cant carry on with iva

[housewife]

hi i have just heard back from ip and been told that unless i go back to work i cant carry on with iva as i dont have enough money to continue with payments,have i any other choices than br?

lisa siddons

[MelanieGiles]

If you cannot afford to continue with your voluntary arrangement contributions, dute to the loss of your employment, the bankruptcy is probably the best option. Is your IP going to petition for your bankruptcy on grounds of your default, or are you going to petition directly?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[housewife]

i dont know what is the best thing to do? dont really know much about bk !we live in a rented house,still have 1 year left of paying for our car which is worth £3000 who is informed of our bk? do we have to pay any money out? how long does it stay on our credit?

[MelanieGiles]

The cost of a bankruptcy application is £485 per person, but if you are not working and claiming benefits you can get a small reduction on that fee. Details of your bankruptcy will remain on the credit agency files for six years from the date of the bankrutpcy order.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[housewife]

so what differnce does it make if i file it or my ip does?

lisa siddons

[MelanieGiles]

It costs you £485 if you file - if your IP does it may take longer but the cost will be met from the monies you have paid into the estate.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Adam Davies]

Hi Housewife
Have a look at the blogs of Scaredkez,Skippy and Coco plus others who have all gone through bankruptcy,some following failed IVAs.It will give you a good understanding of whats involved.
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