Help - please

CJOR

This is my first posting so please bear with me!

Me & DH are both on an IVA - we had a baby in March last year and I went back to work on the 5th Jan part-time instead of full time. Originally the IVA wasn't sustainable and they said the only option was to go bankrupt.... we were both not keen on that idea and re-submitted our SOA - I then had to ring them today as I left out a couple of things which in turn has made the IVA worse than what it was last week.... ifswim???? and they would get back to me next week....... so I guess I just needed to tell someone about it ........ and the question is .............. is it really bad to go bankrupt...... I mean we have another baby on the way as well so would the IVA take that into account and recommend we go bankrupt now instead of later in the year????

Sorry if this doesn't make sense......... i'm so confused and don't know what to do...... any advice will be much appreciated xx

lisamummytoarchieplusbump

hello cjor
a big welcome to the forum.

can i just say that bankruptcy nowadays has not got the stigma of years ago. i thought the same thing when i first got advised bankruptcy i panicked and thought oh my god. so i came to this site and started reading up about it. i thought it was extreme dia consequences as all i new about it was it was a serious thing and people sort of looked down on you about it, i still feel ashamed to tell people but having a better understanding of it it aint as bad as people make out.

so i suggest you read through everyones posts on here as you will get a better more human understanding of it than asking proffessionals as people on here have or will be going through it so not only will they give you advice and support they will also share their experiences which helps you understand more than any fact sheet you will read

dont feel shy about asking questions even if you think they are silly. i drove everyone mad on here with at least 1 question aday i think they was glad i finally went br at least they could answer some new questions from someone else without me filling up the whole forum

lisa

tigerfeet2006

Hi CJOR and welcome to the board.

Please don't panic about BR it is not worst thing tha you could do, you haven't murdered anyone.

What you need to do is get some FREE, UNBIASED advice from one of the debt charities (links and numbers in my sig. ) They will go through all your options with you and if they suggest bankruptcy then we will give you all the help and support we can to get you through. You will need to do this as the judge may ask if you have taken professional advice and can delay your petition if you haven't.

While you are waiting to do this do as Lisa suggests and read as much on here as you can. Start with the Bankruptcy Help sticky and then the other posts. Ask as many questions as you need to.

All the best.

fiveyearplan

Hi CJOR and welcome. There wont' be much difference in your credit rating between IVA and BR. An IVA is seen as just as bad and also lists you on the individual insolvency register just like a bankrupt.

I'd take advice and if BR is deemed the better option I'd do it quickly as you are just wasting the money paying it into the IVA. Do you own or rent your property?

CJOR

Thank you for all your welcomes and advice we shall be reading through everything on here (might take a while lol).... but worth it.....

We rent at the moment, with the IVA due to me being on SMP, we didn't pay oct, nov & dec we then told them that we couldn't make jans payment so we haven't paid that one so in all we are 4 months behind??? is that a bad thing?????

I did say to DH last night I have made a decision we will go bankrupt just to give ME peace of mind and he is still a bit hesitant, but will get him on here and we can read about it together! (woke up this morning and thought BR was a bad idea again... oh the swings and roundabouts we go through!!!)

Thanks for listening xx

edited to add: at the moment we can't afford the BR fee nearly a grand between us....... has anyone got any ideas on how to get the money together bearing in mind we need a car as well as ours packed up last week and my in laws are taking me to work etc....... ????? xx