Unless you fail your IVA you are stuck with BE - it would be very costly to try and change.
As BOL says though, you can always complain.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
If you check on the Insolvency Register it should show the IP name on there.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
At the end of the day, if your husband stops paying his IVA, the IP will be forced to fail it. Whether they decide to declare him bankrupt will depend largely on whether he/you are homeowners and there is equity in the property.
If your are and there is equity it will be worth making him bankrupt to get at this. If not, then he will probably be just left to his own devices. He can then try for another IVA with a different IP if he wants. I have worked with a number of people who have done this for one reason or another.
You could consider bankruptcy anyway if you have no assets - let the IVA fail and use the monthly payments to fund the court costs.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
What is the court cost? If we go bankrupt would it still be BE handling it?
I know my husband like the idea of an IVA so he would pay more money back as he is a proud man and hates that he was put in this situation.
Given that, if your husband stops paying his IVA, it is simply going to fail. I can not see any IP stumping up any extra money to make him bankrupt as it would be of no benefit to the creditors.
He could then propose another IVA with another IP if he wanted on the grounds that the first one was not set up properly. Of course, his ex would need to be included as a creditor and she could vote no to the IVA and prevent it. However, he could then simply declare bankruptcy and be done with it.
Alternatively, as Jan says, why not consider bankruptcy straight away. He would be discharged in 12 months with a max of 3 years income payments.
The court cost to declare bankrutpcy is £600. He would have to pay this. The cost for a third party like his IP to petition for his bankruptcy is even more so they are not going to do it if there is no likely return for them.
If he goes bankrupt and can afford to make monthly payments towards his creditors, then yes, he will have to make these payments for three years.
In terns of a new IVA proposal, if the ex says no but she has less than 25% of the total debt, the other creditors can still vote yes and she will be forced to accept. However, if her part of the total debt represents more than 25% her no vote will scupper the whole thing. You need a 75% majority of the value of the creditors who vote to get an IVA accepted.
Bankruptcy could sweep all this away so you start again with a clean sheet. He would have to do an Income Payment Agreement for three years and the credit record would be shot for a further six years from the date of the order.
Surely it would be better to rid yourselves of the strain of the IVA and the court appearances?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The two things are different, the actual bankruptcy only lasts for a maximum of 12 month, and the payments continue for three years, that's the way it works.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
