IVA is a no go

[inabitoftrouble]

Just had a phone call and my IVA proposal is not looking good, To cut a long story short my tax credits which were a big source of my income have been cut in half and apparently my income is less than my expenditure so no money left to pay IP. It looks like i'll have to go down the bankruptcy route

Just a few questions regarding this...

I rent my house - does my landlord need to know about being a BR? Cos i'll probably have to leave if so.

Does my partner have to be included in my bankruptcy? or can it just be me?

How long does the going bankrupt take?

Also i've seen posts about being bankrupt for 12 months or less, how comes it can be less?

Thanks in advance

[bagpuss]

so sorry...but then going bankrupt isnt as bad as you may think...as for your landlord...i may be wrong in saying this but what he doesnt know wont hurt him...xx

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

[iva experts]

Hello inabitoftrouble,

Sorry to hear that the IVA route is not for you, but don't worry because there is a debt solution for every debt problem.

1) I dont believe your landlord needs to be made aware of your bankruptcy.

2) If the debt is just in your name then the bankruptcy will be just for you.

3) It all depends on how busy your local court is, as you can be declared bankrupt on the day of your appointment. Then it obviously will take a couple of weeks for all your creditors to be notified and for it to filter through to the right departments etc.

4)You can be discharged early if the Official Receiver believes there is good reason for this. However generally the length is 12 months.

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

[Adam Davies]

Hi
Have a look at your tenancy agreement and see if it says anything about bankruptcy.Your name will be in the local paper so they may find out.Probably best to double check.
Only you have to go bankrupt and you can get an appointment within a week or two.It will cost £485 and you will be discharged after a year,possibly less.
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 have also heard of the OR notifying a person's landlord of the BR but I'm not sure what the circumstances were.

I live with my partner and although he had his own debts none of them were joint so it was only me going BR.

You will need to contact your local court to find out if they have an appointments system for bankruptcy or if you can just turn up. Some courts do have a long waiting time. When I went to court I could just turn up and I was back at work by 11.30, but some courts take longer than others.

The best thing to do is think that you are going to do the full 12 months and if you get early discharge it's a bonus - that's how I'm looking at it. It does all depend on the complexity of the case and how busy your OR's office is.

Good luck, and if you have any questions please post and there will be someone who can help you.

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/

[inabitoftrouble]

thanks everyone, i also have a few more questions i just thought of...

When calculating repayments for bankruptcy do they take both of our incomes or just mine?

Do they include any tax credits you receive?

probably have a few more questions but have skipped my mind at the moment, so much going through my head and i have that sinking feeling in my stomach. I was also put onto anti-depressants last week because of the stress and probably a touch of post natal depression

[Adam Davies]

Hi
Tax credits are not included for income orders in bankruptcy.It will only be the persons income taken into account that is bankrupt.
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

[wen]

Hello

I'm in the same boat as we were told today that an iva is a no go, so we're going down the br route. I also felt that sinking feeling today but then i picked myself up and decided that it will all end soon and my husband and i can start again. We had a horrible experience back in May when my husband was subject to an armed robbery in our post office and to top it all a month after he was arrested on suspicion of robbing his own post office!!! It was later recinded but we have been to hell and back and now we're losing our business and our home as a result. But hey, we're alive and we have each other and looking forward to a debt free future. So chin up[:)] big hugs[:)] and smile[:)]

[Adam Davies]

Hi
Wow,what a story.....I hope that by going bankrupt you can put it all behind you and have a fresh start.
Whn you get sorted it would be great to read about your experiences on a blog,or better still start one now so that we can join you on your journey through bankruptcy
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