help!! iva and bankruptcy

lhamill

i had an iva with grant thornton since start of 2010 and basically it failed last november due to missed payments etc and when i offered lower repayment amount creditors rejected it. it is now a year to the day and i have heard nothing?! dont know if i will be made bankrupt or what is happening? i had 21k in debts through total mixture of cc's/loan/mail order/overdraft which were unforunately run up through my gambling ex hubby but were in my name i had baby no 3 in july 2011 and therefore was on maternity pay and single mum of three and could not afford repayments. i now work part time, rent off council and have no assets whatsoever apart from run around cheap car. please advise what anyone thinks will happen???? really feel like im in limbo? im in n.i and we dont have baliffs, no calls either!?

sniggings

First your best bet is ringing one of the helplines as they will get all your details and give you all your options, it's hard for us to do that without all the info, CCCS, CAB and debthelp line are 3 good ones, it is always needed if you were to get BR so worth doing, they will make an appointment for you and ring you back and get all your details etc

asy ou are only parttime now you problably do not have enough excess income to pay an IVA so that is probably the reason it was refused.

So instead of waiting for them to start sending ltters etc and stressing you out, BR may be the best option, as you are parttime you will most likely not have to make any payments so once BR you will be free of debt, there are a few downsides though, such as very hard to get any credit or a mortgage again but if you are not going to need credit in the future then maybe best to go BR now.

lhamill

i did contact all them b4 the iva. my main query though is if i leave it will one of the companies file me for BR or will they write the debt off?? cos really they arent gonna get anything of me so is it worth their while? think i read this happened to someone? i cant afford the fee to go BR so gonna wait till someone applies but it has been 12 months and NOTHING!?

sniggings

hard to say, unless you owe on lender a sizable amount, chances are they wil not, as it costs them a lot of money, I doubt they will write of the debt either, what tends to happen is they will pesters you, then apply for a CCJ , if all that doesn't work they will sell the debt to someone else who then starts pestering you again.

But each case is different so hard to say what will happen, if you are not getting any letters and never will then no need to do much really but I doubt it will stay that way for ever.

You say your in NI so things may work differently there, ring a helpline, they can even help you set up a payment plan, where all interest is stopped and you make a small payment to your creditors, and other options too.

lhamill

think only difference here is we dont have baliffs! everything else the same! not a letter or call. strange!! i did hear it costs alot for them to make me bankrupt and as my biggest debt is 5k i dont know if it would be worthwhile as i seriously have nothing. studying at min to go back to uni get my midwivery as i cant live hardly on what i have never mind paying debts. think i will stay single forever and never believe a gambler again! thank u:)

sniggings

you just need to keep an eye on any letters from court, some pretend to be court letters but are not, if you do get one, make sure to go and explain your situation, the judge will set an amount to pay (very low if low income), I think this may be a good option if you can not afford BR.

(but advice from a debthelp would be best as I do not know all the details)

lhamill

nothing yet but defo will keep eye out. think he should pay fees he didnt pay rent either on old house and i had to repay that!! grrrhhh.

IF

Hi lhamill and Welcome to the BR board, as Sniggings as said do contact a free debt charity, please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

For information in Northern Ireland you should contact The Insolvency Service of Northern Ireland at:

The Insolvency Service
Fermanagh House
Ormeau Avenue
Belfast
BT2 8NJ

Tel: 02890 251441

N.I. Direct - Click here

Online forms - http://www.detini.gov.uk/deti-insolvency-index.htm

Advice 4 Debt NI - They are a FREE service.

http://www.advice4debtni.com/

StepChange Debt Charity (Was CCCS) :-

http://www.stepchange.org/DebtadviceinNorthernIreland.aspx

CAB
http://www.adviceguide.org.uk/nireland.htm


NI FACT SHEET - www.hmrc.gov.uk/factsheets/ef5-ni.pdf

Best wishes
IF...x

lhamill

thank u gonna look at these now