£75k in debt. (bankrupt v iva v payplan?)

Murtle

jockettuk wrote:

yes i am aware of that,, but the way i saw it the original op came on asking for advice and got it .. we all have opinions and we all share them but we dont need to be slapped down because of them... ive seen it in other threads were the opionion doesnt go with the most and therefore slapped down.. if we keep doing this to people they will stop sharing there experiences and and people looking for help and advice wont get it ..

excuse me for sharing....I'll leave now.

Alias_2

mattp wrote:

An IVA can be the only alternative for some people who wish to protect their home or employment (thus needing to avoid bankruptcy) especially when it is going to take them over 7-8 years to get their debts cleared through a free debt management plan.

As long as the terms and conditions are adhered to then there is no reason why an IVA would need to result in Bankruptcy??

Your facts are incorrect and charging someone £15 for advice is absolutely pointless when there are plenty of genuine people out there who are willing to help............as for buying your books aswell????? The cheek!

What facts are incorrect?

An IVA will usually last for 5 years. An IVA doesn't really protect your home as when you sell it you will still have to give any equity to the creditors.

5 years is a long time...and every year you have to have a meeting with an IP to review your payments etc. Insolvency Practioners are in the business of making money. Thats why you see all these adverts on TV promoting IVA's.

Bankruptcy only last for 1 year. Then you have a clean slate.

fast_track

Without knowing whether naughty Nige owns his/her own home I don't think you can advise bankruptcy. There are also a number of jobs you can't do if you are a bankrupt - you need to check your contract of employment before making a decision. Even if you rent your accommodation you can still be in breach of your tenancy agreement by going bankrupt, this applies to some Housing Associations as well as private tenancy's.

mattp_3

Don't choose an IVA! These are a rip off. Most IVA's (cost your more and) end in Banruptcy.

Bankruptcy only last for 1 year. Then you have a clean slate

These are what I call incorrect facts??

Why would an IVA "mostly" end in bankruptcy??

I'm not saying that you shouldn't go bankrupt, but it should be a last resort. If you go to a reputable Insolvency Practitioner, you will only pay the monthly payments you can afford and the fees will be taken from the arrangement before the creditors receive their dividend.

If there is a large amount of equity in your property, then you are possibly not insolvent anyway (technically) as your assets outweigh your debts.

It is possible to extent the IVA to 6 years and exclude the property from the proposals. They are YOUR proposals so you can amend them how you wish (within reason and taking the IP's advice to ensure they are realistic).

Bankruptcy may only last one year now, but I wouldn't say you have a "clean slate" as you will always have to declare that you are a discharged bankrupt when applying for bank accounts, mortgages, employment (certainly no chance of entering the Police Force or any Law related career) and you will have your name printed in the local paper for all you neighbours to see.

But my main point, and this is one that a vast majority of people on this board will agree with is...................

DON'T PAY FOR DEBT ADVICE

Speak to one of these companies:
Payplan - https://www.payplan.com <http://www.payplan.com&gt; (0800 085 4298)
National Debt Line - https://www.nationaldebtline.co.uk <http://www.nationaldebtline.co.uk&gt; (0808 808 4000)
CCCS - https://www.cccs.co.uk <http://www.cccs.co.uk&gt; (0800 138 1111)

Nicky_3

Why pay for bankrutpcy advice when you can get it from all over the web for free? Are you going bankrupt? Then buy my books, coz you know you can afford it! Winds me up, sorry.

budgetflyer

Buying a couple of books is hardly going to make the debt situation spiral any worse than it already is. The internet is great for "FREE" advice but sometimes a tenner spent on a book can be well worth it.
For instance this site is free and lots of fantastic advice always available however the actual book "The Money Diet" which I bought ,has had a far greater effect on my spending paterns and lifestyle choices.I've now read it cover to cover about 8 times now and am always picking up snippets of info.
Prudent moneysaving in a dire situation, may well be dump the cost of internet access so a tenner spent on a book would be sensible IMO