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mrvillicus
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Unfortunately the IVA pot won’t fund your bankruptcy application, that’s something you need to figure out yourself.
If the bike is on finance, then it’s owned by the finance company, not you or your wife, not yet anyway.
Assets are not usually taken in bankruptcy unless they are owned outright and are of significant value.
I assume you do not own a house?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
nope we rentsourcrates said:Unfortunately the IVA pot won’t fund your bankruptcy application, that’s something you need to figure out yourself.
If the bike is on finance, then it’s owned by the finance company, not you or your wife, not yet anyway.
Assets are not usually taken in bankruptcy unless they are owned outright and are of significant value.
I assume you do not own a house?0 -
Can I ask why you went for an IVA if you don't own a property, who advised you?If you go down to the woods today you better not go alone.0
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If I remember correctly it was StepchangeGrumpelstiltskin said:Can I ask why you went for an IVA if you don't own a property, who advised you?0 -
You would know if it was Stepchange because they do their own IVAs
I wonder if it was someone posing as stepchange? That would make sense.
I take it that your debts are significant, like over 20k? How much is the monthly payment that you are struggling to make?0 -
I remember now. As the debts were accrued through a ltd business, but all unsecured and im my name Stepchange couldn't help so they forwarded me to "Cambridge McDuffy" who organised the IVA. Total amount was around 35k and monthly payment is 120fatbelly said:You would know if it was Stepchange because they do their own IVAs
I wonder if it was someone posing as stepchange? That would make sense.
I take it that your debts are significant, like over 20k? How much is the monthly payment that you are struggling to make?0 -
OK - that makes sense.
The IVA you have is with a known IP and that's a relatively low monthly amount - there really isn't going to be very much being paid to the creditors.
With bankruptcy (your debts are too high for a DRO) you may get an income payments agreement for 3 years. If there are no assets to protect then that's cheaper than an IVA but there is an initial fee of £6801
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