Bankruptcy help

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Hi ppl, really worried, i have an IVA and i haven't payed it since last year coz i cant afford it, they stuck me on a payment break, but now that is over, me and my wife have moved to this area about a year ago, my wife doesn't work and i pay all the bills from my wages, the IVA ppl sayin that they make me bankrupt, i'm worried if dept collectors come round and try to take stuff, my brother sold his house and has gone travelin and he has left some of his stuff here includin a LCD TV and surround sound all still boxed so i asked him if i could use his TV and he said yes so i thought why dont i use his TV and sell ours and my xbox360 to pays some bills. but in that time we have had a baby girl, but am worried about them tryin to take things that isn't mine, i can't get hold of my brother,

will they take his stuff??

what is best? leave them make me Bankrupt or make myself bankrupt?

Comments

  • maxmycardagain
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    you need proper advice from the likes of CCCS, national debtline or your local CAB.

    i doubt your IVA company will make you BR but if they do theyve saved you a grand in fees! (for 2 BR's)

    no-one can take stuff from you without a CCJ

    dont panic

    stand firm that man!

    post full debt/income/asstes details for a better reply.
    Now we all know how it felt to play in the band on the Titanic...
  • worried80
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    I was in similar position to you. I was in an IVA for about 2yrs when I started to have problems, I couldn't afford the payments and wrote to them etc, but they wanted to increase payments. I stopped paying and about a year after they petitioned for my BR. It is possible to set up a Debt management plan to avoid this - this will keep credititors happy, and if you went to court the judge MAY look favourably on this, and throw out the Bankruptcy petition. I went to court a couple of times and the judge did just that, but situation changed yet again and with one thing and another I ended up being made Bankrupt anyway.

    Re bailiffs coming round, it never happened to me, not saying it won't happen, it could. Are you recieving letters from creditors yet threatening this?

    Have you any assets to protect? Could you afford DMP? Is there anyway you could renegotiate how much you are paying into IVA?

    There is a lot to think about, I would never recommend IVA's now. I was in a DMP prior to IVA - was misold IVA - I thought it sounded great, but should never have been offered one as I had no house, and absolutely no assets whatsover. an IVA is great for certain people, and can work really well.

    Get as much advice from as many people as possible as soon as possible, and if you decide to go BR, let them do it to you, no fees then.
  • insider66
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    l3ights wrote: »
    Hi ppl, really worried, i have an IVA and i haven't payed it since last year coz i cant afford it, they stuck me on a payment break, but now that is over, me and my wife have moved to this area about a year ago, my wife doesn't work and i pay all the bills from my wages, the IVA ppl sayin that they make me bankrupt, i'm worried if dept collectors come round and try to take stuff, my brother sold his house and has gone travelin and he has left some of his stuff here includin a LCD TV and surround sound all still boxed so i asked him if i could use his TV and he said yes so i thought why dont i use his TV and sell ours and my xbox360 to pays some bills. but in that time we have had a baby girl, but am worried about them tryin to take things that isn't mine, i can't get hold of my brother,

    will they take his stuff??

    what is best? leave them make me Bankrupt or make myself bankrupt?

    it's unlikely anyone will make you bankrupt - what is the benefit?
    do not worry about debt collectors - they cannot take your things no matter what they threaten. the only people who can are bailiffs.
    for an unsecured debt to go to bailiffs (needs to be done by the county court) is near enough unheard of - the judge in county court will ask you to pay towards the debt based on your income and expenditure.
    if bailiffs ever do visit, don't let them in and they will go away - they cannot break in.
    if the debt is council tax this is different - but still not as worrying as you may think.
  • l3ights
    l3ights Posts: 19 Forumite
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    Hi, thanks for that, the ppl i have an IVA with had a meeting today and i just rang them up and they said it has failed, and it is being passed back to the creditors, she said on the phone i will now start getting letters from the creditors about the money i owe them, but if i cant afford this and bailifs come round, can they take my car, because i need it for work as i work unsociable hrs
  • peachyprice
    peachyprice Posts: 22,346 Forumite
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    Bailiffs won't come round until creditors have taken you to court for CCJ's and you don't pay them.
    Accept your past without regret, handle your present with confidence and face your future without fear
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