From IVA to bankruptcy....? HELP!!

Tr@cker

SHOULD be doing it ? That might be a moral question rather than a financial one but if you're going to suggest business has any morals.......

...............i dont believe it.

scootw1

Tr@cker wrote: »

SHOULD be doing it ? That might be a moral question rather than a financial one but if you're going to suggest business has any morals.......

...............i dont believe it.

I meant whether you would be better off going bankrupt rather than an IVA.

An no, it's not a moral issue. when you are deep in debt you should be looking after number one, not the creditors. They would not think twice if you did yourself an injury through stress and worry.

owetoomuch

craigy1973 wrote: »

I am in a similar position to you (although I don't have an IVA). I had a business failure 3 years ago. I am struggling to pay off £90k from 3 main creditors and as I have no assets I am considering bankruptcy. Like you I rent my home (so they cant take that away!). Regarding being a credit controller, if I am correct you manage SALES ledger issues rather than PURCHASING ledger issues. Therefore you are not obtaining credit over £500 without declaring you are bankrupt etc. If you were in purchasing then technically you are obtaining credit on behalf of your company and would therefore need to disclose bankruptcy to your employer. As a Credit Controller you are trying to get people to pay up, therefore not obtaining credit and therefore you don't need to tell your boss! Hope this helps.

Sorry but I have a work credit card and when I informed the OR of this she didn't want to know about it as it wasn't mine and there were strict guidelines in place at work for its use, I didn't even have to tell work about going Bankrupt (checked this with my union), check your employment contract as it may say something in there about going bankrupt, if not you should be OK.

Richard_S

craigy1973 wrote: »

I am in a similar position to you (although I don't have an IVA). I had a business failure 3 years ago. I am struggling to pay off £90k from 3 main creditors and as I have no assets I am considering bankruptcy. Like you I rent my home (so they cant take that away!). Regarding being a credit controller, if I am correct you manage SALES ledger issues rather than PURCHASING ledger issues. Therefore you are not obtaining credit over £500 without declaring you are bankrupt etc. If you were in purchasing then technically you are obtaining credit on behalf of your company and would therefore need to disclose bankruptcy to your employer. As a Credit Controller you are trying to get people to pay up, therefore not obtaining credit and therefore you don't need to tell your boss! Hope this helps.

craigy,

Absolutely 100% percent wrong.

An individual and the entity they work for are two completely different things; there's enough to come to terms with when you're considering bankruptcy without proposing "flights of fancy" like that.

I'm a bankrupt and I authorise invoices, petty cash receipts, and issue and sign cheques for my employer; they're fully aware of my personal problems and the two are not related.

jam3162

i have an iva with debtmatters. it has now been nearly a year and was the worst mistake i have ever made. Since being with them i have had no stop letters from collection agencies. I received a letter from the court to say that i have got a ccj which happened while being with debtmatters. without realising that i had that, i started looking for a smaller place to rent as my 2 younger daughters had moved out which left me and my dog Harry. I innocently placed a deposit on a flat to be told that i lied (which i hadnt) about my credit and lost the flat and the deposit. i will be homeless on saturday due to the bad management of my iva company. I am a teacher and it leaves me with horror and dread reading the post on this website about other people who have difficulties in getting a place to live.

I phoned my iva company and told them of my predicament. They said they would ring and i havent heard from them in over a week. I was paying £351 per month on top of a £750 rent for the house i am living in. You try and pay your bills and am a honest person who really hates not paying her dues but the stress of it all is so bad that am contemplating leaving teaching.

the only way out for me is bankruptcy. Why cant i get a home? i have never not failed to pay my rent. surely that must stand for something but apparentely even earning £30,000+ doesnt actually matter.

good luck with what u do. stay positive and am sure it will be fine. If anyone has any advice for me, it would be gratefully received.

jam3162

scootw1

Isn't there some sort of watchdog to keep an eye on these companies who don't provide a service once they have had your money? The other industries such as gas, electric, TV all have them.

