Iva vs br on benefits

Mummy_george

Hi advice please, we are in receipt of benefits and iva has been suggested to us, which we felt was a good idea. however we are worried. the other option is BR which is more worrying for us but on reading on here we may not be liable to pay back anything if we are on benefits, our concerns.

IVA
currently on benefits but in 2 years want to go to uni so benefits will change to student loans not sure how this will change our income.

BR
we took credit out with false information, implications of this

recently had to draw cash and use cards worried will be seen as attempt to spend while we could and worried on implications,

my children have a caravan in our name as they not old enough but there dla covers the rent fees, will this be taken,

husband has mobility car although my car is in his name as it was a pressie but its not suitable for family and is old, will they go for mobility car.

if we could do BR without having the worry we would any feedback greatly appreciated

alastairq

Hi..see the same questions you posed on the main BR forum?

Re-withdrawal of cash? Was this simply to provide essential living expenditure? If so, then...whilst 'frowned' upon, will probably be ignored.

Re- taking out credit, and supplying 'false' information?

This would be a matter for the creditor concerned to deal with [or, live with?]

With regards to an IVA, this may well prove a sticking point with that particular creditor?

Can I suggest you have a read of the site I link to below?

http://debtcamel.co.uk/

Personally I would look favourably on BAnkruptcy...it will prove less painful in the long run...but the choice is yours inevitably.

fatbelly

Mummy_george wrote: »

Hi advice please, we are in receipt of benefits and iva has been suggested to us, which we felt was a good idea. however we are worried. the other option is BR which is more worrying for us but on reading on here we may not be liable to pay back anything if we are on benefits, our concerns.

IVA
currently on benefits but in 2 years want to go to uni so benefits will change to student loans not sure how this will change our income.

BR
we took credit out with false information, implications of this

recently had to draw cash and use cards worried will be seen as attempt to spend while we could and worried on implications,

my children have a caravan in our name as they not old enough but there dla covers the rent fees, will this be taken,

husband has mobility car although my car is in his name as it was a pressie but its not suitable for family and is old, will they go for mobility car.

if we could do BR without having the worry we would any feedback greatly appreciated

I can't see how you would have enough surplus income for an IVA if on benefits.

Re your bankruptcy questions

Any vehicle/caravan in your name will be treated as an asset re your bankruptcy and likewise if your husband goes bankrupt.

Motobility cars on the lease hire scheme are exempt as they are not owned by the user.

Mummy_george

With regards to an IVA, this may well prove a sticking point with that particular creditor?


sorry alastariq not sure what this means x

The money was withdrawn to pay lets say a illegal lender which faced consequences had it not been paid back

The caravan is my worry as its the childrens i wouldnt even no where to begin to explain this to them if we lost it. its their money that pays for it and is there only way of getting out due to their conditions x

alastairq

With regards to an IVA, this may well prove a sticking point with that particular creditor?


sorry alastariq not sure what this means x

With an IVA, [unsecured] creditors have to agree and vote upon, the IVA proposals.

If a creditor discovers an application had incorrect information, they may not agree to an IVA..[although whether that would actually happen is another issue]

alastairq

The caravan is my worry as its the childrens i wouldnt even no where to begin to explain this to them if we lost it. its their money that pays for it and is there only way of getting out due to their conditions x

This is your kids' asset, not yours. Their benefits directly paid, and pay, for it.

This information [plus the evidence of where the payments came from?] can be put to the Official Receiver at the appropriate time...and can be mentioned in the 'notes' section of the BR petition papers.

You are the 'responsible adult'...not the 'owner'....this can be put to the OR at the appropriate time.