IVA , Bankrupt What do i do????

palmski

Good Evening all sorry if this has been asked 100 times before and i thank you in advance for any help or support you can offer.

Ok heres the problem. I have debt of around 25k my wife has approx 4k with various creditors not through living the high life but bad luck really. I am not at the stage of life where i cannot afford to pay the debt and do not know which way to turn.
Started making calls around a year ago to get a choice of direction to getting out of the debt. I just do not know who to trust. I have been told so many different options and ideas i am now hiding away from it all again and getting no where.
I am currently torn between a joint IVA with my Wife - Debt company tell me straight forward can be done joint and the best option for me. £125 a month for 5 years.

Step Change say - you cannot get a joint IVA and my best option is to go BR. then deal with wifes debt on our own as small. However i cannot afford to go BR i am scared of the outcome and now at the point where i just do not know what to do.
We have no assets no money and live in a rented house
Any advice

forgotmyname

Yes BR is a big step and will hang around your neck forever. Another thread the other day someone had trouble with an insurance claim because they had been bankrupt some years previously.

You need to do the SOA. Links on this site etc. Show your incomings and outgoings and people can advise on the best course of action.

Bankruptcy for £4000 personally i wouldnt, But that depends on your situation.

whichwhydoIturn

Hello,How could I post a SOA using an iPad .?
Thank you

PippaGirl_2

Hi Palmski,
£25,000 is a lot and given you have no assets BR may well be a good option for you. The only hesitation I might have was if you were planning on getting a mortgage within the next 6 years but tbh entering any sort of arrangement will result in defaults and your credit file will be marked anyway. Debt companies often do advocate IVA's simply because they benefit financially when they set them up so their advice is not impartial and often not in your best interests. You are better seeking independent advice from people who don't benefit from whatever they suggest. CAB are often good.
If you did decide on BR, most people gather the fees together but stopping paying the creditors for a while.
Do put up your SOA if you like so people can advise.
If you read this board and the many posts written by people who have been BR and are discharged, they are almost all glad they did it and it was the right decision. So getting impartial advice is a good start.

sort_me_own_yard_out

Hello,

I had this dilema in June 08, went for the IVA option and it failed as it was not sustainable for the 5 years, I am now in the process of going bankrupt.

I personally wish I had gone bankrupt in 08 i would be 5 years closer to a new start and back on my feet. I looked in the worng place for advice and had I of approched CAB or step change rather than a company I may not be as bitter and twisted towards IVA's.

There is always the DRO route for your wife.

I wish you well in which ever path you take

palmski

Do put up your SOA if you like so people can advise.
If you read this board and the many posts written by people who have been BR and are discharged, they are almost all glad they did it and it was the right decision. So getting impartial advice is a good start.[/QUOTE]

Sorry to sound stupid whats the SOA and how do i do it

palmski

sort_me_own_yard_out wrote: »

Hello,

I had this dilema in June 08, went for the IVA option and it failed as it was not sustainable for the 5 years, I am now in the process of going bankrupt.

Can i ask how your IVA went wrong?