Need help after burying head in sand

fiveyearplan

You could fill in this SOA to see how much you would likely pay in an IPA.

http://www.makesenseofcards.com/soacalc.html

fiveyearplan

fergusor wrote: »

Thanks for the help everyone, I think I'll be on here a fair bit over the next few months.

Can you let me know how I get the process started, I know I have to fill out forms but are they available online and do I have to make a date with the court when I take them in or can I do it in advance?

Start with this thread

https://forums.moneysavingexpert.com/discussion/1056083

it tells you most things you need to know.

tigerfeet2006

The first thing you need to do is go back to CCCS or National Debtline or the CAB and get some up to date advice on your situation.

The forms can be downloaded from the Insolvency Service site. If you read the sticky marked LOOK HERE FIRST: Bankruptcy Help....
There is lots of useful info on there including the links to the forms.

fergusor

If I was to go back to the cccs or equivalent and they were to recommend an iva, can I choose to still go bankrupt? Will the courts accept that I would rather be made bankrupt?

debtinfo

The reason that the judge requires you to take advice is more for the reason that you understand the consequences of going bankrupt

fergusor

I think I understand the consequences... would that mean long term consequences or the short term over the 3 years for bankruptcy or 5 for iva?

I know I've already messed up my credit score, will taking an iva over bankruptcy be better for me in the longer term? I don't want to sound like I haven't thought this long and hard, I've thought of nothing else over the past few years.

fiveyearplan

An IVA is a form of insolvency and the only benefits over BR is that some jobs (very few) would be affected by BR. Most people I've seen on here who were in an IVA ended up going BR down the line and wished that was there first course of action.

Ineedaname

If you were advised to go BR a year ago then I would imagine that won't have changed unless you have had a big salary rise.

You DO need to take current advice for the judge to consider you for BR. The implications don't just last for 3 years, BR won't drop off your credit records for 6 years and you'll always have to declare it if asked.

fergusor

I've just read the letter the cccs sent me and they recommended the iva, but I told them over the phone I think br would be better for me... I originally thought they had recommended br.

I'm aware of the implications but with the amount of debt I have I think br would be the best option for me. I will be calling the cccs again in the week and have another consultation with them so I'm up to date.

IF

fergusor wrote: »

I've just read the letter the cccs sent me and they recommended the iva, but I told them over the phone I think br would be better for me... I originally thought they had recommended br.

I'm aware of the implications but with the amount of debt I have I think br would be the best option for me. I will be calling the cccs again in the week and have another consultation with them so I'm up to date.

Fergusor, Do contact another Debt charity as well and see what they say, click on blue links below:-


Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
  

Others:

• Business Debtline - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Best wishes
If...x