Hi New to forum! We are in the process of submitting an IVA, which will give creditors 38 p in £ (We owe 110K to 8 creditors) No equity in house, well about £2000, car worth £6000. IP did suggest we shouldn't rule out bankruptcy. Any thoughts from forum experts? Thanks
Hello lilydaisy and a warm welcome to you. I am not an expert on bankruptcy just someone who has petitioned for one. Regarding your IVA, I would really try to get that IVA approved because a bankruptcy is the financial management plan of last resort.
As long as the IVA is realistic and you can afford the monthly payments then by all means go down that route. There is a sister site for IVA information. There are people there who are in the process of obtaining an IVA and those who have completed an IVA. There are insolvency practitioners available there as well. http:/www.iva.co.uk
new to forum
Posted - 21 June 2007 : 20:21:22
