I am currently looking at either going bankrupt or going for a IVA but im unsure on what the implications in later life will be for each one. And which one is best.
I lost heavily in the housing market and now have a debt of around £34,500 with 7 creditors including credit cards, mortgage settlement and a secured loan. My flat was reposessed was also repossed.
Presumably the secured loan was secured on your flat? If so, and it has been repossessed, it becomes unsecured and can be included in an IVA.
Either solution could be a good one for you. Both will mean your credit rating is shot for 6 years from the date of acceptance. Bankruptcy can cause problems with certain occupations, and sometimes if you are applying for things, then you may be asked if you have ever been bankrupt.
With an IVA you will pay for 5 years, with BR you will normally be discharged within twelve months, and if you have more than £100 disposable income then you will have to pay a proportion of this across in an Income Payment Agreement.
Hi there - the best advice i can offer you is to contact an IP and go through your personal situation with them and they will fully explain all the options which are available to you - you can then decide which option to chose. There are IP's on the sister site iva.co.uk which come highly recommended or you can go onto iva.com a review site for IP's and read a couple of reviews and decide from there. Alternatively you can click on the experts button on the lefthand side of this screen and speak to one of us, who will go through everything with you.
Good luck in whatever you decide to do and we are all here to help you
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Cant Decide!
Posted - 10 March 2009 : 14:55:26
