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[bertiecbx550]

Can you go from an IVA to bankruptcy??? does anybody know?? as i`m on an iva in its 3rd year but i really need to help my dad out now with his mortage as he wont be able to meet them and i`m wondering as to wether bankruptcy is a better idea??? :-/

[STMO123]

Can you go from an IVA to bankruptcy??? does anybody know?? as i`m on an iva in its 3rd year but i really need to help my dad out now with his mortage as he wont be able to meet them and i`m wondering as to wether bankruptcy is a better idea??? :-/

You'll probably get advice on here but, personally, I would seek expert advice. The good old CAB is really clued up on all this stuff and, of course, is free.

[Jay w]

to be honest it might be better speaking to either CCCS www.cccs.co.uk or payplan, www.payplan.com

Both of them are free and deal specifically with financial matters, no disrespect to the CAB but these guys may be better placed to help you.

The long of the short of it yes you can do what you are asking....but be prepared for the consequences..the advice you will get is only do it if it the absolutely have to

[nick v6]

yes you can go from a iva to banckrupcy
but have a chat to your iva company as bankrupcy is a last resort
and takes ages to get sorted

[stuart30]

Can you go from an IVA to bankruptcy??? does anybody know?? as i`m on an iva in its 3rd year but i really need to help my dad out now with his mortage as he wont be able to meet them and i`m wondering as to wether bankruptcy is a better idea??? :-/

 I looked into this recently and the general opion on a money forum was ""do you work"" well yes ""simple answer NO"".

Ive got a couple of forums that might be of intrest if you want them.

[VX1]

to be honest it might be better speaking to either CCCS www.cccs.co.uk or payplan, www.payplan.com

Both of them are free and deal specifically with financial matters, no disrespect to the CAB but these guys may be better placed to help you.

The long of the short of it yes you can do what you are asking....but be prepared for the consequences..the advice you will get is only do it if it the absolutely have to

I use these people and they are very good , I would recommend getting intouch with them, very helpful and understanding.

Paul  

[LaserLance]

Try this site bertie http://www.debtwizard.com/site/home.html this guys always on national radio and whenever ive heard him he seems to give very good advice

[iainb]

I had to use the C.C.C.S and they will be able to help. Dont delay, do it tomorrow first thing.
They have an office in Brum.
Good luck  

[HolyCount]

Check your employers stance on this too -- when I worked for Securicor in the good old days, bankruptcy was a no-no. Might be different now tho -- but, as others have said ... get expert advice before doing anything drastic.

[Entwood]

First question the Bankruptcy Clerk will ask ....

"Have you taken legal advice ?" .. if the answer is "no" .. the application stops.

This is the law .. no getting around it. ... so go get some PROPER advice before starting anything.

No disrespect meant to any forum member, but a forum is NOT the place to get advice on such a serious matter.

[zirk]

Can you go from an IVA to bankruptcy??? does anybody know?? as i`m on an iva in its 3rd year but i really need to help my dad out now with his mortage as he wont be able to meet them and i`m wondering as to wether bankruptcy is a better idea??? :-/

The answer is 'yes you can', but why do you want to?

An IVA is basically an Involuntary Arrangement, prior to, or instead of going Bankrupt in the first place. A few years back an IVA was frowned on, as what ever arrangement was made through the Courts and not satisfied would end up being made Bankrupt anyway (so you just prolonging the situation).

These day’s IVA’s are the ‘so called’ best ways of reducing your debt and getting  a lot of your debt written off, however the IVA debt consultants earn around 20p per £1 that you owe as commission, hence why this has become fashionable!.

Bankruptcy isn’t nice, and must be treated as a last resort, especially if you have any assets, i.e. property or joint property (or you may come in to assets in the near future, i.e., death of a family member leaving funds or property, then it really gets messy).

Having said all of the above, if you don’t have considerable assets, then it’s a clean break to write off your debts and start a fresh (assuming you can live the next 7 years without credit or credit cards). Bankruptcy use to last for 3 years before you were able to be discharged (the 7 year thing starts on your Bankrupt Date), these days subject to the amount of debt and your Bankruptcy record it can last for only 1 Year with a possible discharge of lees than 6 months from going Bankrupt??  

[Bandit127]

If you want a forum on this subject, here is a good one. It's run by some bloke who was on the telly once   - but the people on it are very supportive and knowledgeable.
http://forums.moneysavingexpert.com/forumdisplay.html?f=136

P.S. It's a bit tough on the eyes after OOF but you get used to it.

[Bandit127]

Just reading back through.

Bertie - bankruptcy is indeed a way to clear your debts. But an official receiver will be appointed and their job is to claw back whatever they can for your creditors. That might include up to 70% of your spare income for 3 years.

If you already have an IVA, the Offficial Receiver's rules are a bit more generous.

But the previous posters were right. You really need some good advice.

http://www.cccs.co.uk/contact/contact.aspx
http://www.nationaldebtline.co.uk/england_wales/contact_us.php

[zirk]

Just reading back through.

Bertie - bankruptcy is indeed a way to clear your debts. But an official receiver will be appointed and their job is to claw back whatever they can for your creditors. That might include up to 70% of your spare income for 3 years.
If you already have an IVA, the Offficial Receiver's rules are a bit more generous.

But the previous posters were right. You really need some good advice.

http://www.cccs.co.uk/contact/contact.aspx
http://www.nationaldebtline.co.uk/england_wales/contact_us.php

Possible true but unlikely, they will expect some form of donation every month though. The Official Receiver is the first point of contact, firstly to make sure your not having a laugh with everyone. The Official Receiver will look at your assets, earnings and will means test you (income vs. outgoings) he or she will then make recommendations prior to handling you over to an appointed Trustee (they don’t always do this these days as too many people going bust).

The Trustee will look into the finer details and proof of the above and monitor your current and future situations and make any so called adjustments.

The Trustees job is to be the independent go between, between you and the Official Receiver (cough, cough!!!).