IVA to Bankruptcy???

kebark

P0kerFace wrote: »

what do you mean? How could they touch the house if it's not mine?

the landlord doesn't need to let you stay their if you dont pay the rent.

JCS1

kebark wrote: »

would have thought they'd be riseable and aren't basic goods, basic goods are clothes pots and pans surely?

This is the first list of debts I've found:
Debts connected with fraud.
Court fines, including Child support and other maintenance.
Secured creditors.
Student Loan Company debts.

It would cost the OR too much to take/sell these goods. Normal household goods are exempt - BR still allows the person a reasonable standard of living.

beentheredonethatstilhere

P0kerFace wrote: »

Im currently on an IVA but want to go bankrupt is that possible or am i locked into the IVA?

If i did go bankrupt what would i be left with? My job involves a lot of overtime so would i effectively be doing overtime for nothing?

Yes you can default on your IVA payments and then go bankrupt. Some courts will need to see evidence of the default. If after essential living expenses you have a surplus of over £99 then you will have to pay a percentage to the OR.

If you pop up your SOA then we can show you ho the OR would look at it.
http://www.makesenseofcards.co.uk/soacalc.html

Council tax will be included. The only things that won't are CSA arrears, student loans and some fines.

Give National Debtline a ring and go through your options with them.l

JCS1

kebark wrote: »

the landlord doesn't need to let you stay their if you dont pay the rent.

Only if there is a BR clause in the agreement - and I've not heard of any landlord who has yet invoked this clause.

fermi

JCS1 wrote: »

OR will NOT take basic household goods, your TV, computer & laptop are safe (unless of course it's a 52" plasma :rolleyes:)

Absolutely correct.

As stated, the costs of collection, storage and sale would mean that in general most household goods are not worth the effort for the OR.

P0kerFace

Basically my debts are a tax credits overpayment 10k, though a charitable company is investigating this on my behalf because there was no overpayment but a !!!! up on their side and they still demand every penny back that they ever gave me even though i WAS entitled to it!!
credit card
Bank loan
council tax
electric/gas bills
and a bucket load of charges they seem to put on for a laugh!
Please don't judge me to be a bad person as this all came about due to me being made redundant, and me falling behind with me being a struggling single father

Would i be better off bankrupt or would these stay??? I'm totally confused as alot of advice I've received have contradicted each other

beentheredonethatstilhere

None of the regular posters on this board will judge you, they will help and support you all they can.

All of those debts can be included in your bankruptcy. I had a £700 overpayment and in it went to the pot.

What advise have you had that is contradictory?

Deep_In_Debt

Ignore some of the 'advice' on here - the regulars will be the ones to help.

P0kerFace

Things like "council tax debts wont be covered with bankruptcy" a bailiff even told me they would take my cloths...

fermi

Overpayments of tax credits can be included in the bankruptcy as long as you were notified of the decision by HMRC to recover them before the bankruptcy order is made.

However, HMRC are allowed to make deductions from any continuing tax credit entitlement up until the time you are discharged from bankruptcy.