Which is better Br or IVA 31 May 2009 at 4:19PM in IVA & DRO 6 replies 1.1K views

moneysaver12

I am trying to gather as much information for my fiance as i can, as he is in debt, so been posting on these boards and people have been great in helping. Been looking in to br and now looking in to IVA.

My partner owes 120k of debt this includes a mortgage, securred loan on the house and credit cards. House can't be sold because of the securred loan, so he has been adviced by cccs to do voluntary repossession, which he is going to do.

Trying to figuer out whether he is better going br or doing a IVA. I know that if he does an IVA he will have to pay this for 5 years. What percentage income do they take. What are the benefits of do a IVA as opposed to going bankrupt.

moneysaver12

bump................

beentheredonethatstilhere

Have a read of Martins guide to IVAs

http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Personally with no assets to protect then I would opt for the bankruptcy route but that is just my opinion.

moneysaver12

beentheredonethatstilhere wrote: »

Have a read of Martins guide to IVAs

http://www.moneysavingexpert.com/loans/pdf-iva-guide.pdf

Personally with no assets to protect then I would opt for the bankruptcy route but that is just my opinion.

Thankyou for your help.

Kuggers

[FONT=Geneva,Arial,sans-serif]Are there proven advantages to the IVA route as opposed to bankruptcy regarding credit rating / mortgage applications once discharged? [/FONT]

althas

Talk to a professional Insolvency practitioner PLEASE before you make ANY decissions on this

I am looking at an IVA currently. From what I understand, both br and IVA will be on your credit files for around 6 years. The thing with br is it affects certain groups of people. SOme professionals (such as accountants for example) can not practice if bankrupt, you can not be a company director, there may be something in your partners employment contract about declaring br, tenancy agreements (if he now has to rent a house) sometimes have specific br clauses in them. This is only the small info I have gained, it will be a minefield so it would be best talking to an Insolvance practitioner about the options to get a correct and accurate picture

Good luck on whatever you decide

moneysaver12

althas wrote: »

Talk to a professional Insolvency practitioner PLEASE before you make ANY decissions on this

I am looking at an IVA currently. From what I understand, both br and IVA will be on your credit files for around 6 years. The thing with br is it affects certain groups of people. SOme professionals (such as accountants for example) can not practice if bankrupt, you can not be a company director, there may be something in your partners employment contract about declaring br, tenancy agreements (if he now has to rent a house) sometimes have specific br clauses in them. This is only the small info I have gained, it will be a minefield so it would be best talking to an Insolvance practitioner about the options to get a correct and accurate picture

Good luck on whatever you decide

Hi thankyou for your help, i will get him to do this, he is going to look in to what impact it will have on his job, he works in IT.