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utterly_ashamed wrote: »Yeah I;m getting a bit concerned with these;debt advisors;. So far two charities have tried to steer me towards an IVA rather than bankruptcy (guessing maybe cos they earn money setting them up ?). I have no assets at all - no house or car - but will prob have to pay in to an IPA because Im earning. Why string it out for 5 years instead of 3? Advisor told me IVA payments more manageable and budget to live on more generous but I was under the impression IVA and BR living expenses were more or less the same ...
As a rule of thumb, if you have assets to protect such as a house, then choose IVA.
If you have no assets to protect, then why not go bankrupt as you suggest ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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