Dump the IVA and go bankrupt?

andrewd2006

hello,

im currently in an IVA.but have been thinking of going bankrupt!.because i dont own anything like cars or houses or anything (so wouldnt loose anything that way).but are debt collecting agencies allowed to turn up at the place im renting and remove items from the flat?.even tho i dont own them?.also how long does it usually take to clear your name?

many thanks

fermi

andrewd2006 wrote: »

but are debt collecting agencies allowed to turn up at the place im renting and remove items from the flat?

No. Never. Your affairs are administered by the 'Official Receiver' and they aren't interested in household goods (unless you have a Picasso or a £5K plasma TV stashed). Things that you don't own are safe whatever.

andrewd2006 wrote: »

also how long does it usually take to clear your name?

Six years to be cleared from your credit files, but you will always have been bankrupt.

There is a forum here called Bankruptcy & Living With It that can help with these questions.

Have you sought professional advice as per my signature?

andrewd2006

i have done with debt free direct (because of me being in an IVA). but other than nope i havent done anything else.

AGB863

The other thing to remember is with an IVA it is on your record for the 5 years it takes for the IVA and then remains on your credit file for a further 6 years ( I beleive) making 11years on your credit file.

At least with bankruptcy it is only 1 year plus 6 making 7 in total.

rog2

andrewd2006 wrote: »

i have done with debt free direct (because of me being in an IVA). but other than nope i havent done anything else.

We see too many 'horror' stories of people who have been 'mis-sold' IVA's and 'Debt Free Direct' seem to be 'top of the heap'.

These companies are ONLY interested in the, not insubstantial, fees that they stand to earn out of an IVA, and appear to have little, or no, interest in the problems of their 'clients'.

Andrew - you need to have a word with CAB, or CCCS very quickly. I would not reccomend that you discuss your situation with DFD until you have taken INDEPENDENT advice.