what do you think guys???

[Mon Village]

hI ALL

THAT 'S IT
I have made the decision to make my self bankrupt , i was trying to enter an IVA with.....company and when i received the proposal the informations about my income and expenditures have been modified and my iva repayment should be 180 now it went up to 200 wich i can't certainly afford as my tax credit for this year is a bit higher because i was unemployed for seven months also the child benifit i declared 120 for two kids they put 183 i can't understand all this i am not desperate that my creditors accept the offer if they don't i will go Burst, i have booked an appointement with the court and the hearing is scheduled for the 8th of january what do you thing of this guys

NL

[Lisa2009]

Tough decision but if you feel its the right one for you then well done.
Did you question those points in the proposal that you dont agree with? what did they say?

[emma_t]

Hi mon village

I think agreeing to an unrealistic iva is a sure fire recipe for failiure so I commend you for realising this now.

I can't advise on bankruptcy but I am sure support and advice will be along soon

It must be a relief at making the decision for you and I really hope t goes ok for you [:)]
Emma x

[Mon Village]

Tough decision but if you feel its the right one for you then well done.
Did you question those points in the proposal that you dont agree with? what did they say?

thanks for your flash replies skinkt and emma_t yes i sent a letter to my IP telling them this is not realistic here is the letter:

Following our telephone conversation on the 11th of November 2007 I declared that my monthly income is round £1710 this includes my income take home of £1100 and the tax credit also the child benefit. you told me in the first instance that I will be paying £ 180 a month towards my IVA and when I received the proposal this amount went up to £200 a month I don’t understand why?? Please note that this amount is calculated as such as I get round £ 494 in tax and child tax credit for this year because my declaration to the Inland Revenue was £10500 for the year ending April 2007 and this will certainly come down from April 2008 as I will be earning more next year
Also there is a mistake in the proposal about my child benefit which is calculated at £183 and I declared only £120 for two children which is right , when I sent you all the documents you requested I told you that my total debts are £35k+ not 33.500

For all theses misunderstanding I can not sign the proposal and send it back to you until all theses mistakes are amended, because if my creditors do not vote positive for this proposal I will have no alternative but to declare myself bankrupt, which I do not want to do, then the Official receiver finds out that, the informations I provided to you are inaccurate, this will certainly complicate my BR procedure and I will be punished more than I should , so please make an accurate proposal for me to sign and let my creditors get the real figures, and decide of the punishment. Please find enclosed my personal history statement income and expenditure and a list of my creditors and amend the proposal accordingly.

Best regards


NL

[emma_t]

Hi mon village

Sounds ok to me, I hope they respond and answer your questions so you know where you stand
Good luck and keep us updated
E x

[MelanieGiles]

I note your comments to the IP, but really you are in control of your own destiny here and if you feel that you cannot afford the payments then it is time to consider other options. Personally I would not act for someone with disposable income as low as £200, because experience tells me that these cases are more likely to fail than conclude successfully, so you are probably doing the right thing in any case.

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

[Mon Village]

Thank you for your reply and honesty Melanie i hope really i am doing the right thing, i removed my name this morning from the joint account and started filling the application on line the hearing is scheduled for the 8th of january , may i take this opportunity to thank you all very much for your support to me during this period it's really good to find someone to talk to . Thanks all and good luck

NL

[Martin2011]

Good luck Mon Village, hope it all works out for you,

Martin

[melanie.n]

Just a little point for you, and hopefully others to be aware of with regards to Income & Expenditure, you may quote to the relevant company with which you are applying for an IVA, what you think you are paid, or the amount that shows on your bank statement etc, however child benefit and child tax credits are paid 4 weekly (unless of course you have arranged weekly payments)when calculating income for your Income & Expenditure the figure is rounded up to monthly ie 1 child £78 2 children £131 3 children £183 etc. Smae applies to any benefits recived. Hope this helps