IVA or BR?

nervousmother

This time three years ago, i had a loan that could easily manage. OH had a great business and I did not work (looked after the kids) my life was fine, we lived the dream.. a trial seperation a year later and a house on the market. Sold and left me with around £136000 shortfall, no way could i pay it!!
I was very nervous when i went BR, (hence the username)
Today, I am discharged from BR. Me and OH are together, his business is building up nice again, Im now working full time.. I have a bank account with the co-op, a ISA with co-op and my cashplus card. Savings, no debt, happy mummy and daddy and happy children..
Yes i felt guilt over the loan, wished i could have paid it.. but the guilt passes.

the-muffin-man

Does it get easier?! Do you ever talk about it amongst friends, I feel so embarrassed/ashamed?


All my friends and family know, and not one of them has been judgemental, they have been very supportive - and even the old lady who lives over the road offered us some money! (we didn't take it though).

Don't worry about the morals, do what's best for you!!

it's goign to be weird as I have always had cards/accounts, etc.

To be honest that's the best feeling - handing over your debit card knowing that the money is in the bank and not just being added to an ever growing mound of debt.

RichesToRags

the-muffin-man wrote: »

To be honest that's the best feeling - handing over your debit card knowing that the money is in the bank and not just being added to an ever growing mound of debt.

Totally agree, I actually enjoyed cutting my CCs up, it gave me a sense of freedom I hadn't felt for a long time.

Loan_parent_needs_advice

Your reply has nearly made me cry, you can't believe the relief that I would feel when all done and dusted! Glad things have worked out nervous mother and thanks riches to rags, I know you're right!

kerrypn

Hi there and welcome

You have had some fantastic advice already. I would encourage you to read the stickies at the top of the forum, see www.insolvency.gov.uk and seek as much advice as possible regarding both routes. Its such a personal decision, only you can know whats best for you and weigh up the pros and cons of each.

Keep posting any questions along the way, there are loads of very knowledgable and friendly people here (some have already replied to you) who will help you massively along the way.

If you do decide to go for Bankruptcy, post up your Statement of Affairs and you will get help with that too.

Best of luck with everything

Kerry

Loan_parent_needs_advice

Thanks Muffin Man, good for you - sadly I don't think my parents would understand and my dad is extremely judgemental so am keeping them out of it at the moment. to be honest, nobody knows the full extent of my problem at the mo really.

Loan_parent_needs_advice

Thank you, everyone has been so kind and helpful, I feel a bit better already. It's easy to get in the depths of despair and not know where to turn. It's amazing how many people are experiencing similar problems - not that that's a good thing but it helps to know you are not the only one.....and it's good to see some positive stories too!

nervousmother

One thing, These days the only people to know about your BR will be those you choose to tell.
Not so long ago it used to appear in the local RAG but not anymore.. You will be on the insolvency site until 3 months after your discharge and forever on the london gazette website.. but how many people do you know who goes on those sites?

RecoveringAlcoholic

With no assets to protect, I would go for bankruptcy.

You owe £18k. How much of that is interest and charges that has gone to feed The Fat Cats?




.

hughie278

I was in an IVA for almost two years, paid 2k into it, with 14k debts. I ended up not being able to pay the IVA and on very good advice declared myself BR, which i should have done at the beginning. Everything i paid into the IVA went to the IVA company in the end, and it was pointless to me.

p.s im extremley happy to be a discharged BR. Went the full 1 year term and loved every minute of watching my debts disappear. I had tried to pay them but it was futile.