I have been happily in an IVA for the last 9 months but could bankruptcy have been a better option?
I owe approximately 35k. Bankruptcy would not affect my employment. I have no assets at all apart from a low value car used to commute 50 miles each day. I sold a property in the last 5 years that was £12000 in negative equity
If your iva is running smoothly then why not leave it as it is? If you go bankrupt then you will have to let your IVA fail and it will cost you over £700 to declare bankruptcy. This will last for twelve months usually but your credit rating will be impacted for a further six years. You will be required to pay an IPO for three years if your DI is over £20 per month and the whole of your DI is payable across.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant