Bankruptcy or Iva

8 Posts

Hi all
I’m after some advice, I have had a debt management plan for about 4 years and I’m about £34,500 in debt , I have recently contacted stepchange to discuss other options and and have been told my other options are an Iva or bankruptcy, I’m absolutely torn in deciding what to do.
I’m after some advice, I have had a debt management plan for about 4 years and I’m about £34,500 in debt , I have recently contacted stepchange to discuss other options and and have been told my other options are an Iva or bankruptcy, I’m absolutely torn in deciding what to do.
I have no assets only a car worth about £1300 which I would need as I work unsociable hours, would this be taken away from me in bankruptcy?
I rent a property but if I ever had to move would I have issues being able to rent privately again?
I have another issue which is I suffer from an eating disorder and and overeating related to other psychological issues(this is how it’s described on my medical records) also other digestive issues.
my DMP budget has always allowed around £450 for household expenses (groceries and housekeeping ) for this reason. I’m a single person , I know this sounds high but it is what I spend , Would this be an issue with an iva or ipa in bankruptcy?
my DMP budget has always allowed around £450 for household expenses (groceries and housekeeping ) for this reason. I’m a single person , I know this sounds high but it is what I spend , Would this be an issue with an iva or ipa in bankruptcy?
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any debt solution will leave your credit file in a poor state for 6 years (sometimes longer depending on the debt solution used).
your level of debt suggests an IVA may be a good course of action but without knowing your financials it’s hard for anyone to advise.
Jan = £715 / £1,000 Feb = £1,275 Mar = £400 (fallen behind will make up in April)
Apr = £ May = £ Jun = £
Oct = £ Nov = £ Dec = £
thank you for your reply , I will upload a SOA I’m just trying to work out how to do it
thank you
If you have no assets, then there is little benefit going down the IVA route, you may as well take bankruptcy, both will affect your credit file for 6 years, there's little point slogging away at an IVA when you don`t have to, bankruptcy you are discharged in 12 months, IVA it could be 6/7 years.
More than a third of IVA`s fail....fact.
Could A Debt Relief Order help you ?
Never pay a fee for a Debt Management Plan.
For free non-judgemental debt advice, contact either : Stepchange, National Debtline, or CitizensAdviceBureaux.
I would more than likely have to pay into an ipa as I do have surplus income after my bills are paid but would the ipa payment be similar to the Iva payment or would it be more strict?
The allowances for BR are quite generous but your mobile is a bit high.
If you have £20 surplus an I P A could be set up..this lasts for 3 years.
Pop your SOA on here and we can take a look
If it's over £1500, ask us for more info
thanks