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Pam.rg
Starting Member
25 Posts |
 Posted - 29 September 2011 : 12:16:46
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| hi. after being on an iva for a few months our cicumstances have changed and we wish to go for bancrupcy. as we are renting i see no problems but my husband seems very worried about the whole procedure, how can i convince him this is the only way out, we have started to get letters from our creditors already do we tel them we are thinking about bancruptcy, from very worried. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 29 September 2011 : 12:40:16
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| If you are in an IVA you should not be receiving letters from creditors, are you sure you are in an IVA and not debt management |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 29 September 2011 : 13:29:08
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Hi, I was paying a lot to a Debt management company and still sinking further under, until i decided to go bankrupt.
I`m also `old school`, and felt ashamed at going bankrupt, but realised it was the only route to a debt free...and WORRY FREE future.
That was in 2009...and thanks to all help and support i received from this forum, emerged into my new life in Aug 2009!.
I cannot begin to explain, how much better my life is now. It wasn`t a decision i made lightly, and most of my debts were due to reckless living...beyond my means.
There isn`t the same stigma attached to bankruptcy, as there was, many years ago. If your circumtances say its the only real way, to free yourself...then DO IT!!.
You will get all the help and support you will need, from these great people on here.
Good luck to you. |
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Propertyguide
Starting Member
United Kingdom
9 Posts |
Posted - 29 September 2011 : 22:34:14
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Hi,
BR is a big step, BUT can be the right way for many and after 12 months and discharge, life gets better.
There are many things to consider...
Your credit record (6 years)
Restrictions placed upon BRs whilst undischarged
Restrictions after discharge in some situations
Will it affect your work (some occupations may cause difficulty)
Are you actually in an IVA? If so, it needs to "fail" and then BR is possible - not a complicated process
Come back to the forum as you see necessary - lots of good free advice here
"There are no problems, only solutions" |
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jono
Starting Member
United Kingdom
13 Posts |
Posted - 30 September 2011 : 21:32:59
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Hi,
We decided to go down the BR route and have to say, it's the best decision we made. I was discharged a year ago and we have had no problem finding rented accomodation. Just be up front with the estate agent so there are no surprises when the credit check comes back. Better still, try and put down 2 month's rent as deposit (landlords will like this)
Also, try and get some assistance with your BR, it makes the whole process a lot easier if you have somebody to guide you.
We had around 8 creditors and we only had problems with one company, the rest of them played ball when BR was passed. That one company still keeps trying, bless them.
Good luck!
Jono
To know the road ahead, ask those coming back. |
Edited by - jono on 30 September 2011 21:34:18 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 01 October 2011 : 08:37:39
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To fail your IVA, all you have to do is miss three payments without authorisation. You could also contact your IP and tell them that you wish to do this and they can fail it straight away.
See if your IP can help in the first instance - you may be able to get reduced payments.
As to BR, you can do it yourself for just the cost of the court fees and the forum is always here for any help you need with filling in the forms.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
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Due to change in circumstances wish to go for BR from IVA
