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michaelb
Starting Member
3 Posts |
 Posted - 09 August 2009 : 11:13:18
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| considering iva or br have a mortgaged house with no equity would br be a better option |
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Jane.l
Average Member
511 Posts |
Posted - 09 August 2009 : 11:36:41
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Do you work? Do you have a job that bankruptcy would affect?
In my opinion, I would chose bankruptcy, (I did) it is a short sharp shock, but you would be debt-free far sooner. Some people want to repay all they can so it is entirely up to you but you should take advice on what is best for you, don't forget if you are working and have more than £99 per month surplus income, you would be expected to pay an Income Payments Order for 3 years, although this is a lot less than an IVA
I am not a fan of IVAs, but they can help people who have a career and/or house to protect but its up to you, make sure you understand fully both options |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 09 August 2009 : 20:05:12
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Personally, I would choose an IVA if you can manage the payments. That way you can pay back some of the debt you owe.
I would speak to an IP before making a decision. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will recieve free and impartial advice about all the options open to you and the best way forward for your circumstances.
The glimmer gets brighter all the time
Jan
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 August 2009 : 22:06:33
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Hi
I would start the otherway round. Work out what your disposable income is per month and thet will identify which debt solution is the most appropriate for your individual needs.
The solutions are :-
Debt Management
IVA
Bankruptcy
Refinance
Negoatiated Settlement ( if lump sums are available )
Bucket of Sand
Each solution has it plus points, but really suggest you start woth the disposabloe income. If there is none then there is only one choice.
If you have a reasonable disposable income then an IVA may suit but I wouldn't waste time reviewing iva.com. Save time and go to one of the best IVA providers - Jones Giles ( Melanie & Suzanne are from there ).
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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would br be a better option ?
