Help please........IVA or BR for me please.....

Galloglass

peterparker12 said:

Thanks for your replies chaps. 

Mike864 said you struggle with the "keep no overtime" thing as well. I can't imagine working all weekend and having to go in tired for nothing...but then again it is for 3 years not 5. I'm leaning towards BR now really. 

You seem to be one-eyed on this as you talk about the burden of the loan. How will BR affect the other major creditor or will you pay that off later?

mwarby

Galloglass said:

peterparker12 said:

Thanks for your replies chaps. 

Mike864 said you struggle with the "keep no overtime" thing as well. I can't imagine working all weekend and having to go in tired for nothing...but then again it is for 3 years not 5. I'm leaning towards BR now really. 

You seem to be one-eyed on this as you talk about the burden of the loan. How will BR affect the other major creditor or will you pay that off later?

I preume your talking baout the loan to his Dad ? its quite a sizeable loan, and one that won't get repaid until long after the 3 year mark (unless bankruptcy produces a dividend). I suspect most creditors know that family loans often end up getting repaid in the long term (which maybe strengthens resolve that they shouldn't be treated preferentially during the insolvency)

peterparker12

There is that, but mostly the hundreds of extra night shifts I would do simply to give to the OR. At least in an IVA I could keep 50%.........its not an easy choice......hmmm

mwarby

I appreciate easier said than done, but could you not opt out of overtime or switch jobs ?

It’s also worth bearing in mind that it’s possible that 3 years of overtime and sticking with it, may well produce a good impression and a progression. While you don’t see the benefits now, at the 3 year point you could be much better off career or wage wise 

Bluecar2

Could you not cut your hours, A lot of people use the 12 months to re-evaluate everything, I now only work part time (20hrs a week), 10 years ago I was working up to 100hrs a week on occasions and reguarly 80 ,It covers all my commitments and makes me realise whats really important

KeepOnKnitting

Bankruptcy allowed me to drop my hours and go to uni. Could you do something similar?
If not, I really think finding another job without compulsory overtime combined with bankruptcy would be your best option.