Help please....

oliviarosejackson

Hi everyone,

Soryy for posting lots of questions again!!! My situation is still the same, I still cannot decide what to do???? But I need to think fast now... As my time is running out.....

I have been away for two weeks, so have not been able to be practical and sort anything out... Only been able to think things through in my head... Basicaolly, I am still undecided if BR is the best option, not sure why, as the situation i'm in at the mois terrible!!!! But my IVA payments come out by standing order on the 18th os every month - so I only have less than 5 days to have things clear in my head and decided BR is the way forward.

For people who have not read my posts before. I am currently 14 months into my IVA - that I feel I was missold, as I have no assests and still live with my parents. But just before I went away I was speaking to National Debt Helpline - who were brilliant might I add. The lady told me that overtime should not be taken into account what deciding monthly payments in an IVA - yet my overtime was included. Once my yearly I&E was looked at, it showed I only had £150 disposible income, where as I have been paying £311pm before!!!! I tried to get in touch with them, but could not speak to the person I needed to.

What I would like to know is how BR will go and how it will affect me. Do I have to inform work?? I work at Tesco on the checkout?? What wil happen to my coop cashminder account?? I dont have any documents of my debts anymore, will that be a problem??

I know that BR will be better in the long run for me and my daughter, its all the interviews, forms etc that are worrying me????? And do the ORs make allowances for xmas, birthdays when you have children. As I know that some ORs do not allow any allowance for these as they are seen as a luxury. Which worrys me as I dont want my daughter to suffer because of my mistakes - hope that all makes sense.

Thank you all for reading this and any help is very much appreiciated. Thank you for taking the time to read and reply.

philnicandamy

and the problem is at the end of the day only you can make the decision...its the hardest thing to do but you decide on whats best for YOU....we can only support you best we can

oliviarosejackson

and the problem is at the end of the day only you can make the decision....we can only support you best we can

Thank you. The support form this site has been brilliant. It would be nice if someone could make the decision for me - as I am terrible at making them.

I just want to be positive this is the right option, so I want to have a clear veiw in my head of every little thing I can. So I am going into it with my eyes wide open.

betterlatethannever

I was equally indecisive Olivia.
I wanted someone or something to happen to make me go BR or solve the whole problem for me.

What finally got me, was after months of asking questions on here, someone (forget who) said 'well, are you ever going to go BR' that was enough for me to realise i HAD to make a decision before things started getting much nastier.

Sit yourself down with a drink, some nice background music and think. You've gathered enough info to know what to expect and that can be half the battle.

Good luck, whatever you decide to do.

skylight

You shouldn't have to inform work, but check your contract and if in doubt talk confidentially to your union rep. To go BR, you will need a certificate to confirm that your IVA has failed. Some courts insist on this and others do not, so ring your local county court and check what they need. If they do need it, then you may find that its very difficult to get the certificate from them, I have no idea why but it almost appears to be a deliberate ploy (IMO).

As to allowances, yes they are far more generous in BR, but xmas and birthdays are still seen as a luxury and most ORs discount them. You are though, allowed a holiday, so you can add this. Pop the SOA that you have given for your IVA up here and we can take a look.

Bear in mind that all that money you have paid into your IVA is lost. You will not get it back, your IVA company and creditors have it. Also, in BR, your overtime will be looked at too for an IPA - so you may still be paying an IPA depending on your surplus.

As Phil said, the decision really is down to you. Gut reactions are normally the right ones.

passatrider

Hi..just to add that if you have no assets and no mortgage then my advice would be to go with your gut reaction. I'm due to go Bankrupt for the 2nd time next week so know what to expect, yet I'm still in two minds myself. However, i know it's for the best in the longrun..good luck!

oliviarosejackson

Thanks skylight. My SOA is up in the air at the mo, as I am trying to work it out for BR and I am looking at reducing my hrs at work to the minimum I need to, etc.....

I know all of the money I have paid into the IVA will be lost, which I am upset about - I am just hoping that my creditors have got some of the £4254 I paid into it for the 14 months...........

What will happen if you cannot get the certificate?? Can you not go BR?? Also, What happens when I miss the payments for my IVA, will I be getting letters and phone calls from my dreditors??

oliviarosejackson

Hi..just to add that if you have no assets and no mortgage then my advice would be to go with your gut reaction. I'm due to go Bankrupt for the 2nd time next week so know what to expect, yet I'm still in two minds myself. However, i know it's for the best in the longrun..good luc

k!

Thanks for that, I know that going BR is the best option, so I dont know why I keep questioning it. I am worried about the interviews, all of the forms, questions, going to court. What people will think of me for going BR...

philnicandamy

forget what people think about you...they're too busy worrying about their own lives (and besides probably have a damn site more debt than you!)
The interviews are painless...the forms we can all help you with problem solved...for me? was the best decision I ever made

fiveyearplan

I haven't heard of anyone on here saying they made a mistake and wish they didn't go bankrupt. Most feel relieved and ready to start fresh.

betterlatethannever

I spent longer thinking about going BR, than i spent trying to decide whether to marry my (ex) hubby...there was an awful lot more 'fall out' from my divorce than my BR (Roll eyes smiley)