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T O P I C R E V I E W
lco
Posted - 08 February 2009 : 16:49:17 Hi I declaredmyself bankrupt in 2001 due to illness and am now in financial difficulty again due the the failure of my marriage. I owe approx £23000 and own my own home but there is no equity in this. I work full time with £1200 take home monthly pay but my outgoings are approx £1000 excluding debt repayments. Can you suggest wheteher bankrupycy or an iva would be most suitable? Regards Lilian
3 L A T E S T R E P L I E S (Newest First)
movin on
Posted - 09 February 2009 : 10:21:34 Hello ico and welcome to the forum.
Im sorry to hear about your situation and would only like to secong what the others have aleady said - take advice from an expert, who will go over all your options with you.
Please try not to worry, once you have spoke to someone things will become alot clearer for you.
Take care
Niobe
Posted - 08 February 2009 : 19:26:53 I would recommend that you speak with an IP, visit www.iva.com for a list of companies and reviews. An IP will discuss all the options open to you and will advise you as to the best way forward for your circumstances.
The glimmer gets brighter all the time
Reviva UK
Posted - 08 February 2009 : 19:18:51 Hi and welcome to the forum
I am very sorry to hear about your troubles at home. I have been there and it is not easy.
There are many solutions to debt and BR or IVA are only 2 of them. So before electing for either it is worth reviewing your total situation with an expert to go through each of the options and how they will effect you.
£200 per month is a little tight for an IVA , but certainly worth a look at.
You should also consider carefully the change on interest rates has on any contribution towards your debts. Whilst the interest rate is VERY low now there is a real risk that you will see an increase within a 5 year period.
Therefore if you eventually go down the IVA route you would need to discuss this carefully with your IP
Paul Johns Assisted Bankruptcy Specialists Reviva UK 08454 751 851
