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 I have been running away from large debts
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Senior Member

1159 Posts

Posted - 16 January 2010 :  17:19:19  Show Profile  Reply with Quote
I was thinking the same thing Skippy, much better if he could avoid going BR
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Richard P
Senior Member

United Kingdom
1701 Posts

Posted - 16 January 2010 :  17:25:29  Show Profile  Reply with Quote
Hi leen

agree with last two comments

speak to all of the experts to the left, however i would encourage phone call to paul @ reviva, he may have a package and option that may allow you to avoid BR, gotta be worth a call

regards Richard
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Starting Member

31 Posts

Posted - 16 January 2010 :  17:38:04  Show Profile  Visit leen.ow's Homepage  Reply with Quote

Skippy, I haven't taken any professional advice, just done a lot of research on this and the IVA forum as well as official websites. I want to go BR so I can have that debt free feeling as soon as possible. I don't want to pay £400 a month for 5 years, that's only 24k anyway, and I don't want the constant scrutiny of an IP for 5 years. Another reason is that almost half my debts are joint and I begrudge paying it all back when she isn't paying a penny (besides, knowing that she will become solely liable when I go BR kinda makes me smile!). So yes I have looked into other options, but I have no assets to lose and I just want a fresh start :)

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Senior Member

1159 Posts

Posted - 16 January 2010 :  18:29:37  Show Profile  Reply with Quote
You will have an IPA for 3 years remember & the OR has wide ranging powers to look into your affairs. Becoming bankrupt to spite an ex spouse will not necessarily be looked upon favourably either.
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Starting Member

31 Posts

Posted - 16 January 2010 :  18:45:05  Show Profile  Visit leen.ow's Homepage  Reply with Quote
Indeed. The quip about my ex was mainly for humour and is certainly not my primary motive for going BR, and certainly not something I would say at court or to the OR. Like I said, it's all about drawing a line under the past and starting afresh, and an IPA for 3 years seems much more appealing than an IVA for 5 years probably with a higher monthly payment too. I think an IVA is great if you have assets to protect, but I have nothing, so it just seems the best option, certainly from what I have read of others on here.

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