Someone help me!!!!

mkeane16

phew, so confused, iva was right for me at the time, thing is, i ran up the debts, so feel its only fair that i at least try and pay a bit off, i know that freeman jones are making their cut.... BR bit of a scary word, i know that the order lasts for 12 months - but how long does it stay on my file?

fermi

mkeane16 wrote: »

BR bit of a scary word, i know that the order lasts for 12 months - but how long does it stay on my file?

Yes it's 12 months, but sometimes you are discharged early if your case is uncomplicated.

The bankruptcy itself stays on your credit reference files for 6 years from the date of the order, but an IVA stays on your files for 6 years from the date it is signed/agreed.

Martin's article/factsheet on IVA's is a very good read if you are thinking of an IVA, or if you are wondering if it was the most suitable thing to do.

See: IVA Guide

But getting advice from somewhere like CCCS is vital before you make any decision.

mkeane16

so, i started my IVA in march 2007, so it will stay on my file until march 2013, but if i go BR now then that will stay on my file until 2014?

fermi

mkeane16 wrote: »

so, i started my IVA in march 2007, so it will stay on my file until march 2013, but if i go BR now then that will stay on my file until 2014?

Yes. Since you have already had the IVA for about a year.

But there are other factors to weigh up.

For example with the IVA you will be paying most of your surplus income for the next 4 years into the IVA. In bankruptcy, if you have surplus income above what you reasonably need to live the only between 50-70% of that surplus will be expected to be paid rather than all/most of it. Plus what is considered reasonable to live on is usually more generous.

However, if you have a house and mortgage with some significant equity in it then an IVA can sometimes be a better option since it is easier to protect your home.

So there are good and bad points to both. You own individual circumstances will determine which is best for you.

mkeane16

thanks fermi, i dont own a home and just had increase on rent and childcare costs, which is why i am stuggling with iva... so is there a good chance that i still might have to pay a small amount each month?

also, how do i go about getting the forms and stuff that i need to start up with the BR?

tigerfeet2006

You get the forms online or ringing your local county court.

The first thing you need to do is ring one of the debt charities in mine and Fermi's sig. and get free and impartial advice. They will go through all your options with you. If you ultimatly do decide to go BR then the judge will ask if you have done this and if you haven't it could delay your BR.

Also pop over to the BR board and have a read and ask any questions you want. We don't bite, honest

fermi

An an Income Payments Agreement takes a percentage of "surplus" income.



You can read more about them here: Income Payment Agreements (IPAs)

You can download the forms from the Insolvency Service's website, or get them from your local County Court. You can even register on the Insolvency Service's secure site and fill them in online, but you still need to print them when you have finished.

dotstar24

the fee they want sounds dodgy to me...and u say they contacted u? not the other way round?? I'd steer clear and contact the debt charity. x

mkeane16

cheers deers.... i dont have any surplus income, that £200 i pay for IVA is my last bit of cash i have to my name each month... if i stop paying the iva im saving paying the £200 each month - is that then my surplus? even tho rent increase etc??

mkeane16

thing is, the guy last nite really knew his stuff, he was chatty and messing about, he sounded confident and believable, said that i can get back most of the £2000 i have paid into iva, (my eyes lit up), and that they do all the paper work and stuff for court etc... i still have to pay £485 to court and they take their £1050 over 5 months..... i suppose, in hindsite, doing it myself would save me having to pay them,? we even spoke about 'dodgy' companies trying to get your cash! nice joke.... someone suppose to be ringing me 2nite...... man, i got brain freeze and havent even had ice cream!