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IVA or Bankruptcy? Or is there another way for me?

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Comments

  • So if I go bankrupt does that mean I won't have to pay my creditors anything at all? And how long would it be before I could get a mortgage?

    Thanks

    Lex
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    First Post Combo Breaker
    no, it all depends upon the details
    in bankruptcy to may be required to have an IPA/IPO ...basically an order to pay a certain amount of your 'surplus'income to your creditors for 3 years.
  • I think with debts of nearly 50k it would be better to go for bankruptcy and write it all off. It would be a real relief I bet after you did it !!
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