Interim Charging Order & IVA help please!!!

Munchlet

Thanks debtinfo, I'm seriously starting to think Bankruptcy might be the best option, I can't see Natwest agreeing to the IVA as they seem set on getting the charging order.

Just another question if we obtain an interim order and the IVA fails will be have time to file for bankruptcy before they obtain the charging order.

Don't get me wrong we want to pay as much off our debts as possible but we really feel Natwest have put us in this siuation as my husband was a perfect candidate for the Government backed small business loan and asked them to do this (this means Natwest getting I think 75% of their lending secured by the government), but they just weren't interested.

My husband also spoke to them months before business went down the pan explaining that we were going to have a few months where we struggled but then he had big jobs in the pipeline and they just basically ignored it and left us to get into this mess with no support.

That's why I'd rather hubby went Bankrupt than let them get a charging order, I don't see why they should get so much more than the other creditors who have all freezed interest and been more than happy to accept token payments and try to offer reduced settlements. Amex offered to reduce debt from £13k to £4!!

Sorry don't want to seem that I'm blaming others for this mess as at end of the day hubby didn't have to accept the lending but I just feel that after their massive bailout by the taxpayers last year they should be a little more understanding with their clients and not so greedy!

debtinfo

Hi, as they already have the interim charging order they could get a final order quickly, ie you need to speak to the nominee tomorrow. It might also be a good idea to ring up your local court to ask how long you would have to wait for a bankruptcy appointment, some have a wait, some have a walk in service

thechippy

Munchlet wrote: »

Thanks debtinfo, I'm seriously starting to think Bankruptcy might be the best option, I can't see Natwest agreeing to the IVA as they seem set on getting the charging order.

Just another question if we obtain an interim order and the IVA fails will be have time to file for bankruptcy before they obtain the charging order.

Don't get me wrong we want to pay as much off our debts as possible but we really feel Natwest have put us in this siuation as my husband was a perfect candidate for the Government backed small business loan and asked them to do this (this means Natwest getting I think 75% of their lending secured by the government), but they just weren't interested.

My husband also spoke to them months before business went down the pan explaining that we were going to have a few months where we struggled but then he had big jobs in the pipeline and they just basically ignored it and left us to get into this mess with no support.

That's why I'd rather hubby went Bankrupt than let them get a charging order, I don't see why they should get so much more than the other creditors who have all freezed interest and been more than happy to accept token payments and try to offer reduced settlements. Amex offered to reduce debt from £13k to £4!!

Sorry don't want to seem that I'm blaming others for this mess as at end of the day hubby didn't have to accept the lending but I just feel that after their massive bailout by the taxpayers last year they should be a little more understanding with their clients and not so greedy!

A lot of what you say above is exactly why people are starting to fight back with lenders..

Munchlet

Thanks for your advice everyone, really appreciate it.

Just a couple of questions if I may re bankruptcy as I'm starting to think this is the more likely option now.

Firstly the hearing for the charging order is 26th April at present it is interim, am I safe to assume that it can't be made final before then?

I rang out local court and they don't operate an appt system for bankruptcy and are sending out the pack, they said literally as soon as we get it we can go down that day if we want between 10.00-11.00 and be seen, does that mean if we wanted and have the fee we could literally get the bankrupty agreed as early as this week providing pack turns up?

Finally question on the bank account system, at present hubby and I have joint account, basically all our wages go in and all our expenditure comes out and we live on the rest. If he goes bankrupt what is the best thing to do, there is no o/draft or debt with the account and it is always in credit, I was going to open an account in just my name and get my D/D's transferred over, but hubby said he will just ask for his name to be taken off. The other thing is it's mainly his wages that pay the DD's so firstly can he get his name taken off as it's not in debt and secondly if so, can he continue to have his wages paid in so we can cover day to day bills?, we are not in debt with mortgage or any household bills and pay all of them monthly be direct debit, the only debts we have are from his business?

thanks again for the advice, I'm just trying to be clear on everything before making a final decision.
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