IVA or Bankruptcy

L3ighton

hello, i'm struggling with money at the moment, i have been intouch with National Debtline and i had a lengthy chat with them, done my budget with them and i'm left with £150 per month and thats without payin my creditcards and loan and other stuff. i owe £28000, so i'm considering Bankruptcy, i dont really care about my credit rating, i just want to get out of this hole. can some1 help me and poss point me in the right direction.

Regards

Leighton

immoral_angeluk

Have you contacted the CCCS or payplan? They'll be able to advise which way would be best for you considering your circumstances..

L3ighton

thanks for the quick reply,
No, who are they? what can they do? i feel the best option for me is bankrutcy as it will get rid of all me debt but with an IVA it will take 14 1/2 yrs to pay which is a long time, i just want a quick and easy solution

sandralovescats

An IVA lasts for a maximum of 5 years/60 months

Your outgoings are taken into account and a repayment set up for you.

Contact Myvesta, Payplan or CCCS.

sandralovescats

You would make repayments on an IVA for the five years.

In bankruptcy you would possibly have to make repayments for 3 years/36 months on an IPA

james32_uk

To make a sensible IVA offer the OP would need to have around £290 per month to service the IVA agreement. This assumes the OP has no assets and does not own his own home.

CLAPTON

can you post your SoA

do you have any assetts...house, car etc if so how much are they worth and how much any mortgage?

will your job be affected by bankruptcy?

L3ighton

what is a SoA? i have no assetts and no my job wont be affected

CLAPTON

an SoA stands for statement of affairs and means details of income , spending and debts...presumably the type of information national debtline asked you for. without knowing any details its really impossible to know if bankruptcy is appropriate or not.

see for more detais

http://forums.moneysavingexpert.com/showthread.html?t=107280

L3ighton

yes it was 1 of them, they asked me a load of questions how much for this n that etc etc, and i told them what my income was and my outgoing and they gave me a total of what i had left and that was £150 per month, but they told me that i would pay over a long term but i just looked at 1 website and they said it would be paid in 5 yrs http://www.onestopdebtshop.com/cms/content/6/iva/

sandralovescats

If you have only £150 left per month you will not be able to do an IVA.

Do you have anything to lose if you went bankrupt?