the fight's left me and it's time to catch myself on

elliemoo

Good luck.

As others have said the most important things are your mental health and your relationships. Now you have reached your decision you can move forward with decisiveness and determination.

Good luck.

skint_chick

First thing you need to think about is that since your credit score will be dented by the IVA then you might have to pay 3/6 months rent upfront for your new place - usually people save up for this by stopping IVA and mortgage payments, it's not as though you'll be repossessed for months. First step is to open a new basic account with Barclays/Co-op as they both offer an account with no O/D facilities but a visa debit card, both have branches in NI (Coop in Belfast, Barclays a few other locations) and also have internet banking. Check they and subsidiaries aren't creditors though. Check work contracts to make sure it's ok to be bankrupt. Change mobile numbers and lose landline to avoid phone calls chasing money. Once you've missed 3 IVA payments ask for a certificate to show this. Book a court date and fill in forms, pay your money, go bankrupt, move house and let things take their course.

If you're never going to pay back the shortfall then that's just the way it is, you didn't set out to be on this path so why punish yourself? It feels better to be proactively doing something to move on rather than waiting for the inevitable. Positives - you lose the stress of dealing with this for the rest of your life, it's done and dusted and you can get on with focusing on your family. Negatives - you feel a bit guilty for doing it, you might have a few issues with credit checks for new place and have to go with an understanding landlord, changing your bank account.

tommie

^ some good advice there

waltsalt

piglet74 wrote: »

You could tell them if they want their money, then they can make u B.R (save you paying the fees) tho I am not sure they would do this, knowing they would have to pay the fees and maybe get very little back for it.

Do you have to pay to be declared bankrupt?

Old_Git

the one thing that concerns me is going BR with your OH new job .
Will this cause a problem

jclegs

Old_Git wrote: »

the one thing that concerns me is going BR with your OH new job .
Will this cause a problem

Going BR probably will effect his chosen job. I would get him to speak to his union to see if they can help/advise before doing anything drastic.

SnowyOwl_2

Get on with what you have to do and start a new chapter in your and your families lives.

piglet74

waltsalt wrote: »

Do you have to pay to be declared bankrupt?

As far as I know you either do it yourself and pay for it,

Or if you own someone more than £750 they can declare u bankrupt, but they have to pay the fees,

I think that's rite, but I am sure someone a lot smarter than me will be able to confirm if that's rite.

waltsalt

piglet74 wrote: »

As far as I know you either do it yourself and pay for it,

Or if you own someone more than £750 they can declare u bankrupt, but they have to pay the fees.

Seems counterintuitive that you have to pay money to declare that you have no money. The world is mad!

skint_chick

It costs £640 to go bankrupt in NI, your name and address goes in the paper but really who reads those columns except people looking for themselves. What does your OH do? Did it involve a credit check when he started? Also his contract should mention it somewhere in the small print - if it's finance/accountancy/public office/law related then it might be an issue. But at the end of the day if you're treading water as is then what choice do you have? Have you spoken to Stepchange to see what they suggest? IMO bankruptcy whilst a big step and not something to be taken lightly is better than years of struggling and stress, for a few months of worrying about being bankrupt and a few minor inconveniences. It's not as though you did anything wrong/stupid to get yourself in this situation you just wanted to provide a future for your family. Good luck with your decision!