A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[goforit]

Hi

I recently applied for an IVA.
It was accepted but over 6 years and an annual income review.
I pay the IVA company 4 monthly payments of £282 then out of that £282 15% pays the supervisor every month.
I have been sent the papers to sign to agree to these modifications i have verbally accepted though and made 1 payment.

I feel just as trapped as before for 6 years i will have NO money, i also seem to be paying a awful lot to the IVA company. When I signed the agreement these fees did not seem as clear.

If I now dont sign the changes. can I ask them to go back to my creditors as i am not happy with the IVA proceedings?

Or if I dont pay will the IVA company try and get money off me?

I am questioning whether i should do Bankrupcy and lose my house but its in negative equity anyway.

[Hg]

Hello

Do you have anything to lose from going bankrupt that you want to keep, or that you wouldn't lose anyway?

If the house is in negative equity, then it's likely you would be able to keep it as long as you were able to carry on paying the mortgage.

[goforit]

The house is rented out which covers the mortgage and I live with a friend paying low rent. I have never missed a mortgage payment.

I am now earing an ok salary I believe they use this as an asset?

May they take a monthly cut off me as well?

[Hg]

Hello

If the house is rented out then it probably doesn't count as a "Family Home", and is treated differently in the bankruptcy. In short, the OR would be able to claim the rent and it is very unlikely they would use it to pay the mortgage.

A proportion of your surplus income after essential would be claimed in the bankruptcy for a period of three years. However this is probably a shorter period than your IVA, and the proportion claimed would be lower than what you will be paying into the IVA.