bankrupt information help and advice.

soapydoapy

Hi
I am new to this so hopefully soon I will learn how to use it more efficiently. I have entered an IVA (Just at 1,000 monthly) but now lost my job, we sold our house earlier in the uear and moved into rented, I tried to sort out my problems as best I could but it's now got the better of me. I feel extremely guilty but feel I have no other option but to declare myself bankrupt. I want to move abroad and start a new life this was decided long before the IVA but we decided to wait until 5 years to pay our creditors as best we could. unfortunately this is now not possible and we want to move abroad in the next 8 weeks, how can i do this when I have just started an IVA and can't afford to pay it soon? what will be the outcome? does anyone have any advice....
Thank you

debt_doctor

Why you should have been "advised" in to an IVA of that amount per month with no property, is no doubt down to profit at all costs from the IVA co.

Bankruptcy with an IPA would be much cheaper.

There is nothing criminal about debts ( unless incured through fraud ) and if one of your creditors petitions for your bankruptcy, and you dont respond then you will be made insolvent in your absence.

The county court ( bankruptcy and ipa 's ) have no enforcement ability outside the UK

Best wishes

fallout_2

debt_doctor wrote: »

The county court ( bankruptcy and ipa 's ) have no enforcement ability outside the UK

Can you explain a bit more DD......is it the case if a creditor makes me bankrupt in my absence (I'm living in Spain) then they can't actually do anything to me unless I return to Britain?

rog2

fallout wrote: »

Can you explain a bit more DD......is it the case if a creditor makes me bankrupt in my absence (I'm living in Spain) then they can't actually do anything to me unless I return to Britain?

In a way, fallout - yes you are correct in your assumption. However, your bankruptcy period would be defined as 'indeterminate' and your 'problems would start when you returned to the UK. It COULD, also, impact on your 'credit rating' overseas - if you were to deal with a Uk based Bank for example. In saying that, we have had several posters who have moved abroad during their bankruptcy period and had no adverse effects.
It may, certainly, be an option in your case - worth talking to CAB about.

rog2

SoapyDoapy - glad to see you made it to the forum. You are most welcome.
I agree with Debt Doctor - your 'IVA' seems to have been tailored around the IVA Company's desire to earn the maximum profit out of your situation.

Bankruptcy does seem to be a better option in your case.

fallout_2

rog2 wrote: »

In a way, fallout - yes you are correct in your assumption. However, your bankruptcy period would be defined as 'indeterminate' and your 'problems would start when you returned to the UK. It COULD, also, impact on your 'credit rating' overseas - if you were to deal with a Uk based Bank for example. In saying that, we have had several posters who have moved abroad during their bankruptcy period and had no adverse effects.
It may, certainly, be an option in your case - worth talking to CAB about.

I'm never going back Rog.....not even in a box!

And where I live (rural inland Andalucia) there's probably not a UK bank for 200 miles!

rog2

fallout wrote: »

I'm never going back Rog.....not even in a box!

And where I live (rural inland Andalucia) there's probably not a UK bank for 200 miles!

So - what are the realistic chances of one of your creditors making you bankrupt?

Sorry - I shouldn't hijack SD's thread - I'll talk with you tomorrow on your thread.