Page 1 of 1
Posted: Wed Jul 31, 2013 10:54 pm
by toolbox
Well I posted on here several months ago about doing a full and final as took a drop in wages. Well they rejected twice so its BR here I come. All seems such a waste after all the pain, wish now id bit the bullet back then and went the BR route, aww well
Posted: Wed Jul 31, 2013 10:58 pm
by Shining
Oh no sorry to read this especially being so far in your IVA. Will you be subject to an IPA?
Posted: Wed Jul 31, 2013 11:00 pm
by toolbox
Whats an IPA??
Posted: Wed Jul 31, 2013 11:37 pm
by doritos
an IPA is an Indian Pale Ale, usually a nice cheap drink, its served at cellar temperature but some places do chill it a little bit.
its not a bad tipple at all.
Posted: Wed Jul 31, 2013 11:50 pm
by plasticdaft
Income payment agreement. The amount you may have to pay a month during the bankruptcy.
Paul
Posted: Wed Jul 31, 2013 11:51 pm
by toolbox
Cheers Plastic. Well if I have to then so be it
Posted: Thu Aug 01, 2013 1:19 am
by MelanieGiles
Do you know why creditors have rejected the previous offer?
Posted: Thu Aug 01, 2013 6:05 am
by luluj
Sorry to read this - be interested to see the reasons why creditors turned down the F&F. I would certainly want to understand this and would want to work with my IP to see if anything can be suggested - bankruptcy maybe the route you land up taking, but at least you will know that you have made every attempt possible to pay your creditors back.
Best wishes.
Posted: Thu Aug 01, 2013 9:27 am
by Tina Shortland
That is disappointing to read toolbox - I agree with the others - find out exactly why it was rejected as if your payments had to decrease due to a change in income then a full and final sounds like it could have been a better offer. Sometimes it is how these things are proposed now the content of them but I am sure your company did the best they could for you.
If your disposable income now is more than £20 you will need to make a monthly payment to your bankruptcy of whatever it is for a period of 3 years and the bankruptcy will be on your credit file for 6 years from when it starts. It would be a shame for you to be set back like this. Explore all your options, even seeing if another company can get a better result for you as that is sometimes possible, but only when you have tried everything you can with your current company.
Keep us posted
Posted: Thu Aug 01, 2013 9:09 pm
by toolbox
The votes went 60% for and 40% against. Because the house which I voluntarily repossessed was not included (they hadn't given a final figure after several months for inclusion) the voters were from the original creditors. Would have preferred not to have gone the BR route but such is life