DMP or IVA how did you choose

sourcrates

Jon81 wrote: »

Thanks all for the recent or past iva'ers do you have any views on the following senario

If I go into an iva but sell within say a year of starting would the equity be treated as the 4th year release clause (equity remaining up to 85% less disbursement)or would they want more

Would it be preferable say then to do a dmp until the property is sold and then consider options in respect of iva as would no longer be a home owner so only subject to five years not potentially six

Hi,
I you went into an IVA, then a year down the line, sold your house, you could make an offer to the creditors to take the remaining house proceeds as full and final settlement of the IVA.

If accepted, your IVA would end, you would be deemed debt free, and that would be that.

As a non homeowner, you would be paying for 5 years, not six, as long as you stuck to your original agreed payment amount, if your IVA ran its full course.

Bettingmad

Meatloaf1981 wrote: »

I am, and sadly it depends on your force area. Mine will not support me if I had an IVA or went Bankrupt. They are, however, supporting me through a DMP.

I am surprised that this is the case as the Fed Insurance provides assistance with bankruptcy fees. Did you get Fed advice on the issue?

andyfromotley

Hi meatloaf,

i had the pleasure of nicking a bobbie who stole £500 off a prisoner. He was up to his neck in debt and had declared bankruptcy with the support of the Chief!! (against the advice of the command team apparently!!) Suffice to say the chief now sacks anyone who declares bankruptcy.

I'm surprised to hear about IVA's though, i thought most forces would have supported an IVA.

sourcrates

andyfromotley wrote: »

Hi meatloaf,

i had the pleasure of nicking a bobbie who stole £500 off a prisoner. He was up to his neck in debt and had declared bankruptcy with the support of the Chief!! (against the advice of the command team apparently!!) Suffice to say the chief now sacks anyone who declares bankruptcy.

I'm surprised to here about IVA's though, i thought most forces would have supported an IVA.

As its a form of insolvency, they may take the view that this puts you in a position where you may be compromised because of the nature of your job, it may be individual forces making these decisions, as a pose to National policy.

Bettingmad

andyfromotley wrote: »

Hi meatloaf,

i had the pleasure of nicking a bobbie who stole £500 off a prisoner. He was up to his neck in debt and had declared bankruptcy with the support of the Chief!! (against the advice of the command team apparently!!) Suffice to say the chief now sacks anyone who declares bankruptcy.

I'm surprised to here about IVA's though, i thought most forces would have supported an IVA.

Can't see how a Chief Constable can sack anyone who declares bankruptcy. There is no mechanism to do so unless you know something I don't.

andyfromotley

Bettingmad wrote: »

Can't see how a Chief Constable can sack anyone who declares bankruptcy. There is no mechanism to do so unless you know something I don't.

yup, its a breach of police regs and thus a disciplinary matter if they choose to make it so. wilfully or negligently failing to discharge a lawful debt. Neither an IVA or Bankruptcy constitutes discharge.

Point 4.
Schedule 1
Reg 6
Police regs 2003

(although this has always been in police regs, this is just the latest incarnation)

andyfromotley

sourcrates wrote: »

As its a form of insolvency, they may take the view that this puts you in a position where you may be compromised because of the nature of your job, it may be individual forces making these decisions, as a pose to National policy.

Yes thats about it, these decisions are always taken locally. The vast majority of forces are very supportive in general of people in debt. However whilst looking to support the individual they are also mindful of the corporate risk indebted individuals may present.

However in my years stretching back to the 80's bankruptcy was always seen as a step too far for most forces.