IVA's, BR & Insurance

[-PR-]

If an IVA gets cancelled, do you 10000% get made bankrupt or is it just empty threats? Or do your creditors decide your fate?

And does anybody know how a bankruptcy would affect a potential job in the insurance industry? Particularly the Lloyds market & underwriting.

Thankyou.

[MelanieGiles]

Not necessarily - that will depend upon whether the terms of your IVA provide for bankruptcy proceedings upon default, whether the IP has sufficient funds to pay for the petition and legal costs involved or whether you decide to petition yourself.

I think that bankruptcy might affect your ability to work for say a Lloyds syndicate, but you would have to check directly with any prospective employers.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva_squirrel]

Good evening PR,

Bankruptcy affects certain occupations and professions, such as the Police Force, Armed Forces, Local Council and Government Offices may refuse to employ someone who is either an undischarged bankrupt or has been declared bankrupt at any point in the past.

Many large corporate organisations ask potential employees if they have ever been declared bankrupt and may carry out background searches - this could also mean that promotion prospects could be affected.

As Melanie says, you would have to check directly with any prospective employers.

Kind regards,



Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[-PR-]

Considering that I don't own a house/flat, a car or have any built up savings or pension, would a BR even be considered?

[michelle.l]

Oh I'm a bit worried now Julia, I work for the local council and went BR on Tuesday...didn't know it could affect your job in local government, I don't work in finance.

PR - I think anyone who is insolvent can go BR...basically if you have less coming in (income) than that going out (outgoings) and you are unable to pay your debts as they fall due. It is less complicated if you have no assets whatsoever!

Michelle x

[MelanieGiles]

Michelle - please don't worry your job is probably very safe, but do read through your terms and conditions of employment to be sure/

PR - this will not affect you if you wish to petition for your bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[iva_squirrel]

Hello Michelle,

I am sorry, I did not mean to worry you about your employment. Melanie is right, just double check your terms and conditions of employment but I am sure you will be fine. I have couple of clients who work for the local government and went BR and their jobs are safe.

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
http://www.supersonicsquirrel.net/julia ... rofile.asp

Visit my website:
http://www.supersonicsquirrel.net

Credit Today Awards 2007 http://www.credittoday.co.uk/awards/winners.htm

[michelle.l]

Ok thanks Melanie and Julia I wil do that xx