Bankruptcy or IVA - Advice Please!!

waleslad2019

I was told that they only look at your finances once at the start and not again. Currently my income is the same as my outgoings, so the OR wouldn’t expect me to pay anything back monthly. 

ManyWays

In bankruptcy a 3-year Income Payments Arrangement can be set up at any time in the first year, before you are discharged. And during that year, you have to report changes in income to the OR, so if you can get through the first year, you are safe from an IPA

luvchocolate

ManyWays said:

In bankruptcy a 3-year Income Payments Arrangement can be set up at any time in the first year, before you are discharged. And during that year, you have to report changes in income to the OR, so if you can get through the first year, you are safe from an IPA

This is absolutely how it works I had to through my SOA towards the end of the first year and of course you have to report any changes during that first year. 

SteadyEddy22

waleslad2019 said:

@fatbelly so update from my IVA call with PayPlan and it was pretty positive. They are going to present a full & final settlement to my creditors of £5,000. They can’t guarantee it will be accepted but said they’ve had worse offers accepted. I’m borrowing the money from family and it seems like the best case scenario to be rid of all the debt without having to enter an agreement to pay monthly over 6 years.

Hi @waleslad2019

Can you give any update on whether they accepted the offer?

I am in a somewhat similar situation and currently looking at the IVA route.

Thanks