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Leezus
Starting Member
6 Posts |
 Posted - 19 November 2010 : 15:18:14
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Hi all,
I have posted on here before with a few questions about BR over the last year but forgot my username etc. so I have rejoined. A good few months have elapsed since I last posted and I haven't done anything about my situation because my creditors haven't really bothered me, even though I owe over 75k and haven't paid anything for about 3 years!
I have also been considering the IVA route and am also a frequent reader of the iva forum that partners this site.
The story of my debt started in early 2008, I split up with my then partner with whom I owned a home. She basically did one, and I couldn't afford the mortgage, I let it default and the house was reposessed, and sold leaving a 20k shortfall. We also had a joint unsecured loan of 25k that was also defaulted and left. I basically had a mini breakdown, and became very reckless with money, sacked off my responsibilities and rented a city centre bachelor pad that was probably beyond my means that made me feel better. After the split, I also stopped paying my car lease I had, which at £387 a month became too high when a double income became a single. I got a car on HP after this which was a more manageable £270 a month, although I missed a couple of payments on this in 2009 and they arranged a plan for me to catch up that was again near £400 a month....I tried but soon defaulted and this car was also reposessed. The shortfalls on the two cars were 7k and 8k respectively.
In addition to all of this, I had a loan with first direct that basically was a consolidation of all of my debts from younger life, before I even met the person I got the mortgage etc. with. This loan is about 18k. I know, I'm such an idiot! Then came the wilderness, I moved several times, living with friends and entering into professional house shares. My movements over this period seem to have shaken off the creditors so I have been enjoying a fake debt-free life.
Currently I am living with a new partner, who bought the house with her own mortgage and a 17k investment from her grandmother as deposit, we have been here 4 months and I have of course been contributing to the household bills. I am nit on the deeds, she is the sole mortgagee, and my only contribution has been half of 4 mortgage payments, so if I did choose BR I think the OR would be hard pushed to see any BI. I have a ridiculous car (an mgf convertible...I'm not even a hairdresser!) that I paid 2k for about 8 months ago, but is now worth about half that and is costing me a fortune to repair and maintain...another great "Lee Decision" there! (given that I could have got something more reliable and practical with 2k). I am working, I earn about 25k as a sales manager for a retailer, so I take home around 1600 a month, with my contribution to the household and my own things, my DI is about £700.
With my DI as high as it is, I know I could get an IVA, and what appeals is that I could probably lease a decent-ish car from a company like Duncton (whom I hear a lot of good about on the iva forum) and still have enough left for an IVA. But....an IVA is for 5 years and I worry I might struggle with self discipline, and my job isn't exactly cast iron secure in today's climate, I don't remember the last time I hit my targets! With BR, I worry that the OR will take a dim view of me not trying an IVA given my DI, and I'd have to keep this s***ty car! I know I'd have an IPA and I'd be perfectly happy to pay it. I think I'm also put off BR because of the intrusiveness of having to send in bank statements for the last 2 years etc. and having to explain where every £ went. Because my partner gets paid weekly, I pay her about £700 at the beginning of the month which she uses to pay the mortgage and bills, then she pays me back her half 'cash in hand' throughout the course of the month, another thing I'd have to explain!
I just need some advice so I can stop all this procrastination. Thanks for reading I know it's a bit of an epic tale! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 19 November 2010 : 16:16:18
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Hi Leezus
i have read through your thread
yes i see value in both IVA and Bankruptcy, I am not going to give a you must do ...
I would say speak to one of the experts from this forum and one from IVA, I managed to get Paul and his team at Reviva to come and visit me at home, we discussed all finance options. (think Paul even comes out on weekends )
My IVA rep (who did not post on sister site) invited me to a hotel, this did not work for us, my income was not guaranteed and i needed flexibility, so knew I wold struggle with IVA
For me Bankruptcy is and was the right call,
give paul a text or email and see when he can fit you in.. soon
good luck Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 November 2010 : 16:22:34
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Hi and welcome back!
I would recommend speaking to an IP as they will be able to advise you of all your options. Have a look at www.iva.com for reviews, or contact any of the companies who post on the IVA sister site as they are all highly recommended.
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! |
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Leezus
Starting Member
6 Posts |
Posted - 19 November 2010 : 16:54:43
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Thanks for those replies, you are both posters that have helped me before under my previous guise so I thank you for the continued support  I shall do that. I have spoken to Paul on the phone once, he was very helpful and put my mind at rest about the situation with BI on my partners house. I also do read the iva forum alot and have particular regard for the advice of those such as Melanie Giles and Andy Davie. It is probably reading their posts that have made me see IVA as a viable option.
If I'm being honest I think the biggest point of difference is being able to have a decent car...I'm terribly vain when it comes to posessions and maybe image consciousness is making me want an IVA just so I can go to Dunctons and get a car that will stand alongside those of my friends and colleagues. My god, was I just honest with myself?? |
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Leezus
Starting Member
6 Posts |
Posted - 20 November 2010 : 08:25:58
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Well I've duplicated this post on the iva site, and the general consensus from both Andy and Melanie is BR. As Melanie said, I really don't have anything to lose and an IVA will just be harder and longer, and a disaster if I were to be made redundant. I guess going BR is just a hard pill to swallow! They suggested that the only reason I should consider an IVA is if my conscience dictates I should repay my creditors what I can...and it doesn't really - these are big corporations that make billions of pounds profit, with senior executives earning bonuses many times my debt, so why should I care? Lol. Obviously I won't be saying that in my OR interview :)
Time to save up for the fees and maybe give Paul another call to help me get my plan together. |
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Julie
Starting Member
42 Posts |
Posted - 20 November 2010 : 22:44:21
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Hi Leezuz,
You have done the best thing in getting advice annd considering your options prior to making a HUGE decision. Well done and good luck...both forums will continue to support and advise you xx |
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BR vs IVA...just can't decide!
