www.iva.co.uk

Hi there,

I posted a couple of months ago about rejection of settlement figure in my current IVA I have since heard about a company who are a registered charity CCCS? apparently they are very helpful and they do not take huge fees, variation fees etc so if I went with these people surely my creditors would receive more of the dividend and have a better chance of final settlement figure acceptance?

Would I be able to leave my current IVA and talk to these people or would it be too risky in the 'limbo' stage where I am not in a legal contract with anyone?
I am currently using my settlement amount for regular monthly payments while i am looking for work and looking after my baby, thing is its running low as husband only earning 14k and son needs shoes and food etc so have dipped in to it agghhh!!! and with no job in sight I could run the risk of bankrupcty anyway in a few months, could I get a debt relief order?

Thank you to anyone who has taken time to read this.
Regards

Has your IVA actually failed yet? If not then you won't be able to change companies. CCCS, whilst a charity, do charge fees.

As regards a debt relief order, your debts will have to be below £15k and you can have no assets above £300, and you cannot own your own house. You must also have below £50 a month disposable income after your priority debts have been paid.

I'm not sure if there is a time limit for applying one if you have been in an IVA.

You may be able to go bankrupt or get a DRO before your IVA fails, depending on your court. However, remember that you may have to pay fees to the court, and if you miss IVA payments in order to afford this then you risk your IVA failing.

I would take advice to see if you meet the strict criteria for a DRO before you make your decision. I would never recommend failing one IVA to change companies and do a similar proposal, because you will be in a worse position than when you started and your creditors will be less likely to accept your proposal the second time around.

Best of luck.

You can't get a DRO whilst you are still in an IVA.

A DRO will cost £90 and bankruptcy £600.

kallis3 wrote:

You can't get a DRO whilst you are still in an IVA.
A DRO will cost £90 and bankruptcy £600.

You can certainly be declared bankrupt before your IVA fails, depending on your court. I was under the impression that it was also possible to with a DRO.

In any case, you should get independent advice pinkmink, and also talk to your IP. If your IP agrees that your IVA is unlikely to complete successfully, then I'm sure he/she will help you to decide on another suitable solution.

All the best.

You can do bankruptcy, but sometimes courts will want to see the failure letter.

You can't do it with a DRO:

http://debtrelieforder.org.uk/commonly- ... -questions

Thanks Jan.

has bankruptcy gone up jan.

Yes, it went up in April.

Thank you all for the replies, didnt see them until now due to flakey internet connection, think I will speak to my current company and ask them my possible options again now I am in another pickle 2 months down the line.

It's probably best that you do that to start off with.

Let us know how you get on.

Hope the internet connection gets better!