Whats is best an IVA or Bankruptcy?

Sazzlebee

As the title, I have approximately £40k debt what is the best option for me?

FavDaughter1

hi, we're at the very start of all this. we've been to the CAB and are wating to see a money advisor.

being new to this i'm wondering if we'll be advised to go for IVA or BR???
can anyone tell us how they work out what's best? and do you have any say in it?

i know BR would make us clear quicker but we'd rather take longer to clear the debt and not loose our home(i'm disabled on DLA).
thanks

Charco_2

No-one can tell you one way or other, and the choice will always be yours... Simply knowing the total debts though isn't enough, there are many things to consider.

At the end of the day, if we all had crystal balls we'd never end up in trouble but the only way to fight your way forward is to be armed with knowledge (such a lame analogy i know!)

Ask questions questions and more questions until you think you know what you're doing... you can only make a decision for what you think is best for you at the time and cross your fingers you've got it right (the better prepared you are though the more likely you are to get it right!)

You'll need to know the pros and cons of both and how each will affect your directly then decide for yourself.

Speak to an IP who should go through ALL your options with you... make sure to ask about both!

AND DO NOT PAY ANYONE UNTIL A SOLUTION IS IN PLACE!

12bdebt3

http://iva.co.uk/ivacalculator.asp

Use this, it will be able to advise you which is best.
I'd assume bankruptcy because of the amount of debt but you never know!