IVA fails

[Steve Austin]

Hi all my IVA will be due a payment on 31st January 2011.

I have had an IVA payment holiday and cant afford to continue it.

I will be making myself BR but how long from 31st Jan 2011 will it be before I need to do this and is it better to make myself BR rather than the IP.

Thankyou all.

[Adam Davies]

Hi
Your IP may be instructed to petition for you bankruptcy by your creditors, if your IVA fails, this will save you the 600 pound court fee.
If not then you are free to bankrupt yourself at anytime although some courts want to see your IVA fail certificate beforte granting bankruptcy
Regards

[Steve Austin]

Thanks for the advice. I assume that the IP wont go for BR straight away and they will issue a cirt and wait for instructions from the creditors.

[kallis3]

Is there anything in your proposal that states that funds may be kept back for bankruptcy?

[Steve Austin]

What funds would they keep back if I am not able to pay them any money then they wont have any.

Do you mean myself having any funds of my own to do a BR

[kallis3]

Sometimes it stipulates that if there is enough money in the pot, then your creditors can sort out BR for you.

Otherwise you will have to fund it yourself unless the creditors decide to do so once the IVA has failed, which is unlikely.

[Steve Austin]

I feel happier doing it myself and was going to contact someone on here called Paul.

I just feel if they do it then I have no idea what is happening.

[kallis3]

You can do it by yourself without having to pay anyone (which will be on top of the BR fee). Phone up your local court and ask them to send you the forms, or visit the Insolvency Service website where I think you can download them to fill in.