The Bankruptcy Club & Supporters Club

scootw1

The Or will want to know where the money has gone though surely? My IVA payment was £535 and I cant justify spending all that over Christmas. Yes, som e is for fees and perhaps I can but a new coat or something but there is inevitably going to be surplus of cash in hand which the OR will take. I know Mike has said he had £600 on B'day but how did he justify where that £600 went?

screwiloui

hello
im new to all this so if i am doing it wrong please forgive me...............
i am after some advice on my iva. i have had my iva for the last 14 months paying £330 pre month on debts of £28000. circamstances have changed since then and i am finding it increasingly difficult to keep up my payments.
if i defult does my supervisor make me bankrupt?
also i am married but the mortgage is in my husbands name and i am not on the deeds of the house and my husband pays the mortgage from his account every month and the mortgage is in his sole name.
will the house be at risk if i become bankrupt??

thanks so kindley in advance

a very worried iva payer

Mike_St_Helens

scootw1 wrote:

The Or will want to know where the money has gone though surely? My IVA payment was £535 and I cant justify spending all that over Christmas. Yes, som e is for fees and perhaps I can but a new coat or something but there is inevitably going to be surplus of cash in hand which the OR will take. I know Mike has said he had £600 on B'day but how did he justify where that £600 went?

OR wasnt told and I wasnt asked... Id just say it was spent on general stuff...

sandralovescats

screwiloui wrote:

hello
im new to all this so if i am doing it wrong please forgive me...............
i am after some advice on my iva. i have had my iva for the last 14 months paying £330 pre month on debts of £28000. circamstances have changed since then and i am finding it increasingly difficult to keep up my payments.
if i defult does my supervisor make me bankrupt?
also i am married but the mortgage is in my husbands name and i am not on the deeds of the house and my husband pays the mortgage from his account every month and the mortgage is in his sole name.
will the house be at risk if i become bankrupt??

thanks so kindley in advance

a very worried iva payer

First of all you need to read your IVA contract to see what provision is there for bankruptcy - it may say that the Supervisor will seek bankruptcy, in which case you stop paying into the IVA and let the Supervisor do the work.

Regarding the house. You have an interest in the house because of OH owning. However, I don't think it should be a problem. There is an enquiry line at https://www.insolvency.gov.uk which you can email for a definitive answer to that specific question - just to be certain.

sandralovescats

scootw1 wrote:

The Or will want to know where the money has gone though surely? My IVA payment was £535 and I cant justify spending all that over Christmas. Yes, som e is for fees and perhaps I can but a new coat or something but there is inevitably going to be surplus of cash in hand which the OR will take. I know Mike has said he had £600 on B'day but how did he justify where that £600 went?

In the grand scheme of things, £600 isn't a lot of money. The OR doesn't have time to investigate every penny that you have spent.

Have you got your date for bankruptcy yet? The sooner you get it done, the better, since it is occupying your every waking moment.

scootw1

Mike_St_Helens wrote:

OR wasnt told and I wasnt asked... Id just say it was spent on general stuff...

Well, okay, but if he does ask I may have a couple of hundred each month to account for which I wont be able to if he asks for receipts.

scootw1

Think I'll change my name to Paranoid Man

flis21

screwiloui wrote:

i am after some advice on my iva. i have had my iva for the last 14 months paying £330 pre month on debts of £28000. circamstances have changed since then and i am finding it increasingly difficult to keep up my payments.
if i defult does my supervisor make me bankrupt?

Hi, Unfortunately in our case we stopped paying our IVA and they gave us default notice, then terminated the IVA, but they do not need to make you bankrupt, we owe about £50,000 and were paying £700 which we couldn't keep up when I got ill.

I assumed they would make us bankrupt, so didn't really bother looking into it or saving up the fees until we realised it wasn't going to happen, now have to save up £950 as both hubby and I are going br together!!

Check the terms of your IVA, but there is no guarantee that if you default they will make you br. HTH

scootw1

sandralovescats wrote:

In the grand scheme of things, £600 isn't a lot of money. The OR doesn't have time to investigate every penny that you have spent.

Have you got your date for bankruptcy yet? The sooner you get it done, the better, since it is occupying your every waking moment.

No, I was going to wait until January. I need to see the CAB to go over my income and expenditure sheet and they cant fit me in until January so I was hoping to go br end of January. The courts did tell me that I should get in to see the judge the same week as I take my papers in so there shouldnt be a problem booking

gettingitsorted

scoot, just out of interest why are you waiting for the CAB to go over you income/expenditure?