What happens if an IVA fails? We're about to enter one

FavDaughter1

Charco, you are a star! i had no idea! i hope my post didn't read we ought to be ashamed,that isn't what i meant at all. there is a stigma attached to debt.

people can be so unkind,quick to judge. that's why so many find the board and the people responding to our posts such a huge help,both on a practical & emotional level. i'm feeling worried still, but more positive even though i'm not 100% sure what we'll do yet. we were with friends last night, i actually heard myself laughing....it was only then,hearing myself, that i realised how heavy all this has weighed me/us down over the last few weeks,i hadn't laughed for ages.

thanks.

Daisy4567

Charco wrote: »

1. No, of course you dont need to have tried an IVA before you can go for BR... i dont know where this Urban Legend (myth) has come from but it does pop up every so often!

When you go to the court for BR the judge will ask if you have taken advice... if you say no he'll recommend that you do go to take advice but you can say "no thanks" and go ahead with the bankruptcy (or more preferably go and find out more now BEFORE GOING TO COURT).

2. Will both you and your other half need to go BR?

Do you have about £600 each right now?

I imagine you'll have to save for that! maybe!

So what if it takes you until February! Make token payments if you must

(Dont sit back and do nothing but take your time to make sure you're doing the right thing, dont rush it! It will take a bit of time for your creditors to organise anything like a ccj against you and you'll hear about it in advance so dont panic too much about that but dont dilly dally either!)

Dear Charco,

Thank you again for your considered response,

What determines whether both DH and I have to go bankrupt?

We both have a high level of debt, although DH much higher due to helping out my father.

I am very open to researching and exploring all possibilities and am very interested to know if it would be beneficial for one of us to be BR and one IVA but I do not know the guidelines/requirements for this.

I have Googled/met with the local council money advisor/spoken to Payplan/people who I know who have been made BR/people I know who are in IVA and nowhere is the information and advice as helpful as you have given.

Again I am very grateful for your advice and thank you from the bottom of my heart for taking the time to advise us on this terrifying situation.

Daisy4567

Well, looks like BR is the option and it terrifies me to be honest but the drop in DH's wages seems pretty certain. I am about to email GT to let them know.

Charco, can they take things dear to me like jewelery my Grandma has given me? I really don't have much but I do have a couple of pieces which mean a lot to me.

What assets do they include?

DH car is worth about £800 and mine about £1200 max, if that to be honest and we'd be lost without our cars.

I don't want to go into this without my eyes wide open

FavDaughter1

Daisy,just to say i'm thinking of you. get lots of advice and search the net.

things can only get better, big hug x

Daisy4567

Thank you FavDaughter1.

Well I've contacted GT to let them know as I suspected they have confirmed that the IVA would not be maintainable in these circumstances. They have said they'll see what they can do though but I just don't know what they could possibly do considering the drop in wage is so large and is more than the IVA Payment which would have been £222.00

Any ideas anyone?

Advice gratefully received, thank you

Charco_2

Generally speaking most household items would not be included in BR, certainly not cars of such limited value... jewellery can be a grey area!
(If you don't mention it, then how would anybody know about it!?!)

Ordinary items of jewellery I would imagine would be ignored but if you had a huge cache of gold and silver then that's another matter!