IVA Failure

Storm1_2

Hi,
Received a letter yesterday to say I have failed in my IVA. I was expecting this but I have just not had the money to pay it.

Any way I have spoken to the IVA company who said that I probably wont go Bankrupt but after speaking to others they say the companies probably will file for bankruptcy now I am confused.

I have offered to sell my car and get back up to date but they have advised me that I am best to let the IVA fail.

I have collateral within my home but want to try everything to keep it. Can any one help??? or let me know of their experience to this.

Storm1_2

Any info on this anyone?

Just to top it all off i've been told my son has ADHD this week.

Charco_2

I have collateral within my home but want to try everything to keep it. Can any one help??? or let me know of their experience to this.[/QUOTE]

It's unlikely anyone will be pursuing a bankruptcy for you... especially if your IP says they're not going for it. Creditors get very little return from bankruptcy as the fees usually just grow and grow until they've eaten up any monies recovered. So it would be like your creditors paying to get you out of debt with no advantage to them... you'd really need to p*ss them off!

Perhaps you are best to let the IVA fail but no-one on here can really advise you of that - although I'm sure some of the IP/IVA haters would tell you with great authority it's your stand out best option.
As for selling your car - would you not then need it? Would it not then start to cost you more in alternative transport? How much is it worth? Is it on HP?

The collateral in your home... Equity? It's this equity that some of your creditors will be interested in. How much equity is there?

Storm1_2

Thanks for replying. My debit is around 38K the equity in the house is around £50k but 50% of that belongs to my wife.

I want to pay them just not go bankrupt as it will mean losing our home and causing more stress on the family. And with the lads condition that would not be good.

The IVA was probably the wrong thing to have done in the first place as I could just not make the payments. The IVA company have been completely Crap and about as much use as a chocolate tea pot. When I spoke to them and said I had issues they just said I need to bring my account up to date or I would default. When the default notice came and I rang them again and again and again with no reply to my calls.

I have since finally spoken to them and just got told I have no option but to default. I offered to sell the car to get the account upto date car =£4000 then use some to buy a cheap run around. But told not to as it would not help me in the long run.

Do I have any other options available to me?

Charco_2

Well, with £38k, a proper solution like an IVA or Bankruptcy would probably be the best option (i know though, once bitten twice shy!)

Have you spoken to anyone about a DMP? Have you considered extending your mortgage? Maybe a second charge for your half of the equity with an option to pay back more when you can afford to? Then enter a DMP for the remaining £13k!?

If you are struggling to pay your creditor's demands after you have paid the household bills then you are insolvent, however the equity in your property would help to reduce that considerably.

Without knowing more and going into more details no-one can really advise you properly but it cant hurt to get a few ideas from some people.

Storm1_2

Many thanks. I have contacted the CCCS but they wont discuss until the IVA has been terminated. I am hoping a DMP might be a option. But have been advised they will just file for bankruptcy.

If I lose my home I will struggle to get back on the housing ladder, in the area where I live.

And I am also scared of losing my family.

fermi

shibbles wrote: »

Hi can anyone please help me..my IVA was terminated about 18 months ago as i could not afford the repayments, since then I havent heard anything but over the last month I've been getting letter from Fairfax Solicitors saying I owe about 2 grand for a barclaycard, Ive never had a barclaycard but I dont know if maybe they are the mother company for something else I have had in the past, all my debt now is at least 5 years old and this is the only debt collector that has been in touch since my IVA failed...should I make contact and arrange to pay? Can i ask for proof that the debt is mine? Will this open the floodgates for everyone else?...what Options do I have?? Thank you in advance

Hi shibbles.

You would probably be better with your own thread?

I'll move your post into one, and then be back with a link.

Now here: IVA terminated & now being chased by solicitors for a debt that I don't recognise