Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By sintandepressed
#198919 hi
my partner is currently discussing an IVA through CCCS. He is at the point where the court proposal form has come with all the info for review, and from reading it , it seems fine. Having read other forums and this one Im concerned that an IVA might not be the best option and Bankruptcy would be an easier and more shorter route out of the mess he is in.
My main questions about going the Bankruptcy route is as he has a BT pension, mandatory paid at source from wages each month, would they seize this as an assett? he is 52 and wont take his pension at the earliest at 60
Also his only other assetts are a car worth £6750 but is paying a £11.276 credit agreement off on this car and 2 BT Sharesave Scheme which would be sold and any money realised put towards Bankruptcy.
Im aware he would have an IPO Order for 36 months but this is better than the 65 months of the IVA at £644 per month and the first 5 monthly payments to the Insolvencey Practitioner.
Are future pensions grabbed to settle Bankruptcy debts and would they make him stop paying into it?
A minefield I know~~just wondering what way to go forward
His debts are £56.000 mainly creidt cards and loans. Any input would be helpful
Plus I was going to move in with him in July would they take my Incapacity Benefit into acct as income, if I moved in with him he would have to subsidise me in some ways as i would probably lose my benefits in acquiring a partner.
Any help gratefully received. He lives in a council rented property
Anne
By plasticdaft
#198928 Given that there is no home to lose then IMO bankruptcy would be more suitable. Pretty sure that pensions cannot be touched although he may be asked to not pay into it(I am not really sure on that). You income would be taken into account only so its seen that you pay your share of bills.

I would speak to another company unless cccs seem happy to discuss BR as an alternative,before you sign any IVA paperwork.
http://www.iva.com has a list of companies and some feedbackfrom current or past customers to help you decide who to call.
I am not sure but imagine insolvency practitioners make more out of a 5 year IVA than they would out of a BR.

Good luck.
By Southernguy1976
#198937 Hi,

Do you own the car or is it a lease car?
If you own the car then at that value the OR will have interest in the car. Normally that at that value tha OR will sell the car and give you a smaller amount of money to be a little runabout.