So Stressed!!

[jojo]

I have just had some really good news!! I spoke to my parents and they are going to pay for me and hubby to go bankrupt, so we will be able to do it as soon as we get certificate that the iva has failed!! I am so relieved! Just a couple of quick questions if anyone knows the answers.
We have a joint account with smile with no overdraft (obviously!) and we both have debit cards. We also have a pre-paid card with Virgin. Would we have to close this account or would we be able to keep it? We owe no money to Smile or The Co-operative bank. If we had to close it would it be worth doing it and opening a basic account, say with the co-op as soon as possible or wait til nearer the time?? I'm also a little confused as to what happens to a bank account when you go bankrupt? Is it best to take money out for bills etc before you do it just in case the account is closed??
Also, regarding the iva, what happens to the money we have paid for the last 3 years? I know that most of it has just paid the IP fees etc, but would these be reduced with the iva finishing early? Will the OR deal with this?
I'm sure I will be back with more questions, but I am going to phone the court on Monday for more info and hopefully get things moving!

[Julie]

Hi jojo, good news that your parents are helping you out.

With the bank accounts, its not the OR that freezes the accounts, its upto the individual banks. You'll normally find your account will be frozen and you'll need to open another account. Maybe worth you phoning your banks to see what they'll do. Remember any funds that are frozen, the OR will release for you, so don't worry too much.

The money you've paid into the IVA will be paid to the creditors after the IP's fees have been deducted. You'll get a statement from the IP.

Any other questions please ask...might not be able to answer them all because we're in the early stages of BR ( after a failed IVA) but will try to help. xx

[jojo]

Thaks for the help Julie. Just looking at the forms online now. Would my IP be able to give me the information needed for the sections on who you owe money too? Not sure about amounts and who do you put - the original creditor or for example Eversheds if the debt has been bought? My last Creditor Statement Report is from January 2008 and I don't really understand it! I assume I will need to wait for the one you mention above?
Also not sure about what amount to put is in my bank account as it changes all the time?
How is it going for you? I'll have a read of your blog!

[debtmountain]

Ah!! jojo,that's great news about your parents helping you out,at least now you can move on with things a bit quicker,let's hope you get that certificate very soon eh!!..I'm afraid I can't answer your questions but no doubt one of the experts will be along to help you with this...good luck for tomorrow with phoning the courts anyway and please let us know how you get on with things?..take care..xx[:)]

[kallis3]

Hopefully either Skippy or Swans Girl will be around later to help with this one.

[jojo]

Well I took the plunge and called DFD, who said fine to us wanting to end the IVA as we can't afford it anymore! Only spoke to customer services though, who said to start the bankruptcy proceedings as soon as poss and if they don't have the termination certificate by the court date they can send a letter to court stating that they have no objection to the bankruptcy. Never heard anyone mention this before, so just wondering if the court will accept this?? Also called the court and they don't really have a waiting list so I can make the appointment a week before we want to do it!! I was really shocked as I thought it might be a long wait, but they had appointments for next week if we wanted them!! Just need to fill out the forms and then it looks like we could ahve it done by the end of the month!!

[kallis3]

If you've got a letter from DFD, then I imagine that would be ok.

If you have any problems with the forms, then you can ask on here and we'll do our best to help you out.

You certainly sound a lot more positive. I hope it all goes ok for you.

[tori]

Glad to hear that things are moving along quickly for you jojo.. It must be such a relief to know that everything will soon be sorted and then you can finally start to concentrate on moving forward with your lives.. I hope it all goes well for you both..take care and good luck[:)] xxx

[jojo]

Thnaks Tori, Jan.
Jox

[debtmountain]

Looks like things are now moving really quickly for you jojo,[:)] wishing you lots of luck and hope everything goes well for you in the next month..xx[:)]

[jojo]

Hi debtmountain, thanks! I've now got the money and I have filled out most of the forms! Just waiting on DFD for some info and then I will make the appointment! So hopefully, fingers crossed will be done by the end of the month!

[debtmountain]

I hope you hear soon from DFD, jojo and I will keep my fingers crossed for you too....xx[:)]