IVA's are Being Mis-sold and Misrepresented

sandralovescats

I will warn you now, the CAB will try all ways to stop you from going bankrupt.

scootw1

That surprises me. Might they suggest that the proposals were wrong then and recommend that I try to renegotiate. Or do you think I would just be better off just trying to renegotiate at the time of the review. Once the initial amount is set, can it come down or will that be theminimum for the term of the IVA?

sandralovescats

Where IVA's are concerned they only renegotiate the figures if there has been a change in your circumstances - so if you are earning more money/less money, have a baby to pay for, etc.

The CAB are totally against anybody going bankrupt, under any circumstances. They tend to think that we have to pay back what we owe, no matter what.

scootw1

I messed up with the initial proposals then. Oh well

sandralovescats

Not necessarily!

You can renegotiate your IVA payment at any time. Get onto your IP for your IVA and discuss your concerns, then you will be able to see if they can help you. If not, it is back to the drawing board.

scootw1

Considering that I asked them to include gas bill arrears (most of which was incurred before the IVA) and they refused, I wouldnt hold my breath about renegotiating the figure. The gas bill was from November until July, IVA ws in April and they said most of the bill was after the IVA took place.Didnt make sense, didnt dispute it, should have done, my mistake.

can_do_2-2

Sounds like IVA's
- Cost a lot more than Bankruptcy
- Take more of your disposable income
- Last longer (5 versus 3 years)
- Good for Solicitors, Accountants, School Governer Wanna-Be's etc

Light bulb moment is >£60,000 (all credit card / converted to loans)
Unemployed since 1-Aug-06, interviewing for sales jobs £45,000 + commission
Not claiming benefits - been there a few times in recent years
No assets - lost house and all in divorce that settled about 18 months ago
Living with friend/partner (she has her own house)
- no financial link, but I have been paying some bills + food

Can anyone see any reason why Bankruptcy would be a bad route ?
Any other thoughts please

sandralovescats

Bankruptcy will affect you if:

You are, or want to be a solicitor

You are, or want to be an accountant, or suchlike

You are , or want to be a JP

You are, or want to be a School Governor

You cannot join the Armed Forces

Apart from that, I cannot see a problem with it.

Yes, can_do, you are right in your assumptions!

I would like to know the percentage of IVA's that end up in bankruptcy.

That figure has to be quite high in that they take all of the disposable income and leave you nothing - so no credit, no cushion, unable to save any money, etc.

At least with br you have some breathing space.

lynzpower

you also cannot hold public office can you as a bankrupt for example being an MP or ward councillor.

rog2

lynzpower wrote:

you also cannot hold public office can you as a bankrupt for example being an MP or ward councillor.

Not so sure on that one Lynz - I'm going to check though:beer: