I feel happier doing it myself and was going to contact someone on here called Paul.

I just feel if they do it then I have no idea what is happening.

What funds would they keep back if I am not able to pay them any money then they wont have any.

Do you mean myself having any funds of my own to do a BR

Thanks for the advice. I assume that the IP wont go for BR straight away and they will issue a cirt and wait for instructions from the creditors.

Hi all my IVA will be due a payment on 31st January 2011.

I have had an IVA payment holiday and cant afford to continue it.

I will be making myself BR but how long from 31st Jan 2011 will it be before I need to do this and is it better to make myself BR rather than the IP.

Thankyou all.

Thankyou Melanie, I did not realise this was an option.

I have been in an IVA for about a year and a half. I had a business which had many many customers who went down the swanny. Leaving myself with personal guarantees for evrything. In total there was £450k of debt which was negotiated a 10% payment on an IVA. Sounds great and sounds like a record amou...

I am the only director.

They are directors guarantees which I assume is a PG. The company was credit checked and approved so my signing was a back up I think.

The company is Limited and was et up after the IVA was arranged so the PG';s were also set up after. Nevr mentioned them to the IP.

I have an IVA which has been running for its first year. Very difficult with monthly payments of £750. My concern is that I have been running a small construction company and I am struggling. If the business fails I have some personal guarantees given on a van lease and a £14k business loan. How wou...

Thankyou all for your kind help. It good to know that there are others willing to offer advice and help without Judgement.

They live in sheltered accomadation Council Flat.

No savings they get disability benefit etc and pension. A DRO sounds good.

I have told them about payment plans and they just want it over and done with with Bankruptcy.

They dont want credit and want to move on. They feel a payment plan carrying on into their eighties is not how they want to live

Thanks. I think a letter just to tell them whats happening. I agree it makes little difference. But they feel it with stop people banging on the door while the petition is put in. The truth is they have nothing. Had a good life though but they are both looking forward to Bankruptcy. Also they are wo...

Is there a template letter that I could send on my mothers behalf to a debt collector to inform them that my parents are about to start bankruptcy. They have only a pension both in their 70's live in sheltered accomodation. Have no assets no savings and a car worth about £200. Pretty sad really but ...