Failing IVA - process/approach

beeteecee

sourcrates said:

I don`t expect they will go ahead with bankruptcy, but again, just wait and see what happens.

Trying to maintain calm and resolve and wait...

RAS

Yep. 

You may end up with some sort of DMP, but some of your creditors may just forget you. So wait for them to get in touch, or not.

Not easy living with uncertainty, so concentrate on living with your budget and saving? 

beeteecee

RAS said:

Yep. 

You may end up with some sort of DMP, but some of your creditors may just forget you. So wait for them to get in touch, or not.

Not easy living with uncertainty, so concentrate on living with your budget and saving? 

Thank you - bankruptcy is certainly the next step due to HMRC being within the IVA - but I'm guessing it's not an immediate threat & I should try and get myself prepared/ready for it when it happens? As you say the stress of not knowing what is going to happen when is quite hard to cope with sometimes but I guess that's a hard luck element of being in this mess. 

RAS

I'm not a bankruptcy expert but I'd suggest a few things.

A limited number of banking providers accept bankrupts. Double check which now do - the Co-op and Barclays used to be bankrupt friendly. As long as they are in banking groups to whom you owe nothing, consider setting up an account, and putting in a tiny bit of money, so it's sitting there ready to go.

If you've been skimping on things you need in life because of the IVA budget, use the money that's not now going into the IVA to create some life capital. So if you need some good winter boots, a warm coat, thermals, a duvet or new undies, get them now. And it's amazing how good a decent hot water bottle can be. Stock up on shelf stable foods you like. For me, it would be beans, decent soups, tinned tomatoes, mayo, etc. Keep the receipts if you think there might be queries.

ManyWays

I suggest you reply that told them in May that you wanted the IVA failed as soon as possible as you wished to go bankrupt (you did say that didn't you?)
Say that remains your position, you will be very happy if they petition for your bankruptcy otherwise you want the IVA failed. Say you will be making a formal complaint about the length of time this is taking if it is not sorted in the next month.

beeteecee

ManyWays said:

I suggest you reply that told them in May that you wanted the IVA failed as soon as possible as you wished to go bankrupt (you did say that didn't you?)
Say that remains your position, you will be very happy if they petition for your bankruptcy otherwise you want the IVA failed. Say you will be making a formal complaint about the length of time this is taking if it is not sorted in the next month.

Hi, yes I explained that and they said they put it on my file.

I will say what you've said below. Issue is escalated elsewhere as HMRC have been to my home so I am going to have to somehow find the fee for bankruptcy ugently.