Insolvency please help

MacyD

Hi
I am looking for some help please for a family member. She had an insolvency agreement which finished in 2010. Since then she is in a worst state than previously. She can't keep up with payments from everything. This was due to unfortunate circumstances. Will she be able to go for another insolvency or are you only able to do it the one time?

Thank you

sourcrates

Hi,


Which insolvency solution did she have ?


IVA/DRO ??


You can have one DRO every 6 years, i don`t think there are any restrictions on the number of IVA`s or bankrupcys you can have.


Insolvency just gets rid of the debt, the reasons why the debts have accumalated need addressing otherwise its just going to be rinse and repete forever.

MacyD

Thanks for the reply, I don't know the difference between IVA and DRO.

After the last one she took cancer, had house broke in to a number of times and car stolen. With other issues too. It started off small again and then became really out of hand, she still works but the debts are extremely high and some she was mainly paying interest.

Thank you

fatbelly

She needs to take advice from an unbiased source. National Debtline are good (beware impostors).

If she wants she can come on to these boards - either this one or the debt-free wannabe one. We;ll ask her to post a statement of affairs and try to point her in the best direction.

MacyD

Thank you so much youse have been very helpful. i googled the IVA and DRO and it was the IVA she had.

Thanks so much for your help

fatbelly

DROs only came in in 2009 so I was suspecting that was an IVA. All the options (insolvency and informal options) are open to her - she just needs to sort out which one will work best for her.