So Stressed!!

[Viki.W]

Hey Jojo, that's great about the payment break. I hope hubby finds a job very soon. Fingers crossed. X

[hymers]

hi jojo just wanted to wish you well i hope things are looking up x

[jojo]

Thanks everyone! Have paid the rent at last! Feel so much better! It's awful when everything is up in the air and you don't know what's happening, but the relief when it's sorted makes up for it!
Now we're just trying to figure out how we can get the fees to go bankrupt as our iva doesn't have any provision for this. At least we have one month left of our payment break to breath!
x

[kallis3]

If you are not going to be paying across to your IVA after the payment break, then you can use that money to pay for your Br. After all, you will need to let the IVA fail before you can go bankrupt.

[jojo]

Thanks Kallis, the problem we have is that we have lost such a large wage that my wages just pay the bills and extra rent! Not likely hubby will get a job to help with extra money so it would take us a year prob to save up bankruptcy fees! So after the iva fails we have a bit of a problem - can't afford the bankruptcy fees and can't afford a dmp either! Not sure if one of our creditors might then apply for our bankruptcy, but not too keen on this as I'm not sure if some of them might try debt collectors etc first!
I'm just trying to think positive and hope hubby gets a well paid job near his old wage before March 1st so we can keep iva going! Might just turn out to be wishful thinking though!

[kallis3]

Bit of a 'no win' situation jojo. Sorry you are having to go through this. Lets hope hubby can get some sort of job so that you can at least get the money together to go br.

[Viki.W]

Hey Jojo, glad your rent got paid, at last. I really hope your hubby finds something soon, thinking of you. X

[jojo]

Thanks Kallis, Viki. By the way Viki, congratulations on your good news!

[Viki.W]

Ah, thanks Jojo. Just need to find hubby a job now. Let's hope both our hubby's get work quickly. X

[jojo]

Hi again! Well hubby still has no full time job! Still looking very hard though! I have written to my IP explaining that it is more than likely we will not be able to afford the iva payments after the break. Just waiting to see what they say! I was just wondering if when our iva is officially failed what would happen if only one of us went bankrupt? We only had one joint debt - overdraft for about £1,000 - with my husband having the majority of the debt. His total is @28,300 and mine is @£14,300. Would it be best for me or him to go bankrupt?? Just wondering this as I could manage to get the fee's together for one of us to do it, but not both. Or would it not make any difference really??

[kallis3]

Hi jojo.

If just one of you went bankrupt, would the other one be able to pay the debts which are left?

[jojo]

Hi Kallis, that's the thing - no they wouldn't! But we might be able to sort out a dmp or something similar until we could afford for the other to then go bankrupt. We wouldn't be able to afford to do this for both of our debts. In an ideal situation I would like to carry on the iva, but it won't be possible. I know that if one of us did go bankrupt the other would still be liable for the full amount of the joint overdraft, so I was thinking that if hubby went bankrupt with the majority of the debts I could then try for a dmp with my debts which would be cheaper for us than hubby doing it?

[kallis3]

Sounds like a plan.

You'd obviously have to speak either to your IP or another company to sort out a DMP. Of course you could just not pay any of your creditors and use that money to fund the second BR. You would have them hassling you again, but you could probably do both sooner rather than later.

[jojo]

That's what I'm mainly worried about - creditor hassle, although I think I'm a lot more well informed and equipped to handle it now than before! Mostly thanks to this forum I think. It is a great help. I just think I would feel better if at least half the problem was sorted and I only had 4 creditors whereas hubby had 7 or 8 and I actually think all of mine was sold to Max Recovery! I don't have any money and certainly no possessions of value after 3 years in an iva, so they can't really have what I haven't got can they!!

[Viki.W]

Jojo, really sorry that your hubby hasn't found work, no luck with mine either unfortunately. If you can afford for your hubby to go BR now then I would just offer small token payments to your creditors until you have the money for you to go BR, even if it's just a £1 to everyone. Good luck hun. X