I have recieved a letter stating i have defaulted on my IVA and that now my creditors are now free to chase me for their debts, which i have been asking for for some months as i could not afford to keep up with the payments. Thing is i'm not sure what my next move is. Does this mean i am now bankrupt? Do i file for bankrupcy? If so how? Please help!
Sorry to hear that you were not able to complete your IVA, you will have to file for bankruptcy (it is not automatic), how you do it ??? I am not sure but hopefully one of the moderators will be along and answer your question.
Best of luck for the future s.s.
Regards BP
Last edited by banjoplayer on Fri Aug 21, 2009 8:07 pm, edited 1 time in total.
you can fill the forms in online and save them as you go along. The court fees will cost you £510.
Do you have any assets which will be at risk if you go bankrupt
You could always consider doing a Debt Management Plan which should have lower monthly payments than you have been paying.
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
In addition to Jan's excellent advice, check your chairmans report - sometimes they reserve money for bankruptcy.
You could see if a DMP is for you bu if you decide on BR, I would act sooner rather than later.
You will need to contact your local court and see if an appointment is necessary to go BR. Fill out the forms as Jan suggest, I would start now and do a little at a time. Post any questions on here and one of us will help.
Thanx for the swift reply guys, you're a great help. Don't think a DMP is for me regardless of how much less it is, i simply don't have the money due to my new work circumstances, i just don't have any kind of money at all. In a previous reply from this site twas suggested that i go for bankrupcy + as i live with my girlfriend nothing can be touched as i have only been here for the last 3 years and she for the last 15, so i contacted my provider twice by letter and they never acknowledged them so now i find myself where i am now. Bemused, confused and a bit scared. There is something saying that there is £878 "balance at bank" on the the last page of the default notice, could this be for my bankrupcy payment?
Swans_girl wrote:
In addition to Jan's excellent advice, check your chairmans report - sometimes they reserve money for bankruptcy.
You could see if a DMP is for you bu if you decide on BR, I would act sooner rather than later.
You will need to contact your local court and see if an appointment is necessary to go BR. Fill out the forms as Jan suggest, I would start now and do a little at a time. Post any questions on here and one of us will help.
I'm not sure what your letter means, whether you have money in the bank or not. I'm guessing that this might be taken to offset against any debt you owe to the bank. You need to speak to them to find out.
As regards BR, then if you are just living at the address and not listed on the mortgage then the house shouldn't be touched.
Hopefully one of the experts will be along to give further advice.
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 wanted to reply to this, not read and run. BR is a huge step to take (I know!) and if it helps many of us have written blogs as we went through it. It is certainly extra information that may help you, and this site has a sister site purely for bankruptcy.
What I suggest you do first is make a list of questions that you need answering first and then set aside a couple of hours to read the sister forum and blogs.
Each BR is different ( we are still trying to sort out beneficial interest) but the basics are the same.
Well done in taking the first step and posting here though!
You are really just back in the position that you were before you entered into the IVA, so you could enter into a DMP with creditors or file for bankruptcy. I am suprised that your former IP is not giving you any support with the next stage.
