is BR automatically filed if IVA fails?

Get expert opinion. This is the place for new questions to be posted.
10 posts Page 1 of 1
Post Reply
 
 

shazzles

User avatar
Posts: 162
Joined: Sat Feb 02, 2008 8:36 am
Location: United Kingdom
Post by shazzles » Mon Jan 12, 2009 10:40 am
Quote
Hi all
I have now missed 2 payments in my iva, 1 back in the summer due to being off work sick and now a further one because of being out of work..
My payment is due again on 1st Feb and if no work i am not going to be able to pay it as I am currently on jobseekers allowance. What happens in this situation does anyone know?
8 down 65 to go!
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Mon Jan 12, 2009 10:49 am
Quote
Hi Shazzles,

Does your IP know that you are out of work? If not, you really need to tell him/her.

Once you have missed three payments then you will be in breach of your IVA. Unless your proposal specifically states that they will file for BR then your creditors won't force it as it will cost them.

However, you will be back to square one with the creditor hassle.

Speak to your IP as soon as possible.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

shazzles

User avatar
Posts: 162
Joined: Sat Feb 02, 2008 8:36 am
Location: United Kingdom
Post by shazzles » Mon Jan 12, 2009 10:52 am
Quote
Yes my ip knows that i am out of work.
8 down 65 to go!
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Mon Jan 12, 2009 11:16 am
Quote
Have you asked if you can take a further payment break whilst you lo for work?

Your IP may allow you to take a little longer.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
 
 

shazzles

User avatar
Posts: 162
Joined: Sat Feb 02, 2008 8:36 am
Location: United Kingdom
Post by shazzles » Mon Jan 12, 2009 5:50 pm
Quote
not yet no, but i will do if i dont get any luck in the next two weeks..
8 down 65 to go!
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Jan 12, 2009 6:25 pm
Quote
What do you feel the job prospects are locally for you, and how long do you realistically feel it may take to get another job?
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

Skippy

User avatar
Posts: 20720
Joined: Sat Oct 21, 2006 6:08 pm
Location: United Kingdom
Post by Skippy » Mon Jan 12, 2009 6:29 pm
Quote
Good luck with finding something soon Shazzles x
Top
 
 

Viki.W

User avatar
Posts: 5647
Joined: Fri Feb 15, 2008 7:34 pm
Location: United Kingdom
Post by Viki.W » Mon Jan 12, 2009 8:56 pm
Quote
I really hope you fine another job soon Shazzles. Thinking of you. X
If you would like to talk to me about your debt problems, please visit:
http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Top
 
 

David Mond

User avatar
Posts: 4896
Joined: Tue Sep 30, 2008 9:31 pm
Location: United Kingdom
Post by David Mond » Tue Jan 13, 2009 4:51 am
Quote
My advice is to speak to your IP as soon as possible and sort out a payment break - you have already missed 2 payments and job prospects are difficult. A breathing space is what is needed here. Don't leave it too late to discuss please.
Last edited by David Mond on Tue Jan 13, 2009 4:52 am, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Tue Jan 13, 2009 9:38 am
Quote
I agree - you need to speak to your IP as soon as possible.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
Top
Post Reply
10 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”