It is not a vast amount we are talking about, and possibly speaking to your IP about it might help? It would be a shame for your IVA to fail after this time.
As regards bankruptcy, if your house is in negative equity, as long as you keep up the mortgage payments, you should be able to keep it.
As soon as your IVA goes into breach, the creditors will start to hassle you again.
See if you can sort it out though before things go any further.
Which company are you with?
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
Hi Lou - if the property is in negative equity you'll be able to keep it in BR. A third party can buy the beneficial interest from the OR.
Even though it is against IVA rules to have credit, I think you've been dealt with harshly. The creditors would have been better off letting your IVA run for another 2 years. I would have thought there would have been some discussion rather than just telling you its failed after paying in for over 3 years.
You can post on the BR forum if you like, but you're more than welcome to continue posting on here. There are a few of us who have been down IVA routes followed by BR.
Thanks for being so helpful everyone! We were with Baker and Tilley but the iva changed to debt lifeboat. The provider originally suggested thaey might be able to sort out a further payment break, but then must have not agreed to this as we have already had 7 months when I was on maternity! Our budget was insufficient really! We were managing to pay but were crippled every month. It had to 25% of the minimum value every month which was £730.00. This may seem a silly question, but will we get letters off the creditors before people come knocking on the door? We are in the process of trying to change our phone number, but I am absolutely terrified of the bailifs coming round before we have managed to get together the £1000 it will cost my husband and I to both go bankrupt. I have been reading about these firms that do it all for you but they charge about £500, and I don't know how we will find the £1000 with
If your iva has failed, the IP will inform the creditors and you will start being hassled again. The money you have paid in will be distributed to the creditors.
If you are to be failed, stop paying your IVA and you can save the payments up that way.
Speak to your IP first though.
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
Baker Tilly and Debt Lifeboat are one and the same. If your IP either cannot or will not help you, then bankruptcy may be the only option - but don't pay someone £1,000 to help you fill a few simple forms in.
Lou - I agree with Jan and Melanie, don't pay a firm to help you fill in the forms. We'll help you for FREE.
Stop paying the IVA and pout those payments to one side to cover the BR & court fees. You can phine your court staright away to see if an appointment is necessary and start completing the forms online. You don't have to complete them all at once, do a section at a time and save them as you go.
