What were the monthly payments in the IVA and how long is it due to run. Also is there an equity clause in year 4.

It might be possible to buy yourself out of the IVA but good to have feedback from Melanie.

The £50k on the petition no doubt includes statutory interest on the origional debts.

Potentially if the offer of an IVA payout is rejected by the IP at this time and you are made B, you might be able to propose another IVA IMMEDIATELY when made B. melanie could advise you on this.

[nfp]

My family are prepared to raise the money.
The monthly payments were £850.00
I would be glad of any advice on how to buy myself out of the IVA and my family would help me.
I do wish to do everything possible to avoid bankruptcy.
I do feel very upset not to pay my debts.
Thank you again for your time and advice. I am so grateful for all this advice.

Annemarie

[nfp]

My family are prepared to raise the money.
The monthly payments were £850.00
I would be glad of any advice on how to buy myself out of the IVA and my family would help me.
I do wish to do everything possible to avoid bankruptcy.
I do feel very upset not to pay my debts.
Thank you again for your time and advice. I am so grateful for all this advice.

Annemarie

[nfp]

Thank you Debbie for your support, your kind words have meant a lot to me.

Annemarie

Hi nfp ... what a pain and worry for you ... yet another of those 'ironies' that make up this journey for us all ... one of the experts will be along shortly with some sound advice ... in the meantime, just wanted to wish you good luck.

Debbie

[ianmillington]

Did they hold a meeting of creditors at which it was decided to present the bankruptcy petition?

Clearly you have not got much time here. You need to speak to the person handling your case at the IP firm and ask whether your offer would be likely to be accepted. If the answer is yes, ask them if they will be prepared to ask the Court to adjourn the hearing for a month to get things put into place.

If the answer is no then if as you say your interest in the house is of little value (i.e less than the £20k) then it might be better for the money to be put to use in purchasing your interest from the trustee.

In the event that you can rescue the IVA or attempt a second one would you be able to make the £850 payments per month or have things changed now?

Ian

[nfp]

Ian

Thank you for your observations and your time in helping me.
Yes I can afford the payments.
I do not know if there has been a creditors meeting. The company does not respond to me and when I call they give me a number for the supervisor, but she does not take up her phone. It's as if the are sending me up.

I would be prepared to take on a 2nd IVA if that is possible.
I have filled out the form N 244 and subject to any new advise I had intended to go in person on Monday and ask for an adjournment for one month.

Annemarie

[ianmillington]

OK

I think you need to get a face to face meeting quickly with an IP who can take a look at the documentation you have got - possibly also to recommend someone to help you with the Court situation.

Where do you live?

Ian

[Soulgrowth]

Good luck Annmarie ... there are lots of people here to help you both with expert advice and for moral support ... so stay around [:)]

Hope you get things sorted.

Debbie

[MelanieGiles]

If you can clear up the arrears now, I feel that it will be very unlikely that a Judge will grant a bankruptcy order on the day, as the IP can withdraw the petition. This will then allow you to offer a variation to your creditors based upon the balance of monies left from the lump sum.

[ianmillington]

I think AnneMarie needs a little time to get the game-plan together, and needs an adjournment. The Supervisor actually seems to want a Bankruptcy Order here as they seem to be stifling discussion and riding roughshod, although until someone sees the paperwork we will not really know what she is perceived to have done wrong.

My fear is at the hearing she will get trampled on if she's not got someone in her corner. From what I can gather there is a very real prospect of her turning this around, so long as she is given the chance to do so.

Annemarie - if we know the area in which you live, I'm sure that Melanie, I or someone one of us will know will be able to help you.

Ian

[nfp]

Thank you for your reply.
I live in Lymington Hampshire.
As I have not had a reply in the post today which I requested in regard to my offer,they must not be interested in showing me the slightest courtesy.
Should I go to the court on Monday and hand in the request for an adjournment, if so what do I need to say.

Annemarie

[ianmillington]

So it's Monday and not the end of the month? Then there's less time than I thought.

I imagine your IVA is in the Bournemouth County Court?

Here is the page from yell.com setting out Insolvency Firms in your area.

http://www.yell.com/ucs/UcsSearchAction ... ctitioners

I have heard of one of them (Stonham co) but would not claim to have had any real dealings with any of them. Has anyone on the forum had any dealings?

It certainly seems that you must go to the Court. It will clearly comfort you if someone is there assisting you. Please ensure that the documents you have referred to (in particular your offer which appears to have been disregarded)are with you. that will certainly help influence the district judge who might then grant an adjournment to enable you to sort matters out. The question of whether or not to make a Bankruptcy Order is solely a matter for the district judge to consider.

When you say you are able to afford the payments do you mean precisely that or are you able to discharge the arrears as we speak? If the latter it will certainly help your case if you attend Court armed with the funds or at least some of it.

Ian

[MelanieGiles]

I can't see that a local IP is going to be much help to you to be frank - a lawyer has better right of audience if there is to be a request for adjournment, but if you are happy to go along to Court and demonstrate that you have made offers of settlement to your IP then I feel you have a good chance of getting a short adjournment whilst you work with your IP. It saddens me to see that IPs will not work with their clients to rectify defaults - I cannot see the benefit of them progressing with this action if you are able to clear the arrears. Surely the creditors would not sanction this?