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Andy.73
Starting Member
1 Posts |
 Posted - 14 April 2011 : 10:21:15
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My wife and I have a seemingly never ending financial noose around our neck. It feels like we have no choices in life at present (e.g. can't move house, can't rent house due to negative equity, both have to work full time when we would like one of us to be at home with our baby). Our debt is generally a result of getting a 125% Northern Rock mortgage 7 years ago, home improvemment and childcare costs for 2 children. Including morgage negative equity and loans, we are about £45k in debt (it has been £60k). Despite paying off around £500 per month the figure is coming down painfully slow. We have tried IVA, but we were constantly pestered by creditors and it wrecked our credit ratings. We have made our own private agreements since. We earn approx £65k between us and are desperate to move house and possibly emigrate. I wondered what the best options are for us? Is bankruptcy an option or do we earn too much (on paper)? Does having a bankruptcy affect visa applications?
Thank you
Andy |
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RHB
Senior Member
1159 Posts |
Posted - 14 April 2011 : 10:37:55
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If you were in an IVA, legally creditors can't pester you. DMP, IVA & bankruptcy all wreck your credit rating.
You have paid off 1/4 of your debt so to me it seems as though you are doing well.
Best thing for credit rating is to pay back our debt in full tbh.
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 April 2011 : 10:57:41
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Hi Andy,
Creditors cannot pester you whilst in an IVA, I presume the agreement failed? Are you sure it was an IVA and not a DMP you were in?
Regardless of whether you do an IVA or a DMP, as RHB says, your rating will be stuffed for six years from the date you either take out an IVA or do BR.
I agree that you should probably carry on as you are and pay back your creditors in full if you can.
Double, double toil and trouble;
Fire burn, and cauldron bubble.
Jan
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 14 April 2011 : 13:25:22
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Hi Andy,
Sorry to hear you have had a rubbish time, as the others have said, the creditors should not have contacted you at all when you were in your IVA.
I suggest you speak to an expert and have a chat about bankruptcy so you know all the pros and cons before you make a decision.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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A seemingly never ending financial noose
