Iva Or Bankruped

alfiemoon_2

need some advice may sound thick but what does IVA mean,ive read loads but getting confused by it all. how will it affect my husband being selfemployed will her lose his cis card etc. we owe loads to the tax man, and this honest is any of are fault to long to explain but dont no what to do we are paying a small amount to tax man but thay want more we havent got it and we will be dead by the time it gets payed of.my husband needs to keep his cis card to carry on working for us to live so help please.

wherediditallgo

Hi, & welcome to the forum.

You can read about IVAs here . Please contact one of the free/charitable organisations that can offer you advice on your particular situation, such as the CAB, Consumer Credit Counselling Service , National Debtline or Payplan. When you're ready, post a Statement of Affairs (SOA) here, so that we can see if we can help you make cutbacks on certain things.

Richard_S

alfiemoon wrote: »

need some advice may sound thick but what does IVA mean,ive read loads but getting confused by it all. how will it affect my husband being selfemployed will her lose his cis card etc. we owe loads to the tax man, and this honest is any of are fault to long to explain but dont no what to do we are paying a small amount to tax man but thay want more we havent got it and we will be dead by the time it gets payed of.my husband needs to keep his cis card to carry on working for us to live so help please.

Hi alfie,

An IVA is an Individual Voluntary Arrangement where an Insolvency Practitioner negotiates on your behalf with all your creditors and agrees a reduction in your overall debt, I think the current rate is that you agree to repay approx 40% of your overall debt. I'm almost certain that the Inland Revenue won't accept this type of agreement so it won't help you there.

What you should do first is contact on of the debt charities, CCCS, CAB, National Debt Line, they are free to use, their advisors are professionally trained, their advice is impartial and is given in your best interests only.

I'm farily certain your O.H's CIS card won't be at risk but one of the debt charities will be able to give you a definitive answer.

If they decide that bky is your best option then you'll get all the support and anecdotal advice you need here. We'll also be able to point you in the direction of other usefeul web sites; Mike St Helens has an infinite list of useful sites.

Best regards

Richard

alfiemoon_2

thank you for that advice.

Conor_3

Basically:

IVA. Lasts 5 years. You pay money out each month for 5 years. You lose credit cards etc. Your credit is screwed for that 5 years plus the following 6.

Bankruptcy. Lasts typically 12 months. Other than fees when declaring, no other payments made unless you earn over a certain amount. Depending on your situation, you can lose home and car. Lose credit cards etc. Credit is screwed for that 12 months plus another 6 years.

Bankruptcy is the best option for those people renting and on a modest income as you've nothing to lose.

NekoZombie

Conor wrote: »

Basically:

IVA. Lasts 5 years. You pay money out each month for 5 years. You lose credit cards etc. Your credit is screwed for that 5 years plus the following 6.

Bankruptcy. Lasts typically 12 months. Other than fees when declaring, no other payments made unless you earn over a certain amount. Depending on your situation, you can lose home and car. Lose credit cards etc. Credit is screwed for that 12 months plus another 6 years.

Bankruptcy is the best option for those people renting and on a modest income as you've nothing to lose.

Overall I agree, apart from the statement in bold. Payments are to do with the amount of surplus you have once your basic living costs have been calculated, not how much you earn in total. Therefore someone earning £13,000 a year may be just a likely to pay an IPA as someone on £22,000.

Conor_3

Sorry, that's what I meant to put as I was thinking about the loans/cc at the time as well. No idea why I put that. Silly me. I blame the sunshine. It can't answer back, unlike the missus.

haventgotapot2pn

Hi and sorry for butting into your thread but Im so frustrated as having managed to find this site andread through info I still cant find how to start new thread (1st posting).I read there was a place to click on top left but have gone to postings on iva s and having spent 2 hours trying to do it and cant.Any help gratefully received and apologies again.:o

scaredwitless32

haventgotapot2pn wrote: »

Hi and sorry for butting into your thread but Im so frustrated as having managed to find this site andread through info I still cant find how to start new thread (1st posting).I read there was a place to click on top left but have gone to postings on iva s and having spent 2 hours trying to do it and cant.Any help gratefully received and apologies again.:o

Right, if your reading my post, go back to the top of this page and just under all the tabs on the heading, click onto the bit that says, Bankruptcy and living with it, it will take you back to where you will see all the different threads in this section, at the top of that page on the left hand side there will be a grey button with 'NEW THREAD' click on that and you will have your own thread to post on.........hope that clarifies it for you? probably not as Im crap at explaining things!!!!! lol

Welcome by the way !

revingtosh

Yeah,

I you haven nothing for them to take, then i personnally would go bankrupt.
You can have a clean start that way.

scootw1

revingtosh wrote: »

Yeah,

I you haven nothing for them to take, then i personnally would go bankrupt.
You can have a clean start that way.

A clean start in terms of clearing the debts. However, don't forget the IPA which, if imposed, mean you don't quite get the clean start you were hoping for. Otherwise, I agree with you