Hi thanks for your reply. I am paying £106 per month and will be on the programme for 6 years!!!! Was informed that to have an IVA my debt had to me much higher??
£6k isn't enough for an IVA - as you have over £50 per month DI then a debt relief order isn't for you, but it sounds as though your current plan might be for the best as you will be clear after six years.
If you go bankrupt then your credit rating will be totally shot for 6 years from the date of the order, you will probably have to pay across to it for three years. There are certain professions that will not accept people who have been bankrupt and if you apply for anything in the future and are asked if you have ever been bankrupt then you would have to answer yes.
Personally I would stick with what you are doing at the moment if you can afford it.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Bankruptcy advised ?
Posted - 25 February 2011 : 16:14:21
