HMRC on Doorstep

johnjs88

Have you considered Breathing Space?

That will give you 60 days to get the Bankruptcy Fee and start the process.

https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space

beeteecee

johnjs88 said:

Have you considered Breathing Space?

That will give you 60 days to get the Bankruptcy Fee and start the process.

https://www.gov.uk/options-for-dealing-with-your-debts/breathing-space

Nothing has happened since this date - I'm guessing I can consider this now though? I thought something else would have happened by now.

My IVA company have called a meeting of creditors on 27.11 so I'm guessing the fan will hit the proverbial good and proper around then and I can then possibly do this breathing space thing? I've not considered this before and not sure it will even be an option. 

johnjs88

I'm not sure if it's able to done now if you've started the IVA process.

If the IVA falls through, consider breathing space and use those 60 days to gather the £680 required for bankruptcy.

75% of your creditors must agree to the IVA or it will fall through.

During Breathing Space none of your creditors are allowed to take any form of action to recover debts.  

This includes letters, calls, emails, home visits.  Also all enforcement action must stop for those 60 days.

They're still allowed to send default notices or account statements.

beeteecee

johnjs88 said:

I'm not sure if it's able to done now if you've started the IVA process.

If the IVA falls through, consider breathing space and use those 60 days to gather the £680 required for bankruptcy.

75% of your creditors must agree to the IVA or it will fall through.

During Breathing Space none of your creditors are allowed to take any form of action to recover debts.  

This includes letters, calls, emails, home visits.  Also all enforcement action must stop for those 60 days.

They're still allowed to send default notices or account statements.

Hi again,

Oh I've been in an IVA since 2020 and they will be deciding on 27.11 whether it will just be failed or whether they'll petition for bankruptcy but the likelihood is they'll let it fail...I need to petition for bankruptcy but need to get through the next stressful few months first ideally...if they do not vote for bankruptcy (which no one seems to think they will)..I suppose the termination/failure of the IVA will takea little while and then everything will kick back up with the debt collectors etc. I'm hoping to have the bankruptcy fee by late Jan - sooner if my partner finds work. Thanks for your reply.