Torn between IVA & Bankruptcy...

adyj73

I just went through FULL MOD security clearance and declared my IVA and it made no difference and I still got my security clearance (they just wanted to know why I had to do an IVA - marriage breakdown etc). I think Bankruptcy may have meant I was refused so I personally would always go IVA if possible

fatbelly

adyj73 wrote: »

I just went through FULL MOD security clearance and declared my IVA and it made no difference and I still got my security clearance (they just wanted to know why I had to do an IVA - marriage breakdown etc). I think Bankruptcy may have meant I was refused so I personally would always go IVA if possible

I would be surprised if the MOD viewed the two strategies so differently - they are both forms of insolvency and your personal details appear on the public insolvency register - I think for 15 months usually in bankruptcy and 5 years in an IVA

sourcrates

adyj73 wrote: »

I just went through FULL MOD security clearance and declared my IVA and it made no difference and I still got my security clearance (they just wanted to know why I had to do an IVA - marriage breakdown etc). I think Bankruptcy may have meant I was refused so I personally would always go IVA if possible

There is very little difference between the two in the real world.

Bankruptcy slightly more invasive than IVA but the distinction would be lost on most people.

CocteauTwin

I was persuaded to take an IVA with 13K debt. I had no assets and 30k PA wages. Like others I buried my head in the sand for ages. Paying off cards each month and watching the amount owed rise.
Initially, it felt liberating as the dreaded letters stopped coming. I used Payplan and found that they could not do enough for me. Two years in and simple annual reviews - no increases and good rapport with my IP officer. Year three I had a very different experience. New IP asked for an increase of over 120£ per month. I had wages frozen for the whole of the IVA. New IP then asked for additional supporting documents including receipts, bank statements etc.. They even asked me to change all my utilities to increase my payments. I provided info but it was the inference that I was frauding. IP changed from being empathetic to heartless in 1 year. Do I really need a cat? I was asked!

It's over now and it ended well. Just do your own research.
Good luck though

Johnsmith2016

61k debt no assets, no job, nothing to protect, take longer than 6yrs via other methods= bankcruptcy - imo

IPA yes for 3yr vs 5yr in IPA - amounts be circa the same give or take . Or can you afford take a year out ? Avoid the IPA altogether ? Re-train? College etc . Clean slate whereas a Iva can fail and you end up bankcrupt anyway. You would not get an Iva at moment as you have no income, but soon as you do they will no doubt push you down that route as make a ton of fees. If you are 100% decided on bankcrupty stop paying things and use that money to pay the £680 fee, or pay instalments .

Difference on credit file negliable imo both trash it . Does you line of work require you not be have been bankcrupt ? That's the only thing I can think you may have to protect in a Iva .