With regards to a lump sum pay off of IVA

qweasd

Can anyone please tell me if were in an IVA like I am, if I can ask my IP to except a lump sum raised from my wifes belongings.

My wife is niot in the IVA with me, I cannot raise any money from my inlaws or friends.

Is it allowed for my wife to sell some of her rings, and possesions, and then offer it to my IP as a final lump sum, we are only down for 6k on the life of my IVA, paid 1k now, and we know my wife could raise 4k so that would make 5 k paid.

There is no way because of disbility that we will ever earn any more money, I am on benefits, and have no items worth anything, nor do i have my own home, our rent is paid by benefit.

I am long term disabled on disability living allowance, with a progressive disease, the illness makes me very ill and depressed and I would like to end my IVA.

So please someone tell me can my wife do this on my behalf given my circumstances, thats my question, I dont want to contact my IP until I know if its worth even asking, so please someone let us know.

GD2_2

It looks a very good offer to me and, given the circumstances, I would give you an excellent chance of success.

I would just ask though, rather than your wife selling everything she has to fund this offer, why do you not just fail your IVA and raise £525 to go Bankrupt with? You have no assets to lose, and as you are solely on benefits you will not be asked to make monthly payments into an Income Payment Arrangement either.

Looks much cheaper to do it that way to me.

UpToMyNeckInIt

Hi queasd,

...Gotta agree with GD2.

If I were in your situation, BR is a far cheaper route, and possibly the best solution for you (based on the info. here).

Good luck.

qweasd

GD2 wrote: »

It looks a very good offer to me and, given the circumstances, I would give you an excellent chance of success.

I would just ask though, rather than your wife selling everything she has to fund this offer, why do you not just fail your IVA and raise £525 to go Bankrupt with? You have no assets to lose, and as you are solely on benefits you will not be asked to make monthly payments into an Income Payment Arrangement either.

Looks much cheaper to do it that way to me.

Hi thanks for your reply, with regards to my question about my wife selling her stuff to make a final lump on my IVA.

Im new here and am not sure how to reply to a posting, so am asking you a questrion here.

I was scared to go BR because we ran up 31 k in debt on credit cards, and a small unsecured business loan. Thge IVA gave us 5 years at £100 a month that makes 6k we would have paid back a grand in new year, plus my wifes maybe offer of 4k would make 5, so would think they would except that, with regards to going BR, heres where I need help with............

In the 6 years of debt, we spent at least £1200 on gambling trying to win enough to pay our debt off, we did some bingo some roulette online, and even tried some money on the forex market. So scared that being BR may make us have to go on for 2 to 15 years if we are later judged to have put our selves there.

Thats the reason and only that why I went into an iVA instead of BR, but now because of my health still wonder if I should go BR, or make an offer through my wife.

We live on benefits, although I am self employed, I earn around £40 a month that my IP knows wont ever be more that that, I write books, that sell like 2 a month, so we are will never make enough to pay this off.

Do you still think its worth going BR, or safer to make an offer in my circumstances, I dont know what the official reciver will do to me when they look at the last 5 years of my accounts.

anything you know about this would be great, I really suffer daily from so many medical problems, even writing this is such a chore. many thanks for any help, I wont pm you again, ps could you tell me the best way to reply to a post, thanks

GD2_2

I think you are worryinh too much. the amount spent on gambling is relatively small, you have attempted an IVA to help and hopefully you haven't gambled at all in the last 12 months or so.

It is possible that the OR will extend your BR restrictions but I think it unlikely. He may also look at your self employed income for the purposes of an IPA but I feel that that is also highly unlikely.

Bottom line? No promises on the OR, but the odds are greatly in your favour, and should I be in your shoes it would be the route I would take, given the info that you have put on this thread.

If you decide to go BR, inform your IVA company in writing of your decision, it actually may not be necessary to sell anything, as you may be able to save your IVA payments to fund the BR anyway.

GD2_2

Don't know where the angry face came from? Couldn't work out how to remove it, sorry.

fermi

Even if a BRO/U was applied, which is unlikely, it's likely to be a relatively short one, and unless you own your own business and want to be a director the impact is negligible.

See: http://www.bis.gov.uk/insolvency/personal-insolvency/bros-and-brus

Plus a short BRO/U (< 6 years) would be on your credit report for much less time than the actual bankruptcy order would be.

People are scared stiff or BRO/Us, but they are not really a big deal in 99% of cases, and often protect you as much as anyone else.

fermi

GD2 wrote: »

Don't know where the angry face came from? Couldn't work out how to remove it, sorry.

Click "Edit Post", then "Go advanced", and then unselect the angry face in the post icons options.

qweasd

fermi wrote: »

Even if a BRO/U was applied, which is unlikely, it's likely to be a relatively short one, and unless you own your own business and want to be a director the impact is negligible.

See: http://www.bis.gov.uk/insolvency/personal-insolvency/bros-and-brus

Plus a short BRO/U (< 6 years) would be on your credit report for much less time than the actual bankruptcy order would be.

People are scared stiff or BRO/Us, but they are not really a big deal in 99% of cases, and often protect you as much as anyone else.

I will be asking my IP in new year if they would take an offer off my wife, if they wont then Is it best for me to file for bankrubtcy or to let the creditors file for it, I dont want anyone coming to our door if i pull out of my IVA trying to gain access to take stuff we dont have to pay the 9 banks we owe. whats best way to go BR ? thanks to all

fermi

Unless you owe money to HMRC, then it would be unusual for a creditor to petition.

If you come to the conclusion that BR is best, then I would say do it yourself. That way you are in control of timing etc and are not left hanging in an uncertain position.