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help please bancruptcy/ iva/dmp
chardonnay_2
Posts: 2,201 Forumite
okay we are in a bad way. we have contacted cccs who suggested bancruptcy. we were shocked and went for dmp - but this will take 42 years:eek:
since we have discussed this we have decided that bancruptcy even with it's stigma is better than paying debt into our old age.
we are going to the citizens advice in 2 weeks(have an appt)
we have heard of iva but have heard it is n/a in scotland can anyone advice.
what are the advantages of an iva / scottish equivalent over bancruptcy?
since we have discussed this we have decided that bancruptcy even with it's stigma is better than paying debt into our old age.
we are going to the citizens advice in 2 weeks(have an appt)
we have heard of iva but have heard it is n/a in scotland can anyone advice.
what are the advantages of an iva / scottish equivalent over bancruptcy?
:love: married to the man of my dreams! 9-08-09
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Comments
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Until someone with personal experience of insolvency in Scotland can answer, this information might be useful:
Firstly, the Scotish equivalent of an IVA is a 'Trust Deed'. There is some basic info on them here:
http://www.debtquestions.co.uk/solutions_trustdeeds.php
The bankruptcy process in Scotland is slightly different, and is explained a bit here along with some of the alternatives:
http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=01_bankruptcy
Finally, this forum has a special section on debt in Scotland, so it may be worth considering posting there:
http://www.debtquestions.co.uk/debt_forum/
Good luck. I hope you get the help you need.
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
thanks very much for the links fermi. it looks like a trust deed is our way forward. our appt with the cab is about 2 weeks away. i have stopped all payments and will cancel the dmp before it starts with cccs.:love: married to the man of my dreams! 9-08-090
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Good luck with that.
If you feel like it, please come back and tell us how things go.
It would also be handy to hear more about how things work in Scotland.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Hi Chardonnay,
It might be worth posting on the debt free wannabe board to get more info on a DMP. Many people manage to shave years off of their debt free date. It is good to have as much info as possible before your CAB app, so you can ask lots of questions.
Good Luck.0 -
will do fermi.
thanks for the tip sanfrancisco but due to our circumstances we really can't cut down anymore. i have looked at the many other s.o.a and took many of the tips onboard.
unfortunately we have been through a really bad time and hope life will change for the better soon. we used to have a really high income and could afford the debt, then going through some of lifes most stressful occasions such as bitter divorce, relocations x3, bullying at work and unfair dismissal have left us with poor health and we are only in receipt of benefit now.:love: married to the man of my dreams! 9-08-090 -
also if we end up doing the trust deed - do i keep posting on here or dfw? don't want to get told off for being in the wrong place:eek::love: married to the man of my dreams! 9-08-090
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I dont know about trust deeds but just wanted to sympathise with you. Life kicks some of us hard sometimes. BR is about as low as it comes but, trust me, it gets better very soon. Good luckBR 18 Oct 2006 Discharged 16 April 2007 :T0
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chardonnay wrote: »also if we end up doing the trust deed - do i keep posting on here or dfw? don't want to get told off for being in the wrong place:eek:
chardonnay,
It doesn't matter where you post; getting the answers to the questions you raise is what's important, post on both threads. You won't upset the people who can really help, remember the old saying:
"Those that mind don't matter, and those that matter don't mind".
We're a little short on knowledge and anecdotes relating to Scottish insolvency and apologies for that.
Regards
Richard0 -
i have just been discharged from bankruptcy
i used the accountant in bankruptcy (aib.gov.uk)
for a mere £100 you can download the forms on their site and send them off
a great service without the costs of these companies who are charging in excess of £300
if you can be bothered with the filling in the forms it is well worth it and the help you get from them is A+
hope this helps someone0
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