IVA to Bankruptcy

justwanabefree

Is it true your IVA has to fail before to can petition for your own BR - even if your circumstances have deteriorated ?

DON79

Hi justwannabedebtfree

You would need to have missed payments on your IVA I believe. And it depends much on the court and judge at BR stage - some of them require a certificate to confirm failure of the IVA and some don't - you would have to call your local court and find out if they would need a certificate. The court link is in the sticky at the top of the forum.

Hope this helps

Donna

spenderblender

My court I phoned today told to I would have to speak to my IP. I,m gonna do that when I am missing payments deliberately to get it failed aint I.

justwanabefree

thanks DON79 and SB
we are not in a position to stop payments as we did that last May after coming to a full and final agreement on the sale of the house. Basically they get what little equity there is and that would have been that. However, OH has since since received a court judgement against him with costs and damages totalling over 30K which we have no way of paying and the equity in house is less than a 3rd of that.
I contacted IP when this judgement was received back in Sep 08 and keep chasing them about what is going to happen. CAB also says I need to go back to IP.
The IP is trying to find out if the claimants in the court case would accept a dividend from the IVA - pretty unlikely since the the 30K they want is more than half of what we have on the original IVA (50K).

Because the IVA is a joint one, if OH goes BR they say it may be possible to put through another amendment to the IVA using my half of the equity. Again, I can't see this being accepted so we feel the best option for us would be to both go BR and make a fresh start.

Nigella_2

Debt Wizard http://www.debtwizard.com/site/media.html BBC Essex - John Hayes on Drivetime says

You have to speak to your "Supervisor" of your IVA. It has to be your best course of action as you will list your IVA on your Bankruptcy form. The OR would like you to have had dialogue with your Supervisor.

You could ask for a Moratorium (payment holiday) as this suits both creditor/borrower. Also if in late stage of IVA you could offer a full and final amount to settle.

justwanabefree

Hi Nigella - as I said we are already at the stage of full and final settlement with a minimum fixed sum from sale of property - not paying a monthly payment to IVA anymore. However, court costs/damages now impossible to pay so went back to IP and just seem to be waiting for them to decide whwther to make one or both of us BR but that could take months even years - want our life back sooner if possible