Bankrupt or IVA - the truth please

maxmycardagain

I wondered why the baseball was getting bigger. Then it hit me.

fermi

The other thing as has already been said if that if you go for an IVA, if after a few years your circumstances change and it fails then you may have to go BR anyway.

You would have paid out oodles of cash and be no further forward. In fact people that happens to curse the fact they got into an IVA. Not only a waste of money, but you have also extended the time that your credit record is "shot".

As you can see, not a fan of IVA's here. :o

Too be honest, for most people, you should be considering whether there is a good reason to go for an IVA instead of BR, rather than the other way round.

But as always get the professional independent advice.

dalip

skylight wrote: »

I know. But I hadn't agreed with Fermi.












(lol....!!!!):D

ehhhhh that took me ages to get sky:o:rotfl:

abxyz

Thanks everyone you have been very helpful and a great network of support.

Decision made. Will set the wheels of motion in place on Monday for BR.

I am just waiting for my IVA proposal to go out but have paid the IP £335 a month for the last 2 months while they get things sorted. I assume I won't have to pay that this month if I petition for BR???

Thanks again. I will let you know how I get on.

Would love after all this to be able to give support to others in my situation.

skylight

Nope - Cancel all DDs now (except rent/utitilites etc). But don't pay the IP anything! In fact email them and tell them to stop everything you are going BR. Expect a call back eventually with the hard sales patter.

Walter_J

You're doing the right thing.

I went along the IVA route, dealing with a bunch of unscrupulous vultures called 'Payplan'. I pulled out before it was finalised and went bankrupt instead. It was a great move.

Subsequently I hae spoken informally to an insolvency practioner I have got to know socially and he tells me that the number of people for whom an IVA is suitable is tiny. They are however, profitable for the IP!

Trollfever

Bankruptcy = 10

IVA = 0

antarctica

Walter_J wrote: »

You're doing the right thing.

I went along the IVA route, dealing with a bunch of unscrupulous vultures called 'Payplan'. I pulled out before it was finalised and went bankrupt instead. It was a great move.

Subsequently I hae spoken informally to an insolvency practioner I have got to know socially and he tells me that the number of people for whom an IVA is suitable is tiny. They are however, profitable for the IP!

I thought Payplan were meant to be one of the good ones, are they rubbish then?!

Walter_J

If they are one of the good ones then I despair!

Payplan are absolutely awful - avoid at all costs!

antarctica

We have gone for the CCCS anyhow but I thought Payplan were also free?