got an IVA but considering Bankruptcy

l3ights

i got my IVA about 3 or 4 months ago but i found it abit poo i still find it hard, i thought doing 1 of them would help a great deal but it only saved me £80-90 per month off my total amount, i'm considering Bankruptcy will that right off my dept totally and will i have to pay anything back at all?

PixiePie

It depends on what you owe, to who.

BR does not wipe any Student Loans, either old or new style, so you would still have that.

After you have 'gone BR' at the court, you are appointed an OR, who will look at what you have coming in against your expenditures (not credit card/non-student loan repayments anymore, as these are subject to the BR, as well as a few other things see http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=01_bankruptcy for an outline) and if you have a surplus of £100 or more a month you will be given an IPA, which you will have to pay over 3 years, depending on your circumstances not changing (if they do you have to tell the OR and he/she recalculates your IPA).

I can heartly recommend National Debt Line for phoning for free advice on your personal circumstance - they are very friendly and helpful and do not judge at all, but there other free charity run advice options as well, including the CAB, CSSS and a couple of others that I can't remember (sorry, but sure others will chip in with them).

Hope that helps to start with, you need to look at the long term implications of BR as well though, like not being able (possibly) to get much if any credit, BB internet connection, your bank account being frozen, so needing to get a BR one (the Co-op are good apparently, there is a sticky at the top of the forum on this though) and it being on your file for 6 years, even though you are discharged after 1 year ( or less). And even after 6 years you might find it hard to get 'good' credit (ie preferential rates of APR) so you need to look into this. Having said that, for me personally it's the only way out of my personal hole and I feel so so much better and lighter now I have decided to go for it.

Good luck