IVA or Bankrupt Help!

David_Durker

Hi all. I got an IVA in October paying of £10,000 debt

I’m self employed builder, I am paying back £120 over 5 years 

 I owe my family around 4K and they also want their money back now it’s been years. 

my mental health isn’t great, my girl friend wants to take me away somewhere cheap like India 

she said she’s happy to pay my £120 a month for us to stay away for a while 

can I do this on an IVA?

my annual review will be while I’m away if so….

not sure if they check my last 3 months bank statements and I haven’t used the bank account what they will say 

do you check tax rebates in the annual review?

I could give that to my family and get that debt paid too

lastly 

Would bankruptcy be a better idea? I’m not sure if this IVA is a good idea 



Thank you 

RAS

Did you seek advice from a debt charity before making this decision?

Or answer on of those "get 70/80/85/91% off your debt adverts?

Grumpelstiltskin

Agree with RAS, my guess is you fell for one of the social media adverts, I'm sure none of the debt charities advised an IVA for such a small amount, another question do you rent or pay a mortgage?

David_Durker

RAS said:

Did you seek advice from a debt charity before making this decision?

Or answer on of those "get 70/80/85/91% off your debt adverts?

I didn’t seek advice. They rang me and I was paying £400 interest and never paying my debt off. Not sure if it was a good idea now 

David_Durker

Grumpelstiltskin said:

Agree with RAS, my guess is you fell for one of the social media adverts, I'm sure none of the debt charities advised an IVA for such a small amount, another question do you rent or pay a mortgage?

I have one more rent to pay… my rent runs out on March 31. 

I then don’t really want to be in UK much more. I went away to INDIa on holiday at Xmas and my and my Girlfriend want to travel. 

What would you advise me doing? 

I called IVA company today credit fix and said I’m struggling with mental health and my mum and uncle want money from me now too. 

Should I have just gone bankrupt? 

SusieT

So, you do not own a home, and you have only £10,000 of debt? Do you have a car or some other expensive asset?

Grumpelstiltskin

No you shouldn't have gone bankrupt for such a relatively small amount.

Are you sure leaving the country will solve your problems?

Think very seriously about the future, you can just stop paying the IVA and let it fail but eventually you need a plan to go forward.

David_Durker

SusieT said:

So, you do not own a home, and you have only £10,000 of debt? Do you have a car or some other expensive asset?

I don’t have any assets

David_Durker

Grumpelstiltskin said:

No you shouldn't have gone bankrupt for such a relatively small amount.

Are you sure leaving the country will solve your problems?

Think very seriously about the future, you can just stop paying the IVA and let it fail but eventually you need a plan to go forward.

My girlfriend said she will pay my £120 a month while are away 

Just wondering when I do my review at end of year they will see I’m not working and away… even though gf will support 

She wants to go away…. Can’t see us not going anywhere it’s been depressing in London. I can still make min payments