Need advice on where to start! The situation - I have unsecured debt of approx £35K and I can't afford the repayments. My house is jointly owned with my ex-partner, and is about £30K into negative equity. At this moment in time, I want to continue living in the house and pay the mortgage and second charge. Bankruptcy seems like a better solution, because the payments are over faster (3 years compared to 5), and if I got repossessed I could add the debt onto the bankruptcy. I worry with an IVA that it will fail. I'm rubbish with forms, and the thought of court interviews etc make me paralysed with fear. Should I try and do this myself, or use a company? Should I consider an IVA? Do the companies push IVAs as they seem to be more profitable to them? Please help!
You've come to the right place for support & advice. I'm sure one of the experts will be along soon to try & answer your questions. Becomming Bankrupt is a huge decision but you are going about things the right way by asking questions on other possibilities before commiting to BR.
Good Luck & I hope someone is along shortly to help.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!!
I suggest you call one of the experts to chat through your situation. You need to have all of your options explained to you.
Please don't worry, all of the experts on here will only give you your options and will not push you into anything. It will be up to you to make the decision.
Hi Maria My advice is to consider all options carefully .When I ran into money problems I didn't....and took on an IVA...which although is ok for some it wasn't for me....and it failed after 14 months and incidentally ...an IVA can be extended to 6 years as it was in my case. Had I looked closer into all options I could have save myself a lot stress and worry.
Need advice on where to start!
Posted - 21 February 2011 : 15:54:58
