www.iva.co.uk

Just thought I would pop in and say hi to everyone.

I haven't been around on these boards for a little while.

Since our IVA was approved business has been worse than ever and mine and DH partnership is no longer trading. He has returned to Uni to retrain in computing and is trading as a business too.
I am suffering from depression and have been for about a year and although I am working on it and somedays I feel better than others it is still around.
I am not working at the moment although I have started to look - it is a bit on a new experience for me as I have been self employed for years.

We have missed 2 payments of our IVA with a 3rd to be missed in Dec. We owe HMRC £3000 in VAT since the IVA and do not have this at all to pay.
BR is our only option now and we are looking at this at the moment and will be going through the process over the next few months

I know that I have tried everything I can to make my business work and it just was not possible to come back at this economic time and that BR is the only option and are resigned to this fact.
The reason we did not go for BR in the first place was to save the business but as it has now failed and we are living on a students income BR will also be the best option for us.

I know some others on here have had IVA's and then had to go BR after having them granted so any advice and support would be really appreciated at this time.

It is unfortunate that the business and therefore the IVAs failed but at least you tried and now it is important to just move on. Given that there is a post IVA debt to HMRC they might issue proceedings against you which will save the fees as I doubt if there is any money in the pot to pay for it.

It might be quicker to petition yourself so speak to your IP for a bit of advice. HMRC might even pay for the bankruptcies now if asked.

Kath, nice to see you but so sorry that your circumstances have changed.

You have tried your best.

Have a look at both Skippy and Julies blogs - they may help you with the transition.

We're always here for you.

Hi, sorry to hear about your predicament. I have been through a similar situation over the last few years.

I had been in an IVA for 2 years as I owed money from a previous company failure and also still owned another company. Therefore an IVA was better for me.

Unfortunately, the more recent business got into trouble and I was only left with the option of bankruptcy.

I was very nervous about the process but I took lots of advice from this forum, national debtline and reviva UK. All recommended!

Personally, I would say don't rush any decision until you have taken professional advice(all free) but at the same time don't bury your head in the sand. Deal with the situation and all the other problems go away.

I went bankrupty in October and I keep forgetting that I am bankrupt and have any debt! The process maybe daunting before hand but it really is very simple and stressless.

I hope all goes well for you.

Hi Paul and nice to see you.

Glad you are doing ok and that BR is working out ok.

Good post.

Thanks for the advice and I will certainly read through the blogs.

Its nice to know I was still remembered even tho its been a while x

Hi Kath,

It's so frustrating when you have tried so hard to repay your creditors. You have tried your best!

Applying for BR is not an easy choice, but it is not as daunting as you may think. If anything, we felt let down by the creditors making us go BR!


We will support you all the way, so please post any questions. xx