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T O P I C R E V I E W
Lynn.ml
Posted - 25 February 2011 : 16:14:21 Approx £6000 of dent, been with Debt management company for 3 years but scottish debtline advised bankruptcy. Would u agree?
3 L A T E S T R E P L I E S (Newest First)
Niobe
Posted - 25 February 2011 : 19:53:51 £6k isn't enough for an IVA - as you have over £50 per month DI then a debt relief order isn't for you, but it sounds as though your current plan might be for the best as you will be clear after six years.
If you go bankrupt then your credit rating will be totally shot for 6 years from the date of the order, you will probably have to pay across to it for three years. There are certain professions that will not accept people who have been bankrupt and if you apply for anything in the future and are asked if you have ever been bankrupt then you would have to answer yes.
Personally I would stick with what you are doing at the moment if you can afford it.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan xx
Morelynn
Posted - 25 February 2011 : 19:45:05 Hi thanks for your reply. I am paying £106 per month and will be on the programme for 6 years!!!! Was informed that to have an IVA my debt had to me much higher??
Niobe
Posted - 25 February 2011 : 17:22:46 Hi and welcome.
I am presuming that you live in Scotland. You could consider a Trust Deed which is the equivalent to an IVA.
Do you have any property that might be at risk, any other assets?
How much are you paying to your debt management and how long will it take to pay off?
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
