IVA Failure

[spotcooler]

Please help??

 

I had a joint IVA with Debt matters in 2007, who sold it to in 2008 to Grant Thornton as soon as the supervisors charges were received from myself (£1200!) to the penny!!.

 

I then seperated from my wife in february 2009 who was in the joint IVA with me and subsequently suffered severe depression and even attempted suicide as a result of financial presure. I was only receiving incapacity bennefit and was made homeless too I wrote to Grant Thornton telling them that we had seperated and I felf the IVA was no longer viable due to my circumstances and wrote directly to each of my creditors asking them to write off the debt due to my mental health and financial issues. None of my creditors replied to me and Grant Thornton simply waited 6 months then Wrote to me in september with a failure notice! I owe approximately £15,000 should I file for bankrupsy? I can get help with court cost but will struggle to find official receivers fee of £360 as only receive £65 per week and pay Child Support of £5 and court costs of £5 before I even eat.

None of my creditors have been in touch with me yet but am sure they will be shortly but I want to be proactive about my situation. Any advice would be more than welcome.

 

Thanking you all in advance.

 

Jamie

[toddle2u]

Jamie

Sorry to hear of your problems - you have my sympathies.

 

Personally I would sit tight and not do anything and wait to see what the creditors do. What type of debts are they i.e credit cards, loans?

 

I know you say you want to be proactive. You could CCA the creditors and see if the agreements are enforceable or not.

[spotcooler]

Hiya, Thankyou for your reply, the debts are credit card x 2 and bank overdraft. Max recovery are dealing with 2 of them and the other is Egg (grant thornton iva watch) according to the IVA supervisors report of failure.

I am in hope that one or more of them will make me bankrupt as this will spare me the costs involved. I beleive they will all be enforceable so will sit tight and wait. I have no possesions or goods of any value as all remained at the former matrimonial home for the benefit of the children.

[loobyloo85]

Hi, I am too sorry to hear about your situation.

You have a couple of options open to you. One is a debt management plan, where you can pay an amount that you can afford each month until your total debt is cleared in full. The only thing with the dmp is that the creditors can still charge the interest as it is not a legally binding agreement. Bankruptcy is another option available to you, and although you would need to make an upfront fee, if you are on benefits, you can claim this money back. If you have no assets, and your employment would be safe in bankruptcy, it would take you 12 months before discharged, so would be a good way of clearing your debt.

I wish you all the best