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Posted: Sun Mar 13, 2016 9:56 pm
by Joanna.07
Hi ,
Being on IVA just over 3 years , I now thinking to cancel it. My circumstances have changed a lot and need go go abroad to look after my mum who has a cancer. I'm thinking to go for bankruptcy but not sure about the fees. Any advise will be much appreciated.
Posted: Sun Mar 13, 2016 10:07 pm
by kallis3
Hi and welcome,
It would be a shame to let it fail now so you can always see if the creditors would accept payments made to date as a full and final.
These are the latest rules for BR
The individual won't go to court to apply, there will be no paper debtors petition or statement of affairs as they will need to apply online directly to an adjudicator within the insolvency service.
The fee to submit an online application will be £130 and the official receiver deposit is the same, £525, so the total to apply is £655 and there is no fee remission as there are no court fees, so this fee is the same for everyone. However, similar to a debt relief order, you will be able to pay the fee in instalments prior to sending the application.
The process and what happens when you're made bankrupt is the same as it is now.
Always remember to take advice and have all your options explained before you make a decision.
Posted: Sun Mar 13, 2016 10:12 pm
by Foggy
BR might see an end to it -- assuming you will not be earning abroad, so the usual 3 years payments wouldn't come into it.
First though, as Kallis says, explain all to your IP and creditors might accept payments made to date, especially if aware that they would get nothing if you went BR.
Fees - wise, a few missed IVA payments will go towards them, if it comes to that.
Posted: Mon Mar 14, 2016 7:42 am
by lifenoteasy
Can only come down to what is best for you.
Good luck.
Posted: Mon Mar 14, 2016 10:08 am
by Lisa Thomas
So sorry to hear your mum is poorly.
I would like to think creditors would be sympathetic. Perhaps you can put forward a variation to accept payments to date in F&F (unless you can offer a lump sum too?)
Posted: Mon Mar 14, 2016 7:46 pm
by Joanna.07
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
So sorry to hear your mum is poorly.
I would like to think creditors would be sympathetic. Perhaps you can put forward a variation to accept payments to date in F&F (unless you can offer a lump sum too?)
Thank you Lisa
Posted: Tue Mar 15, 2016 9:24 am
by Lisa Thomas
You're welcome Joanna.
Speak to your IP about a variation and let us know how you get on?
Posted: Wed Mar 16, 2016 10:56 am
by Joanna.07
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Lisa Thomas
You're welcome Joanna.
Speak to your IP about a variation and let us know how you get on?
Will do Lisa and once again thank you