Hi ,
Being on IVA just over 3 years , I now thinking to cancel it. My circumstances have changed a lot and need go go abroad to look after my mum who has a cancer. I'm thinking to go for bankruptcy but not sure about the fees. Any advise will be much appreciated.
It would be a shame to let it fail now so you can always see if the creditors would accept payments made to date as a full and final.
These are the latest rules for BR
The individual won't go to court to apply, there will be no paper debtors petition or statement of affairs as they will need to apply online directly to an adjudicator within the insolvency service.
The fee to submit an online application will be £130 and the official receiver deposit is the same, £525, so the total to apply is £655 and there is no fee remission as there are no court fees, so this fee is the same for everyone. However, similar to a debt relief order, you will be able to pay the fee in instalments prior to sending the application.
The process and what happens when you're made bankrupt is the same as it is now.
Always remember to take advice and have all your options explained before you make a decision.
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
BR might see an end to it -- assuming you will not be earning abroad, so the usual 3 years payments wouldn't come into it.
First though, as Kallis says, explain all to your IP and creditors might accept payments made to date, especially if aware that they would get nothing if you went BR.
Fees - wise, a few missed IVA payments will go towards them, if it comes to that.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
I would like to think creditors would be sympathetic. Perhaps you can put forward a variation to accept payments to date in F&F (unless you can offer a lump sum too?)
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
So sorry to hear your mum is poorly.
I would like to think creditors would be sympathetic. Perhaps you can put forward a variation to accept payments to date in F&F (unless you can offer a lump sum too?)
