Few questions

mum2b

Does anyone know which proffesions bankruptcy does affect?
Do IVAs take into account your car as an asset?
Do IVAs take into account joint accounts if one is going down the IVA route and the other not?
Thanks guys just want to make the decision and go for it!
xx

skintflint103

There is a list but not a definative one on the insolvencey.gov site. the site is as big as Wales so don't get lost! in essence Forces police prisons some MOD and any job where it says you can't in your contract. Anything financial usually and no company directors or accountants, solicitors but barristers can funnily enough.

Your car is an assett if its a luxury one worth shedloads without finance on it .mostly its ok but if it's on finance and the finance ends in the iva lifetime ,they will want that payment! watch that!

Be very careful here thay allways try to get the two involved if they can. they are looking for a big monthly payment to present to creditors. they often ask a partner with a 2/3k affordable debt to come to your iva club and then you're both bankrupt for 5 years (IVA is bankruptcy ,it has the same restrictions except you can keep your assetts and you are on insolvency register for 5 years plus) If you have no assetts ,property and are in a non restrictive profession read the way they rip into my advice on some other threads. you won't like what you read but will learn a HELL of a lot about IVAs .good luck with whatever you decide hope the bump goes well!

adfax

Hi mum2b

Not really in a position to answer your questions re professions or joint accounts.

Regarding cars, as skintflint says, I think an IP might take a dim view of you wanting to hang on to a luxury car worth a fortune. We have two cars and the IP didn't show any interest in them. In the case of car 1, I need this for work - no car, no work, no money for creditors!

Car 2 (my wife's) didn't even appear in the IVA proposal as an asset as they accepted that this was wholly owned by my wife and was paid for by her.

But the thing to remember with an IVA is that it is an individual agreement between you and your creditors - with the IP 'brokering' the deal. If your IP is doing their job properly, they will only put forward a proposal that it likely to be accepted. You can in theory offer as much or as little to your creditors as you want - whether they accept it or not is up to them.

One of the differences between an IVA and BR is that with an IVA you can to a certain extent call the shots as to what happens to your assets. In BR, you don't have this same level of control over the disposal (or otherwise) of assets.

Charco_2

This is getting pathetic!

There is a list but not a definative one on the insolvencey.gov site. the site is as big as Wales so don't get lost! in essence Forces police prisons some MOD and any job where it says you can't in your contract. Anything financial usually and no company directors or accountants, solicitors but barristers can funnily enough.
It might be easier if you just mentioned your profession and someone might be able to tell you difinitively - as Skint says the lists aren't difinitive enough.

Your car is an assett if its a luxury one worth shedloads without finance on it .mostly its ok
The threshold is about £3k - if you car is worth more than this you might be expected to down size and bring in any profit to your IVA. So if your car is worth £4k then tell your IP that it has gear box problems or a smashed in panel that you cant afford to fix and so the cost would be affected - you'd usually have some kind of leeway anyway.

but if it's on finance and the finance ends in the iva lifetime ,they will want that payment! watch that!
True, if your car is on finance it can have an effect on your IVA - don't know what you're supposed to watch out for!
You might find that your HP has a final balloon payment which is obviously going to have an effect on your ability to meet your monthly repayments. You won't suddenly be able to find an extra £1,000 to finish the HP during your IVA but if you inform your IP they should be able to make allowance for it somehow - better to prepare in advance rather than let it sneak up on you. And yes, when your HP Period ends you'll be expected to increase your IVA repayments by the corresponding amount - is this somehow unreasonable?

Be very careful here thay allways try to get the two involved if they can.
Who do? Why?

they are looking for a big monthly payment to present to creditors. they often ask a partner with a 2/3k affordable debt to come to your iva
If you have only £2/3k debt then you're not insolvent - you couldn't possibly enter into an IVA. It would be illegal! Also the creditors would never vote for it - why would they vote to take less money?

