bankruptcy help very worried...

arghhh

we only have the one joint debt that i can think of, we have been told that if we breech the terms of the IVA then we would most certainly be pushed towards bankruptcy, apparantly creditors are insured so if a client goes bankrupt they claim the 'debt' from their insurance... how true this is i have no idea tho.

the IVA company have brought forward the meeting with our creditors to the 9th May so i guess monday we will know either way whether they will accept

Ineedaname

A total of £80 pcm for gas and electric is very reasonable, especially for a family. I pay £67 pcm for both just for me!

The £620 pcm for groceries - when I looked at your SOA that seemed fine for the size of your family and within BR allowances - obviously that's an allowance, if you can regularly spend less then that's brilliant news.

I think if you do go BR then you would be wise to default the IVA and then contact one of the free debt charities as advised early on in the thread. Don't forget you'll have to find £700 for each of you to go BR, then your IVA company will no doubt charge you for 'helping' you go BR, it could cost a lot do to that way.

arghhh

on my SoA i put our groceries at £550 anyway so if the £620 is an allowance then fair play.

i think the company we are currently with for the IVA mentioned something about charging us £1000 to go BR through them.... technically this is still A LOT less than they are getting if we stuck with the IVA, which is why they are keen to get us to carry on with the IVA, but i like the 'security' of dealing with a company

i have just checked the paperwork and my figures were incorrect it is now 11p in the pound they are offering, so am guessing it was about 20p before.

have just got off the phone with the IVA company and they are now saying that BR is prob our best route, he said we wont loose the car there are 'ways round it' and they have established what we can afford to pay them monthly from our I&E and they prepare the SoA for the OR for us so he doesn't see there being a problem, he did say that i would prob have to loose the gym (which isnt a major problem i will just do extra walking with the dogs)

They said they prepare all our paperwork and 'in with their fee' is the court costs so they pay the court costs and we pay monthly as we have been doing with the IVA

Soooo confusing....................:(

kepar

he said we wont loose the car there are 'ways round it' and they have established what we can afford to pay them monthly from our I&E and they prepare the SoA for the OR for us so he doesn't see there being a problem, he did say that i would prob have to loose the gym (which isnt a major problem i will just do extra walking with the dogs)

I am afraid I disagree about the car, there is "no way round it". if you cannot come up with avalid argument the the OR will not allow the expenses for it.
Also where have you got spare to repay them and that is if the OR will agree.
Technically if they pay for your br, that is a debt pre br and should be put into the br. Repaying them after br is favouring a creditor and can get you in all sorts of trouble.
You can go br for £700 each, why would you want to pay £1000 each?

arghhh

no we pay them before we go BR, then they sort all the fees, i would rather have the backing of a company who knows how to fill in the forms and things properly i'm really not good and confuse easily as you can prob tell from the thread lol

why am i being told things that are untrue by all these companies?

arghhh

with regards to the car, he said that he will put in the paperwork that my hubby uses it to get to work and then he uses a company van from work but needs our car to get him to and from work, i know this isnt true and i said but wont they know thats not right and he said no there are ways round it.

kepar

I don't understand how you can pay them from your I&E pre bankruptcy, when you claim that some weeks you only have £30 a month to live on.
How long is it going to take you to find £2000?

confused76

i really suggest that you don't pay someone to help you go br. why pay someone to do something that you can do yourself for far less? the forms are not that complicated and you can ask any questions on here or through the insolvency helpline.

this company can't guarantee that you will keep the car...it's the OR's decision not theirs...they can't go to court for you, they can't do the interview for you...please reconsider! x

arghhh

kepar wrote: »

I don't understand how you can pay them from your I&E pre bankruptcy, when you claim that some weeks you only have £30 a month to live on.
How long is it going to take you to find £2000?

they basically stop the IVA so we default then we carry on paying them the IVA money which goes towards the BR

I don't physically think i have the knowledge or the know how of how to do this ourselves, i am so confused right now i have no idea what the hell i'm doing anymore!

kepar

So how much do you pay towards your IVA each month?

Sorry I reread the post from the start, you pay £338 and want to reduce to £140.

So even at £338, that will take ypou at least 6 months to find the money and £140 that will take you at least 14 months.
I cannot see your creditors waiting that long