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I've just cancelled various DD's to enter either an IVA or BR - not able to decide which of these I will do due to circumstances outside of my control. In fact I may not be able to make this decision for some months yet - how long before the banks may send bailiffs?

Is there a chance that should bailiffs come calling that they would take my possessions? I have nothing of any real value in the house (living at home with my Mum). TV was £500 5 years ago, Playstation 2, golf clubs - nothing worth more than £100 though I wouldn't have thought? Would they be ineterested in this stuff? Car about £800.

Also, what is the likelihood of them coming round? I owe to Lloyds, Virgin MBNA, Egg, Capital One and SKY Credit Card

Yes... I know I ask too many questions!

Hi Simon dont worry they will not take anything unless you have a ferrari and a 90'' plasma tv. You need your car for work ands in bankrupcy they may make you downsize but stll leave you with transport. Bailiffs etc takes ages , they have to go through the courts your iva or the bankrupcy will be sorted by then, dont worry some of your creditors were mine lloyds never even rang nor mbna, just pass any letters on to your company and they will deal with it .

Ang

Sorry simon read your post too quick but still think the same, but not sure whether you might be better with a dmp for the time being until you know the house situation or maybe making token payments at least. Wait for a few other opinions, but as for the bailiffs etc still will take ages as you said your friend went 18 months though dont count on that.
Ang

Hi Simon,

Saved might not be the right word ... interest will be added every day by the CC companies along with non-payment fees etc etc

Alan

Hi Simon

You don't need to wait until your grandmother has sold her house to propose an IVA - a letter of intent from her that she will give you the money when the house is sold is fine. So long as it is likely that the house will sell within 12 months of the creditors meeting.

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

Hi Simon

In reality, it is very rare bailiffs will be instructed on an unsecured debt (ie from C cards, loans etc). This can always be avioded if you participate in any CCJ action, and you stick to repayments as agreed by the CCJ. A court will only make you pay what you can afford. Things get more complicated if you're a house owner, but as you're not, it should be relatively straight forward.

The biggest problem will most probably be the volume of calls from chasing creditors, if you refuse to speak to them they will probably be relentless - at least for a period of time. They may also send debt collection agents round - but these are simply face to face versions of what you get on the phones, with no powers to gain entry or take your goods - in other words, you can simply ask them to leave.

So yes you can keep them at bay and not pay, but it would probably be in your best interest to sort out a proper I&E and offer pro rata payments based on what you can afford until such a time you can go for a IVA or BR. As Ang has suggested, you could do a DMP if you dont want the agrro of doing it all yourself.