www.iva.co.uk

I have just had my annual paperwork through from my insolvency solicitors (i.e. 6 x bank statements, 6 x payslips and income vs expenditure), I am worried because some of my outgoings have changed, basically we had to get a car last year so we borrowed some money off my father in law and pay him back £100 a month, to free up this money we have reduced our son's childcare, I'm really worried that they are going to put up our monthly payments, because they include my wife's income but none of her debts (which is not fair). To boot we are expecting our second child in July. I was recently contacted by a company called CCDS who said I could go brankrupt with no comeback, I am concerned is this true???

Thanks....

Hi and welcome to the forum.

I have never heard of this company but would urge you to ignore them. They trawl the Insolvency Register and send letters to everyone in an IVA. They cannot know your circumstances so cannot know if this right for you.

If you went bankrupt then you could do it yourself for just the court fees. This company will charge you money for doing it and you will probably end up with an income payments order for three years and your credit rating will be shot for a further six years.

If you are struggling then you need to speak to your IP company and explain your change in circumstances.

The forum is also here for any support or advice you need.

Ignore them. Backrupcy with a guarantee of "no comeback" is a pipe dream. If you have disposable income over £20 you will be required to pay this over for up to three years. This company know absolutely nothing of your circumstances and cannot be giving any creditable advice.

If it sounds too good to be true ..........

If I managed to find the right website tonight they give some very dodgy advice on there.

If you are struggling, speak to your own IP. x

Why not ask your current IP for a review of your I&E to hopefully reflect your changes and to allow for forward planning for the arrival of the baby!

Is there anyway that repayment to your relative can wait until after your IVA is concluded, or if not can the amount will reduced to give you some back. £100 a month saving from your agreed I&E each month is alot to find and is probably the cause of the problem.

I would totally ignore the call you had from CCDS - as others have said it is a complete wind up and they should be ignored.

One of the downsides of bankruptcy is that you never know what is going to happen until the bankruptcy order is made, so for a company to tell you there is no "comeback" - whatever that is supposed to mean - is unprofessional and dangerous.

They could be right - but where do you go if they are wrong?

Thanks to you all for your advice. I am going to ignore the call/flyers from CCDS and give my IP a call about our payments. I am perfectly happy with the amount I am currently paying, but I am worried if it increases.

Thanks again...

Hi and welcome
Chat your situation through with your IP. Your wife should have an allowance in your expenditure to repay her debts, although this should be no more than her fair share of your joint disposable income.
Your IP should help you
Regards

When I declared bankruptcy the OR was very helpful and explained it was if I had £99 disposable income not £20 they would want payments for three years.

Sometimes, it is worth remembering that an IVA isn't the best course of action and the companies that set them up get very good fees for pushing them. They may make you aware of other options but they do have to earn a living. Getting out my IVA was the best thing I ever did and I honestly feel it was missold to me.

Scott72 wrote:

When I declared bankruptcy the OR was very helpful and explained it was if I had £99 disposable income not £20 they would want payments for three years.

Sometimes, it is worth remembering that an IVA isn't the best course of action and the companies that set them up get very good fees for pushing them. They may make you aware of other options but they do have to earn a living. Getting out my IVA was the best thing I ever did and I honestly feel it was missold to me.

Keep up Scott -- they have changed the rules ! £20 is the magic figure these days.

Foggy wrote:

Scott72 wrote:

When I declared bankruptcy the OR was very helpful and explained it was if I had £99 disposable income not £20 they would want payments for three years.

Sometimes, it is worth remembering that an IVA isn't the best course of action and the companies that set them up get very good fees for pushing them. They may make you aware of other options but they do have to earn a living. Getting out my IVA was the best thing I ever did and I honestly feel it was missold to me.

Keep up Scott -- they have changed the rules ! £20 is the magic figure these days.

Well I was over the figure anyway, but they said it didn't matter - result no IPA

A lot depends on the OR --- as it does on the IP in an IVA.

I agree Foggy. For example I was lucky in that I was able to keep my car even though it was above their guideline amount, and other people have been unable to keep a cheaper car.

I agree as well. It is down to the individual OR or IP.

However, an IP will not push an IVA just to get their fees, all options will be discussed and the choice is then up to you. Nobody forces you down a particular route.