hi all - i am currently in an IVA, nearly 12 months up, i have split up with my partner, removed my name from the mortgage and now live in rented accommodation. would i be able to file for bankcruptcy at this point? i am not sure whether i could or not - could anyone give any advice?
i am just about managing my IVA and luckily havent fallen behind with any of the payments.
thanx
Have you spoken to your IP about your change in circumstances? It may well be that you can have your payments reduced.
Try that before looking at bankruptcy. If you have just removed your name from the mortgage, it may cause a problem if you go for bankruptcy.
One of the experts will be along to advise shortly.
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 Flaps, I think you will have to miss 3 payments for your IVA for it to fail, then of course once that has happened you would be able to go down the route of bankruptcy.
I would advise that you take some advice from the many professional people on this forum or from a moderator they are also very knowledgable about most issues. at least then you will know that you have the correct course of action to follow.
The IP is the first port of call, as they may be able to help without resorting to bankruptcy.
Let us know what they say flaps1.
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
thanx for the information - kallis i did try to reply to your post but me pc crashed for a minute!
i suppose i am naive as i thought you could just apply to go bankcrupt at any point, i didnt realise i would have to default on the IVA...........
hi melanie - yes i can continue the payments - i am due my review in a couple weeks so i should wait to see what the outcome of that is - i did enquire about the review and my IP stated that any change could take 3 months after the review to implement but assured me that nothing would be backdated to my review date!
If you are happy to do flaps and can possibly get a slight reduction so you are not struggling quite so much, I would do so.
Let us know how the review goes.
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
i havent been on this site for a while do to what i was going through but have realised again to day there are many brilliant and helpul people on the forum - so thanx!
Does your IP know that you took your name off the mortgage and therefore deeds of the property? I find it surprising as there is normally an equity release modification in IVAs. Did your ex buy you out and what was the position concerning equity in the property?
hi - i kept the IP upto date and they agreed to my name being removed from the property - it was in negative equity so there was no money due to me and it was transferred into my ex's name.
melanie - i dont know to be honest - i am maintaining the payments but i am struggling a bit with things like repair cost to my vehicle, MOT, car tax etc - all due in August and felt it would be a lot to ask for a payment break as i havent even done 12 months yet! i am also panicking about the review date of 10.09.09.
Why not ask for a variation to make the payments more maneageble and in line with your current budget. IVAs are not meant to be too penalising, and if you are struggling, the first port of call should always be to your IP to see if they can halp.
