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cpharo
New Member
United Kingdom
58 Posts |
 Posted - 03 August 2009 : 10:35:36
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| Hi, please can anyone advise me on what to do. I am in £27'500 worth of debt for credit cards, loans, overdrafts and catologues. I have no assets and I am a single parent and I work full time in an office. Pay Plan have said they can set me up on an IVA for £116.00 a month but I do not know if I should enter in to an IVA or just apply for Bankruptcy. I thought I could try the IVA out and if later on down the line I feel its not working out I could apply for bankruptcy.Would this be an acceptable thing to do? I have wrote to all my of creditors and have advised them that I am going to apply for bankruptcy and have been sending them £1 token payments per month, and I have asked them to accept the token payment for a maximum of 6 months, but all of them are saying they wont accept it and are going to take further action against me, I am really worried they are going to do an attachement of my earnings as this would put me in more financial difficulty. I dont think I will have saved up all the money to go bankrupt until Feb 2010, how far in advance would the court let me book a day for a bankruptcy hearing or should I just try the IVA out to keep the creditors off of my back. |
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helen_w5
New Member
79 Posts |
Posted - 03 August 2009 : 13:59:59
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Hi there
I am newly bankrupt and I can honestly tell you that its quite stressful! I am constantly worrying something will go wrong, but so far I have had no issues and I do believe it was the best choice for me. I think that the IVA is pretty cheap per month considering what you owe so it's worth thinking about, but I guess you'll be paying that for about five years. The only real negative to that is the fact that if you get to a point that you cant afford it, you will end up in bankruptcy anyway. I cant tell you what to do, maybe call CCCS and ask which they think to be best.
Good luck |
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cpharo
New Member
United Kingdom
58 Posts |
Posted - 03 August 2009 : 15:03:26
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Hi,
I have already spoken with the CCCS and they advised to apply for bankruptcy, and pay plan advised me to do the IVA thats why I am really confused and do not know which one to do.
I suppose if I apply for bakruptcy it will all be over quicker than an IVA and I might be able to live my life with out this constant worry all of the time
I am newly bankrupt and I can honestly tell you that its quite stressful! I am constantly worrying something will go wrong, but so far I have had no issues and I do believe it was the best choice for me. I think that the IVA is pretty cheap per month considering what you owe so it's worth thinking about, but I guess you'll be paying that for about five years. The only real negative to that is the fact that if you get to a point that you cant afford it, you will end up in bankruptcy anyway. I cant tell you what to do, maybe call CCCS and ask which they think to be best.
Good luck
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cpharo |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 August 2009 : 15:12:38
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Hi
I suspect that it is not actually an IVA with payplan because is costs more than this to administer each month.
It sounds more like a debt management plan and over time they will review your circumstances to see if they can upgrade you to an IVA.
Bankruptcy can be quite stressful and there is certainly a pain barrier to go through, however if you realistically have no liklihood of repaying the debts then br may well be the right solution for you.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Hi, please can anyone advise me on what to do.