And Skint, this is what I'm talking about your inaccurate, incoherent, seemingly incessant ramblings! The fact that people rip into your posts is not something to be proud of - You're not the boy who suddenly saw the Emperors New Clothes, you're not a maverick telling the world the secrets "they" don't want you to hear! You are passing off mis-representations and mis-truths!
club and then you're both bankrupt for 5 years (IVA is bankruptcy ,it has the same restrictions except you can keep your assetts and you are on insolvency register for 5 years plus) If you have no assetts ,property and are in a non restrictive profession read the way they rip into my advice on some other threads. you won't like what you read but will learn a HELL of a lot about IVAs
good luck with whatever you decide hope the bump goes well!

skintflint103

Firstly I did not advocate lying about the condition of a car, if you have a car on finance, if the finance ends whilst you are in the IVA,the IVA company will take that amount as extra income and will lay claim to it. It's not unreasonable IF [EMAIL="YOU@RE"]YOU'RE[/EMAIL] TOLD ABOUT IT.

It's one of my biggest gripes that IVA factories very often get both partners involved in an IVA when one only owes a very small amount ,they then up the payment level to increase the monthly contribution and get a joint restriction over a property. So you deny it happens? Incoherrent ramblings ,easy for you to say from your ivory I.P. funded tower. How's your fleece today wolfie boy?

Charco_2

There are a few occassions whe it makes sense to include BOTH partners in an IVA. The implications of which would explained in terms of:
- this is what will happen if one of you enters an IVA
- this is what will happen if BOTH of you enter an IVA
(If you would like me to give examples i will!)

As I have said before, NO-ONE will get an IVA if the sum total of their debts is simply a few thousand £s...
1. They wouldn't be insolvent and
2. Even if the IP wanted to push it, the creditors would not vote in favour of it.

foreverautumn

mum2b wrote: »

Does anyone know which proffesions bankruptcy does affect?
Do IVAs take into account your car as an asset?
Do IVAs take into account joint accounts if one is going down the IVA route and the other not?
Thanks guys just want to make the decision and go for it!
xx

An annonymous phone call to your HR department, if your worried about a present job. Most cars are fine i have read lots of people have seven and eight thousand pounds cars, that they have been fine. After all it has to last five years plus while you are in an IVA. If you are talking about joint bank accounts, then i would air on the side of caution and get seperate accounts. Also you need a bank account with someone that is not one of your creditors, or your money will be captured by them.

Charco_2

I would be surprised if those £7k or £8k cars didn't have large HP Agreements behind them (so the value didn't belong to the debtor but to some company as security - even then, if the HP repayments are unrealistically high you might be asked to down size).

For the Joint Bank Accounts, get rid of them if you can and move to separate bank accounts. If there are joint debts, then the person NOT entering into the IVA would be left liable for the full debt.

Are there joint debts?

skintflint103

Charco I have had IVAs in my hand where this has happened and not just one or 2. Shall we agree that we should warn people that it could happen if they don't beware?. Then we can't be said to be misleading at all can we?

foreverautumn

No they did not all have hp payments on all of them. Are you an IP Charco?

Charco_2

I dont understand Skint, what was misleading? The general concensus would be a car can have a value up to £3k - if you get away with more then surely that's better?

Oh wait, i see where you might be talking about - but sure I told you I can give examples of where it COULD conceivably happen that in certain circumstances it would make perfect sense to put forward a joint IVA. Regardless, the IP would still have to explain the implications of and differences of the single application and the joint application - the debtor would have to sign something to show that they understood (I know, that's not perfect either coz they could just sign something even if they didn't understand... well until they bring in the IVA system where 46,000 people a year turn up at your doorstep for you to tell them why they shouldn't go into an IVA coz you hate them, this system will just have to do. It's just checks and measures.)

No, ForeverAutumn, I'm not an IP i just work in insolvency - I dont have all the answers but i'll try to find out the things i dont know. Are you looking to lambast me or ask a question?