| T O P I C R E V I E W |
| donememoney |
Posted - 01 June 2011 : 09:29:26
A quick message to all still in or considering bankruptcy.
I went Bankrupt in early 2008 and it was the best thing I ever did I owed over £130K because I had been stupid with Credit Cards and got 10~20 demand letters and phone calls a day. My house was in negative equity and I was going insane with worry.
Now 3+ years on all the debt is gone. My wife bough my share of the house for £1 and I get no threats at all! The best was telling the "vulture" phone debt collectors that they were getting nothing to stop harrassing me and go away! A certain company in Northhampton being the worst but eventually got the message when I told them I was reporting them to the OR.
I have a current account with Nat West who welcomed me after by Bankruptcy cleared (even though they were a creditor to the tune of £31k) and I have a Vanquis card with a £3k limit that I pay off each month.
My Credit files show all debts as "satisfied" but will remain for another 3 years on my file. SO WHAT! Never again will I fall into the credit trap.
Please all beware of IVA's They are the credit industry's way of keeping you on a hook for the whole 6 years and if you won the lottery in that time the money would legally be theirs! No-one can now take a thing from me.
Please understand, I am not boasting or bragging but just trying to assure people that there is a way out and provided you do not have any real assets I truly believe bankruptcy is the quickest and best way. I now again sleep at night and dont have nightmares!
Kind regards to all forum members |
| 10 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 05 June 2011 : 12:05:39
do remember as well that your bankruptcy is in the London Gazette (searchable online) forever and also bust be declared forever if specifically asked to do so, IVA must always be declared as well (if asked) so it is not quite as simple as the OP states.
But if looking at it from a purely monetary point then you will pay less income into a bankruptcy than an IVA yes |
| Niobe |
Posted - 05 June 2011 : 11:53:30
Actually it is 5/6 in an IVA, not three. You will only see the details of people in an IVA on the register while it is still active, afterwards it is removed.
All debt solutions should be looked at before the final decision is made and advice from an expert sought.
Some people do want to pay back as much as they can to the creditors - I have friends on the sister forum who I think should have gone bankrupt but they insist on fighting on.
It's down to personal circumstances and how you want to play it.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
| donememoney |
Posted - 05 June 2011 : 11:14:54
Hi to all. I fully agree that bankruptcy is NOT always the proper option to choose but in my case I had negative equity and no assets so basically they could not take what I have not got!. My point is that IF you are in this position , by going bankrupt the basic "pain" is over in a year as opposed to 3 on an IVA. The bonus is that after a year any money or assets obtained are yours to keep and the OR cannot take them
Bankruptcy, IVA or Debt Management programme remain on your credit file for 6 years. But just take a look on the Insovlency Register website and you will see the details of people on IVA's going back years. Bankrupts are normally only on it for 15 months.
OK, I was stupid and spent far beyond my means and the banks all want their pound of flesh. Being bankrupt taught me a big lesson but with an IVA they would have had their hooks in me for 3 years with any extra money coming in going to them.
Funny though, when the banks "screwed up" they got the government, (ie: you and me), to bail them out so it was "win win" for them. Pity they dont treat their customers in the same way.
Bankruptcy is drastic action that need to be considered carefully but it is a quick, simple and effective way of drawing a line in the sand It keeps the vultures away and I for one now sleep at night! |
| Niobe |
Posted - 04 June 2011 : 08:09:22
I agree there are some cowboys out there but all of the companies on www.iva.com are good ones otherwise they wouldn't be on there!
All debt solutions should be considered before making that final decision and people should always speak to one or two companies.
When we first looked into a solution we were told to sell our car and that we could only go bankrupt. We then tried another company who actually told us we couldn't do an IVA but we had to do a DMP which we did for 18mths. We're now over halfway through an IVA with a different company.
If I had known about these forums beforehand I'd have done the IVA initially and be almost finished now!
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
| Bigal4787 |
Posted - 04 June 2011 : 00:34:19
The thing to remember is that there are responsible IVA companies out there who will only take you on if it's right for you, otherwise bankruptcy. However, there are IVA factories out there whose only intention is to get people in difficulty onto an IVA long enough to get the majority of their management fees, after that they couldn't care less.
I always remember whilst on a call to one of these companies, someone shouting in the background "come on you've got 5 minutes to get these IVA's out, to start on the next", so much for careful consideration!
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
|
| Skippy |
Posted - 03 June 2011 : 12:30:10
I agree with Jan and RHB, I'm glad that things worked out for you donememoney, but BR isn't the right option for many people. It's important to look at all options before making a decision, so take advice from an expert.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| Richard P |
Posted - 02 June 2011 : 22:20:54
nice posting done mememory
glad to read things on the UP
bankruptcy was also the right thing for me
Richard
Good Luck Richard,
|
| Niobe |
Posted - 01 June 2011 : 14:40:24
I think it definitely will - I know I would lose my home as there is too much equity in it, as there was when I started my IVA.
There are solutions out there for everyone - you just have to make sure to get good advice and think long and hard about which is right for you.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
| RHB |
Posted - 01 June 2011 : 12:50:50
I think as well Jan that the rules regarding the house changing may affect people more who are considering bankruptcy now.
It is a solution but one which will stay with you for life & therefore needs very careful consideration. |
| Niobe |
Posted - 01 June 2011 : 12:09:51
I'm glad that things are working out for you but please remember that bankruptcy isn't for everyone, I wouldn't consider it as I would have lost my home and my job would have been at risk.
An IVA also isn't the solution for everyone but they are an excellent way of being able to pay off as much to your creditors as you can. They are not designed to keep you on the hook for the 5/6 years you are on them.
Anybody needing a debt solution should speak to several companies and be talked through every option so that they can make a decision as to what is the right way for them.
As to a lottery win - you would only ever pay back 100p in the pound to an IVA so if you won the big one you'd still have lots left!
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
