they are both insolvency procedures IVAs are generally used to protect assets but if neg equity then IVAs will be more expensive. DI calculations in IVA require 100% of DI used for debt payment BR you only lose 50-70% of your DI if less than £100 DI you keep it all. both stay on your CRA file for 6 yrs undischarged BRs cannot be company directors or lawyers or work in finance or be MPs or ask for credit of >£500 without telling your are BR with BR if ever asked have you been BR you must tell them but this question is now being changed to have you ever been involved in an insolvency procedure. Both are insolvency website with BR you go in the London Gazette as well i wold suggest you take some advice from a forum expert links on the left side of the page
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!!
some jobs that are in the financial services or finance for a company will be closed to a bankrupt
as a BR you cannot be an MP, School governor(?) or Judge
in times after being discharged you have to mention on most finance applications that you have been bankrupt (even if discharged) however this is not so if you have participated in an IVA.
in bankruptcy you have business directorship restrictions
a straight forward bankruptcy is over and done with within a year. (some times sooner)
without knowing all of your circumstances, it is hard to compare the whole situation as both IVA and BR have negatives and positives
I would suggest that whilst you are doing your research speak to an expert on the IVA forum and then speak to an expert on this forum, review both sets of circumstances and then make a decision.
Do not just plumb for IVA as bankruptcy is considered a dirty word for some people it is the best and correct decision.
I used Paul and his team at Reviva, my wife was discharged from her bankruptcy last night and the team at Reviva are still in contact with us, their support and expertise has been A*
I would recommend speaking to 2 or 3 companies and taking advice about your situation as there may be other solutions for you. Speak to any of the experts who post on here on the sister site www.iva.co.uk, or have a look on www.iva.com for reviews of companies.
Disadvantages of BR
Posted - 01 July 2010 : 10:24:31
