Hi my wife and I are finalising a joint IVA. The more we look at it the more we worry that living in an IVA for 5 years will finacially very tough and put a huge amount of pressure on our marriage! We wonder if BR would be a short sharp shock rather than the longer term IVA If we decided on both of us declaring Bankrupt, would the courts be unwilling to declare us BR because we did not go down the IVA route. We have no equity on our house and an old banger of a car (still wonder where all the money went!!).
debt management is not a stepping stone you must try A before B.
their are many options and bankruptcy is one of them
I spent some time on a dmp before going BR but that was only because i wanted to buy some more time
Speak to you iva provider and a couple of the experts on this forum from the solutions offered find the best process for you. it may or may not be Bankruptcy, i do not know you or your full circumstances so cannot totally suggest a path for you to follow
I used the services of Paul and his team at Reviva, prior to talking to paul i was reluctant to go down the BR route (stigma, pride, etc) but once i had all of the options fully and properly explained it was obvious that declaring BR was the right option for me.
again that wonderful tool hindsight i should have spoken to Paul sooner
incidentally the DMP that i had arranged my self would have taken over 58 years for me to clear all of the debt provided they did not add on any interest !
good luck gazsun the research and planning that you do NOW will help you in the future
as has been said BR IVA and DMPs are some options that you may want to consider , there are others if you speak with Paul Johns at RevivaUK www.revivauk.com he can advise you about other options. BR may well be right for you given your circumstances, it is not necessary to have tried other options just looked at them and taken advice.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman) RevivaUK and Paul Johns helped me through it all i can't recommend them enough!!
Is a BR right for us?
Posted - 21 June 2010 : 13:22:51
