IVA to Bankruptcy???

beentheredonethatstilhere

Default on your IVA.Ring your court and find out what sort of system they run drop in or apointment. If appointment then find out what the lead time is. Save for the bankruptcy fees and book an appointment. Fill in the forms (either paper copies sent by the court, printed from IS site or online. You can find links to these in the Bankruptcy Help sticky.) Go to court. You are mad bankrupt. Talk to the OR. Bankrupt life begins.

Make sure you have taken advice from a debt charity as you could be sent home from court until you have. Read as much as you can on here starting with the Bankruptcy Help sticky, then threads. Ask as many questions as you need, read some more. Get as much knowledge about the process as you can.

P0kerFace

Lensman wrote: »

Does your IVA have a bankruptcy clause?

Im not sure but me and my girlfriend split up so without her debts on mine i don't actually need to be in the IVA. they reluctantly admitted this to her and said comin outof it would be an option

piemashandliquer

Hope this post is of some help. Myself and my OH entered into individual IVA's with Payplan in Sept 2007. We paid a few installments then realised that we should have gone bankrupt. After about 5 months of not paying the IVA failed.To be honest as we had no house or assets to protect we were misold the IVA anyway.

We didnt pay anything towards our debts for a few months whilst saving for BR and eventually went BR on April 3rd this year. All debts in our IVA are considered 'old debts' and will not be looked at at all. We just explained as I had to go to work part time last August, that we were unable to pay the IVA's. This was accepted and we now dont have to pay anything back towards our debts.

P0kerFace

piemashandliquer wrote: »

Hope this post is of some help. Myself and my OH entered into individual IVA's with Payplan in Sept 2007. We paid a few installments then realised that we should have gone bankrupt. After about 5 months of not paying the IVA failed.To be honest as we had no house or assets to protect we were misold the IVA anyway.

We didnt pay anything towards our debts for a few months whilst saving for BR and eventually went BR on April 3rd this year. All debts in our IVA are considered 'old debts' and will not be looked at at all. We just explained as I had to go to work part time last August, that we were unable to pay the IVA's. This was accepted and we now dont have to pay anything back towards our debts.

Miss sold the IVA? yeh me 2, apparently they tell you its the best thing to do but really mean its the best thing for them... There is a MASSIVE difference considering they're meant to be helping!!!