Jump to content


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 2863 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hi everyone. My IVA of 5 years has failed and DFD are threatening to pettion for my BR as part of the original IVA agreement unless I come up with a remedy to clear arrears etc. I need to know is there anything I can do at such a late stage to come to a F/F settlement? I have no assets live in a shorthold assured tenancy. BR would give then pennies in the £. Also can I try get a pettion stopped?

Link to post
Share on other sites

Can you please explain a little more - who are DFD? Are they one of your creditors?

How much do you owe in total, and how much is the debt to DFD (approximately will do)?

If you have no assets, is there any reason, e.g. employment, why bankruptcy would be a major problem for you?

 

If you're not already aware, making someone bankrupt costs a fortune so unless you had assets to cover the debt and the costs I don't see why anyone would actually do that.

RMW

"If you want my parking space, please take my disability" Common car park sign in France.

Link to post
Share on other sites

DFD are a debt management company. They will have reserved some money from my payments to pay for BR should I fail the IVA. I have no assets true but don't want my name in the papers or my landlord finding out. It is a big step BR.

Link to post
Share on other sites

Is there any chance of clearing the arrears? About how much are they in relation to your normal payments - e.g. if you usually pay £100 a month and there's £500 outstanding, that's 5 months worth.

 

How much is your outstanding debt, approximately?

RMW

"If you want my parking space, please take my disability" Common car park sign in France.

Link to post
Share on other sites

Hello there.

 

Your Insolvency Practitioner has a duty to take whatever action they see fit if the IVA has failed, this can include petitioning for your bankruptcy. Given the fact that you are living in rented accommodation and have no assets I would be very surprised if this action was actually taken. The process would be expensive for them - and there is little evidence that they will make a return on doing so. You mention that you have no assets and live in rented accommodation, the only likely return would be from an 'income payment agreement' which could form part of the bankruptcy if you are working and have disposable income. This would last for 36 months and would be distributed amongst ALL of your creditors.

 

Bankruptcies do not generally appear in the local newspapers any more, your name would appear in the London Gazette and on the insolvency register. Since you've had an IVA your name would have already been listed on the register.

 

I would agree with reallymadwoman, although I cannot guarantee that you will not be made bankrupt I would be surprised if that action is taken given your circumstances.

 

Should you wish to find out more about bankruptcy there is a useful factsheet covering the key points via our website: http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy

 

If you don't mind me asking, was there a reason why the IVA failed?

 

Best wishes,

 

David @ NDL.

Edited by National Debtline

For Free, Confidential and Independent advice: 0808 808 4000

Monday - Friday 9am to 9pm // Saturday 9.30am to 1pm // 24-hour voicemail. Please leave a message to request an information pack. http://www.nationaldebtline.org // http://www.mymoneysteps.org

Link to post
Share on other sites

Hi everyone. My IVA of 5 years has failed and DFD are threatening to pettion for my BR as part of the original IVA agreement unless I come up with a remedy to clear arrears etc. I need to know is there anything I can do at such a late stage to come to a F/F settlement? I have no assets live in a shorthold assured tenancy. BR would give then pennies in the £. Also can I try get a pettion stopped?

 

Hi

 

Reading what you have put I am wondering if your IVA has actually been failed / terminated or are they threatening to fail the arrangement with the stick of an additional threat of bankruptcy (that may be a standard'ish letter so to speak.

 

I agree with others on the petitioning for bankruptcy if there are no assets and things don't quite add up (but never assume anything is what they say)

 

It is difficult to really say without reading the actual correspondence with your IVA provider and further information.

 

A few questions if I may?

 

How long was the IVA for?

 

How much did you owe in total at the outset of the IVA?

 

What was the amount that you were set to pay back under the terms of the arrangement (IVA)?

 

Have there been periods in the 5 years that you have missed payments or you have had payment breaks?

 

How much have you actually paid into the IVA?

 

Has there been any PPI claims or issues?

 

Has a possible full and final settlement of the IVA based on what has been paid in so far along with any other money going into the 'pot' such as PPI claims actually been mentioned or discussed by / with your IVA provider?

 

Quite a lot to ask, but all relevant in my opinion

 

Best Wishes

Edited by Wintry
Link to post
Share on other sites

If your IP is considering making you bankrupt, then there must've been a clause and/or modification in your IVA proposal stating 'funds need to be retained for bankruptcy costs in the event of the arrangement failing'.

 

Basically, what this is means is that if your IVA has failed, there'll be enough 'money in the pot' for your IP to petition. If this is the case, then it's likely that you will be bankrupted.

 

Can you check your proposal and modifications to see whether there is this clause there?

Link to post
Share on other sites

 Share

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...