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 Could bankruptcy be a better option ?
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Tony. 57
Starting Member

1 Posts

Posted - 19 November 2014 :  13:50:39  Show Profile  Visit Tony. 57's Homepage  Reply with Quote

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




United Kingdom
4590 Posts

Posted - 19 November 2014 :  14:57:53  Show Profile  Reply with Quote
Hi and welcome to the forum.

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

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forum expert

United Kingdom
2211 Posts

Posted - 19 November 2014 :  19:27:49  Show Profile  Reply with Quote
Hi Tony,

Only you can really answer the question of whether bankruptcy would have been better.

When you took advice, the debt advisor should have given you all your options and the pros and cons of each, then it's up to you to decide.

If your circumstances have changed since the start of your IVA, then speak to your IVA company and see how they can help.

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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