Step Changed advised IVA but mentioned Bankruptcy

arcon5

Do you have professional membership with any kind of accounting body? If so they often require these kind of disclosures and will in some cases suspend membership during your time as an undischarged BR. It may vary between bodies but i'm sure the likes of the AAT do.

Do you have any equity in your home? If so, can you raise any money to buy this interest from the receiver. Remember, your partner will have a beneficial interest in the property, if not on the mortgage that is... so buying your interest in the property back will factor his interest in. Also the receiver MAY negotiate a figure as it would be easier and cheaper to accept a slightly lower figure than it would be to put it on the market.
But if going BR, accept you may have to give up your home and perhaps take steps to account for this before going BR!

Tigerfeet has made an excellent point... seeking independent advice is more about understanding your options and the affects such will have on you - you do not need their permission to go further.
For example, StepChange advised I went on an IVA, but I rejected this as a) some debts was still increasing significantly (commercial leases I couldn't get out off); b) I don't want me and my family to spend the next 21 years (as they was recommending) living on the breadline.

If you decide to go BR, then personally i'd stop paying in to the scheme, put the money to one side to a) save up the BR fee totaling £700; b) save a deposit and costs to move house if appropriate.

Ox1987

arcon

I think it does not have an impact on my membership as I am a CIMA not chartered. we have no equity but if i lose my job then I would lose my house.

Do you mean a DMP not IVA what did you do instead and if BR how did it impact the family though I assume you still have your house

arcon5

Ox1987 wrote: »

we have no equity but if i lose my job then I would lose my house.

If you have no equity you will probably be able to stay in your home. It wouldn't be in the receivers interest to sell it, after all their job is to extract any monetary value for the benefits of your creditors, that's all.
It's my understanding though they monitor it's value for 3 years and if enough equity appears to get their attention then you can either buy their interest or they will sell it.

Do you mean a DMP not IVA what did you do instead and if BR how did it impact the family though I assume you still have your house

Think they said IVA, but can't remember now tbh.

We rent so didn't have this complication fortunately.

I think it does not have an impact on my membership as I am a CIMA not chartered.

If you job isn't in jeopardy and your house has no equity, then I don't see many drawbacks tbh. Do check your employment contract and such though to ensure it wouldn't affect that as well as your membership with CIMA

Ox1987

I think my job would be in jeopardy intitially at least anyway I would have to find someone at a lower level that would take a BR hence we could lose house