IVA/Bankrupcy

mrsclarkie

Hi,

Just wondered if anyone has experience of either of these in N.Ire. We have been advised to apply for either but are worried about the aftermath of both.

was informed bankruptcy would mean our name in the paper along with our address i cant bear this as only a few people know our situation and none of them are family. Family dont know at all and it is not possible to tell them.

Rach39

Your best bet initially is to file an IVA if you can as this does not have as dramatic consequences as declaring yourself bankrupt. Basically it's a case of negotiating with your creditors to see whether they will accept settlement of debts at a lower rate than the actual debt - you're best getting a financial adviser to negotiate on your behalf. If you file for bankruptcy it will have to be advertised but normally only in the Belfast Gazette which no one really reads apart from in the legal sector but you will also be very restricted in terms of bank accounts, employment etc (eg you cannot be a company director) for the period of bankruptcy - good news is that this period can now be as little as a year so if you owe loads this may be the way to go as once the time is up you can effectively start again debt free. Have a chat with your solicitor or citizens advise - there are a number of info leaflets you should be able to get hold of through them which will spell it all out in detail.

donnac2558

I was advised to go bankrupt four years ago. Unfortunately being on IB I didn't even have the money to do it. I had been working but ill, the fact my work burnt down and did not open again forced me to go on IB in the end. No family to borrow the £200 to do it. So I went the IVA route, the advise centre did all the writing and they said the amount I could afford to pay to my creditors each month.

They are still going all this time later. The creditors realized because of my circumstances it was the best they could get. Take me to court I still have no money to pay anymore and it would cost them money to do so. I rent my flat from the NIHE so no property or assets.

Once a year I get letters asking for any change in circumstances and the advise centre does a finance sheet of my incomings and out goings. I have standing orders set up so the payments go out when they should.

Good luck.

montyrebel

dont worry about the paper 9/10 people dont even read that rubbish, personally i dont get much further than page 3, but I only get the sun and the daily star, good luck with whatever you do.

Charco_2

It would be in the Belfast Tele I think (definitely used to be!) but do you know
anybody who really reads that section?

You're best speaking to someone professionally, an IP will be able to go through all your options with you and let you then make a decision on what suits you best!

(Lastly, dont pay anybody for advice, there are companies that will speak to you for free so use phone of them!)

cinders13

i was like you mrs, didn't want name in paper and all family didn't know i was in so much debt. i went down the iva route and it was the best thing i ever did. i wouldn't have been here today if i han't. i went to cab who put me in touch with grant thornton, that was back in late 2004 and now i am waiting on final paperwork after f&f offer was accepted.

charco is right, there is no need to pay anyone for advice. for me cab was my life saver.

god luck in your decision.:j

arkonite_babe

I'll move this thread over to the bankruptcy board now to see if you can get some more advice there

Radiantsoul

The adverts are pretty small, I suppose there is a chance that someone might see it.

The advantage of bankruptcy is that it is over pretty quickly. IVAs last longer, you need to deal with a supervisor who deals with your creditors, etc. An IVA may not be accepted if your creditors don't gain enough from it versus bankruptcy and so unless you have a decent surplus income you might end up bankrupt anyway.

I am not sure that bankruptcy has the sigma that it used to. And presumably people have noticed that you are struggling financially...