IVA or Bankruptcy

sandeevie

Hi all, 
 I am currently two years into an IVA and I took it out when I was desperate not understanding it, now I am being advised that Bankruptcy is a better path, I am a council tenant with no assets and paying off 16000 of my husbands debt taken out in my name! 
I need advice Do I stay with IVA or go with Bankruptcy? will it effect my life after it? 

flipflopflo

I would have thought a DRO would be better over bankruptcy with only £16k of debt and no assets. Who is giving you advice about this?

Would you be kind enough to post a SoA so you can get some more accurate advice from the board members. 

https://www.lemonfool.co.uk/financecalculators/soa.php

Try to make it as accurate as possible. Have a look at your bank statements for the last couple of months. 

sourcrates

DRO depends on your income and asset level, and mainly your level of disposable income not being more than £75, and then staying within those limits for a year.

If your paying into an IVA, it`s likely you won`t qualify for a DRO, unless you have under budgeted to a large extent.

Bankruptcy, you pay the fee, basically job done in 98% of cases.

If your disposable income is much over £20 a month, you may get a 3 year IPA.

All insolvency solutions are visible for 6 years on your credit file, and with Bankruptcy its registered in the London Gazette forever basically, but only if you search their archives.

flipflopflo

That’s very true about a DRO @sourcrates but I was wondering whether she really has got the money for an IVA depending on where she went to for advice and was hoping that a SOA would show that. Just thinking that DRO is £90 and bankruptcy is £680.