bankruptcy help very worried...

debtinfo

ask your IVA company for a copy of your creditors, they will have a full list, with all the current balances

arghhh

i think they will delay in sending the info out if they know we aren't going with them to do the BR

i wonder if i can get them to email it so they cant use the 'lost in the post' excuse

arghhh

debtinfo wrote: »

ask your IVA company for a copy of your creditors, they will have a full list, with all the current balances

if we default on the IVA are companies likely to start adding interest back onto the balances? which then will mean the balances will be higher than they are now by the time we file for BR or does that not matter?

debtinfo

ask for an update now, its your information after all, you need to see where you are up to, and who will be voting at the upcoming meeting :-)

arghhh

ah good thinking lol

debtinfo

arghhh wrote: »

if we default on the IVA are companies likely to start adding interest back onto the balances? which then will mean the balances will be higher than they are now by the time we file for BR or does that not matter?

They will start adding interest, but it wont matter at all to the court or the OR, i have seen bankruptcies go though with 5 year out of date info onthem, so dont worry

arghhh

is it right (from my understanding) that aslong as we are in negative equity we CANNOT loose the house? even at the 2 years 3 month stage if we are still in negative equity they wont ask us to move out?

HateBanks

Hi, and welcome to this forum.

Please do contact one if the free debt charities:
Citizens Advice
National Debtline
CCCS

They are a wealth of information, I cannot recommend National Debtline enough, they were so helpful for us.
The best thing we ever did was joining this forum, and reading lots of other peoples experiences helped us so much.
We are 2 months in already, and so far so good, we can afford our council tax and food for the 1st time in years (it used to be a choice between the 2!)

The forms are so easy, and fairly self explanatory, CAB will help check them through.
In my opinion, it sounds like your IVA company are trying to 'lead you up the garden path', please do try to seek independent advice.

Best of luck to you. xx

arghhh

HateBanks wrote: »

Hi, and welcome to this forum.

Please do contact one if the free debt charities:
Citizens Advice
National Debtline
CCCS

They are a wealth of information, I cannot recommend National Debtline enough, they were so helpful for us.
The best thing we ever did was joining this forum, and reading lots of other peoples experiences helped us so much.
We are 2 months in already, and so far so good, we can afford our council tax and food for the 1st time in years (it used to be a choice between the 2!)

The forms are so easy, and fairly self explanatory, CAB will help check them through.
In my opinion, it sounds like your IVA company are trying to 'lead you up the garden path', please do try to seek independent advice.

Best of luck to you. xx

Hi, thankyou for those words of encouragement, unfortunatley we cannot contact any of the free debt agencies until the IVA has defaulted for 3 months and is classed as failed, i rang them when i first came to have a look at the forum about 3 weeks ago but they refused to discuss anything with us as the IVA is a legally binding contract

kepar

i have just read on the forums the 'what happens to my car' section from reading that i'm pretty sure we would loose it, but it says you can buy it back.... our car is a 99 v reg, bit rusty in places currently no MOT (due to be fixed on friday thanks to a family member) do i delay the repairs so therefor the car is non useable and we would be able to 'buy it back' at a reduced cost? or have i mis understood that

i'm asuming then tho, we wouldn't be able to get the car repaired or drive it for the 3 years?


The OR probably will not be interested in the car, but may not allow the allowances for it. This means you won't have an allowance for fuel. insurance etc. If you want to run the car you will have to find the money within your other allowances.
You are only br for a year, only if you get an IPA would your SOA stand for thee years. In that time your circumstances may have changed. If you can avoid an IPA you will be free after a year. To be honest the OR will probably not accept your needing a car for school runs etc.