What would you do?

skibadee

Been pondering on here for ages!

Latest.....My IVA payments were suspended for january and february had to then contact CCCSVA.

the reason they were suspended was because of an increase in payments my OH makes to CSA [ increased by £100 a month ].......my IVA payment was £196 a month.
I spoke to CCCSVA last week, where I said I'd decided to go BR....said that was fine to send in a letter confirming wish to terminate IVA and they would call creditors meeting to tell them....this can take up to 28+ days.

Thought I was sure about this decision, but spoke to CCCSVA yesterday, they said they could apply for a variation...payments going down to £150 a month....then increasing when CSA payments stop in 2011.

I said I was in a position to be earning an extra £50 a month now........but thinking about it...my non-dependents board of £300 has also been included and one of them will be moving out later this year.....the only thing I can see it reducing is my food-bill.....but obviously I will be £150 a month worse off again.

I have the BR forms from court....not yet filled in.
I have no assets, don't own my own home.

???

fiveyearplan

Personally, l, I'd fill in the forms and do it! What made you choose an IVA over BR anyway (not criticising but it may help you make up your mind).

startagain_2

Skibadee - I would do the same, in your situation BR looks preferable to an IVA in my eyes.

SA

robsimps53

I agree, bankrupcy would be my choice also, it's over and done with alot quicker than an IVA

skibadee

fiveyearplan wrote: »

Personally, l, I'd fill in the forms and do it! What made you choose an IVA over BR anyway (not criticising but it may help you make up your mind).

I chose IVA over BR as after my telephone interview CCCSVA suggested this instead of BR.
A few things worry me about BR....maybe someone can help me with them..

Contents insurance is in my name done through Nat West, and paid by DD through my Nat West account.....what will happen to this?

I have 2 life insurance policies....one is level term with Friends Provident, the other , with Axa has a small amount which will be paid out if I survive the term of the policy.....I am in remission from Breast Cancer and although I'm pepared to surrender the Axa one, I would like to keep the Friends Provident one...would I be able to?

Water is in my name...would this still be allowed..paid monthly by DD?

Some people seem to have no problems with OR etc., and get through their BR relatively problem free......which are the most problems that I'm likely to face?

philnicandamy

skibadee wrote: »

I chose IVA over BR as after my telephone interview CCCSVA suggested this instead of BR.
A few things worry me about BR....maybe someone can help me with them..

Contents insurance is in my name done through Nat West, and paid by DD through my Nat West account.....what will happen to this? Might be cancelled by Natwest when they hear about bankruptcy.....easy to source a replacement though the co-op will cover along with a few more

I have 2 life insurance policies....one is level term with Friends Provident, the other , with Axa has a small amount which will be paid out if I survive the term of the policy.....I am in remission from Breast Cancer and although I'm pepared to surrender the Axa one, I would like to keep the Friends Provident one...would I be able to? You might be able to keep you would have to discuss with the receiver & buy out his interest (usually around £50)

Water is in my name...would this still be allowed..paid monthly by DD? Yep still be allowed no probs

Some people seem to have no problems with OR etc., and get through their BR relatively problem free......which are the most problems that I'm likely to face? If your case is straightforward with no difficult assets etc you should be fine

Hope that helps a bit

fiveyearplan

Is your home mortgaged or rented? If mortgaged - how much equity do you think you have? Do you live alone or with partner?

skibadee

My home is rented through housing association, I live with my husband and at the moment 2 non-dependents...one's moving out later this year.
Would I be able to arrange for my wages to be paid into my husbands account [ account only in his name] before going BR?

fiveyearplan

If your home is rented you really didn't benefit from an IVA vs bankruptcy.

Yes, you can have your wages paid into husbands account or you could open a Coop Cashminder - it doesn't matter if there is no branch near you as you can pay in at the post office, or a Barclays basic account (can't remember what it is called).

skibadee

My only problem with bank accounts is that Barclaycard are one of my creditors and Co-op will be too!!

skibadee

Oh also do I include non-dependents contributions....bearing in mind one is moving out later this year?