Bankruptcy/IVA help

overspender90

Hi there hoping for some advice from the brilliant people of the forum.
I am in around 28k of debt, no assets apart from a car on HP. The car is worth around £5900 according to Parker’s and I gave £7300 left on my finance agreement.
I have been speaking to a payplan advisor who has given me options of bankruptcy or an IVA. The Iva they worked out I would be able to pay £50 a month for 5 years but  my car would be protected (however have contacted my finance company as their clause states any insolvency may result in termination not just BR)

I am leaning toward the BR route considering my options however I am getting married in a few months (I know horrific timing) I can’t cancel as I would have to pay full balance.
my plan was to pay for some wedding things on my credit cards/overdrafts.
Wondering if I should wait till after my wedding to file the BR application or will purchases be frowned on by the OR as obviously they won’t be essential items.
I am expected to be subject to an IPA as I work and I think I will have some disposable income left over which is fine but will my behaviour result in getting a BRU/BRO? And what does that mean for me

thanks so much 

RAS

You don't own anything that justifies an IVA and unless your monthly excess is over £75 you are eligible for a DRO, although the car is a problem.

A proper SOA would help people help you.

overspender90

RAS said:

You don't own anything that justifies an IVA and unless your monthly excess is over £75 you are eligible for a DRO, although the car is a problem.

A proper SOA would help people help you.

This is the budget that I worked out with the debt advisor.
my current debts are
personal loans £17108 and £7000
overdrafts £2500
catalogue accounts £200
credit cards £400

I would not be eligible for the DRO as I have too much excess money 

overspender90

overspender90 said:

RAS said:

You don't own anything that justifies an IVA and unless your monthly excess is over £75 you are eligible for a DRO, although the car is a problem.

A proper SOA would help people help you.

This is the budget that I worked out with the debt advisor.
my current debts are
personal loans £17108 and £7000
overdrafts £2500
catalogue accounts £200
credit cards £400

I would not be eligible for the DRO as I have too much excess money 

Sorry I forgot to attach this 

la531983

Hang on....."Savings"? How much do you have in savings?

overspender90

I don’t have any, she said they like to put some aside for savings so would that be reasonable and I just said yes lol, I think she was pushing for an IVA potentially so you can ignore that 

sourcrates

There is no way on this Earth your creditors would agree to an IVA @£50 per month, its simply not realistic.

The fee`s alone would equate to more than what you would have paid in those 5 years, leaving nothing for the creditors whatsoever, that`s just not going to happen.

Payplan were really scraping the bottom of the barrel with that one.

Either go bankrupt, that`s the quickest option, or do a self managed DMP, save an emergency fund, and a few years down the line, settle up at a discount. 

Your choice what you want to do.