What to do?

XYZ1000

hello all

Wasn't sure if this should have a new thread ....if someone wants to move it feel free as I wasn't sure which thread may get some replies.

Ok so I have been on a debt management plan for three years. Last year bankruptcy was recommended but I am too scared!! I don't know why.... I know that it isn't going to work paying for the debt for the next 20 odd years. I am in rented accomadation so am unsure if an IVA would be the better choise? Where does the bankruptcy get advertised? I also work for the local Goverment:eek: so dont know if this would affect my job.
any help would be most appreciated.

dojoman

XYZ1000 wrote: »

hello all

Wasn't sure if this should have a new thread ....if someone wants to move it feel free as I wasn't sure which thread may get some replies.

Ok so I have been on a debt management plan for three years. Last year bankruptcy was recommended but I am too scared!! I don't know why.... I know that it isn't going to work paying for the debt for the next 20 odd years. I am in rented accomadation so am unsure if an IVA would be the better choise? Where does the bankruptcy get advertised? I also work for the local Goverment:eek: so dont know if this would affect my job.
any help would be most appreciated.

BR does not usually get posted anywhere now apart from the IS register and the London Gazette. Whether you opt for an IVA or BR will be down to you and what implications they would have on your life, if you have no major assets and there is no clause in your job contract about BR, then that may be the way to go. Who recommended BR to you last year?

Anondebtadvisor

Making a decision to go BR can be hard - most people find it the fear of the unknown but if you take the right advice can be the best decision but ultimatley depends on your circumstances.

Do you have any assets? cars, savings etc?

How much debt do you have? how much do you think you could pay towards your debts every month?

If you are worried about your job, you need to check your employment contract or make a phone call to HR to see if you can go BR.

Bankruptcy is not usually advertised in the paper anymore due to cost but you will appear on the insolvency register whether you do an IVA or go BR

XYZ1000

Thank you for the quick replies.
dojaman the ccc recommended it last year when my review was due. It has been another year and I havn't done anything and the review is due this month again. National debtline also recommended BR.

I have 35,000 of debt about 2,500 in the bank. car worth about 500. I have left a message with HR to find out if my employment would be affected.

XYZ1000

Good news about where it is advertised though.:) Don't think I would consider if all my family and friends have to know.

GettinBetter

I owed about double what you posted, but if I could have another chance I'd NEVER go BR again, I realise your circumstances may be different of course, but be wary of anybody that says it'll all be over in a couple of years. What they say, and what actually happens, are NOT the same things. As I posted on a previous thread, I am still being asked for BR details by the bank for any new accounts now (i.e. 17 yrs later.) Go for the alternatives, it may take a lot less time to pay back, if job prospects improve, or fate plays a hand, but BR is irreversible.