N71

Hi - i'm in the same position as you. 16 months into an IVA with accuma. I've since learnt through this site and other help agencies, as i'm on a low income (working part time, single mum of two, left in the s**t by my ex five years ago) and i'm in rented accomodation with nothing af value to my name, that i should have been advised to opt for bankruptcy in the first place.

The IVA started at £280 a month, and i struggled on for 12 months, having to borrow from family to get through the month.

In the past 15 months, everything has gone up in price (gas, electric, council tax, rent, general living etc) and my wages haven't gone up!

When I completed my IVA 12 month review in March this year, I had £95 a month 'spare' - before the IVA payment. This was obviously too low, so the Accuma phoned me and suggested bankruptcy may be my only option and £95 wouldn't be accepted.

At this point (March 07) i cancelled my direct debit to them, and wrote to them informing them i'd cancelled my direct debit and intended to go for bankruptcy as I could not afford to pay more than £95 and even paying £95 would mean scrimping to get by every month. I informed them it would take a few months for me to get the bankruptcy fees together and I asked them to tell me what I needed to do in the meantime.

I heard nothing from them since, apart from a standard monthly letter informing me my direct debit had been cancelled and i need to set it up again! Then last week I got a letter saying they'd looked at my SOA for March '07, and my payments would have to stay at the minimum £280 per month!!!

I've not set up the direct debit, and am sitting waiting for me to either have the bankruptcy fees available to make myself bankrupt, or for them to acknowledge my letter and tell me what to do next, or for them to make me bankrupt.

Not sure what happens next, and would apprciate advice from anyone who's been through this in the past.

tigerfeet2006

Hi Jam and N71. Welcome to the B/R boards. If you both start your own threads then the replies won't mess up some one elses thread and you can get pacific advice for you.

NekoZombie

N71 wrote: »

Hi - i'm in the same position as you. 16 months into an IVA with accuma. I've since learnt through this site and other help agencies, as i'm on a low income (working part time, single mum of two, left in the s**t by my ex five years ago) and i'm in rented accomodation with nothing af value to my name, that i should have been advised to opt for bankruptcy in the first place.

The IVA started at £280 a month, and i struggled on for 12 months, having to borrow from family to get through the month.

In the past 15 months, everything has gone up in price (gas, electric, council tax, rent, general living etc) and my wages haven't gone up!

When I completed my IVA 12 month review in March this year, I had £95 a month 'spare' - before the IVA payment. This was obviously too low, so the Accuma phoned me and suggested bankruptcy may be my only option and £95 wouldn't be accepted.

At this point (March 07) i cancelled my direct debit to them, and wrote to them informing them i'd cancelled my direct debit and intended to go for bankruptcy as I could not afford to pay more than £95 and even paying £95 would mean scrimping to get by every month. I informed them it would take a few months for me to get the bankruptcy fees together and I asked them to tell me what I needed to do in the meantime.

I heard nothing from them since, apart from a standard monthly letter informing me my direct debit had been cancelled and i need to set it up again! Then last week I got a letter saying they'd looked at my SOA for March '07, and my payments would have to stay at the minimum £280 per month!!!

I've not set up the direct debit, and am sitting waiting for me to either have the bankruptcy fees available to make myself bankrupt, or for them to acknowledge my letter and tell me what to do next, or for them to make me bankrupt.

Not sure what happens next, and would apprciate advice from anyone who's been through this in the past.

If you're serious about bankruptcy and have taken the necessary advice, I would suggest you start making plans and pretty much ignore what your Ip is doing. They clearly do not have your best interests at heart.

sadpootle

Well I rang Debt Free Direct and explained my situation, they advised me to pay as much as I can manage each month towards my IVA, and they promosed to send me a new budget sheet to show how my financial circumstanes have changed. Which I STILL haven't received........spoke to CCCS and have a phone interview with them soon to discuss my options. I have heard that the CCCS are pretty good, but has anyone had any bad experiences with them?