Whats the difference between IVA and bankruptcy

BETTY_BOOP_7

hi does anyone have advice on IVA or bankruptcy and what is better , i am thinking about doing one or the other i have read on the cab web site but i would like people personal experience to help me decide .thanks

tigerfeet2006

Sorry not had any experiance of an IVA. This the explanation on the IS website

http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm

http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm

But what I will say is before deciding on either is ring National Debtline or CCCS for advice.

debt_doctor

Hi, thats not possible to answer without knowing more about you. In particular do you own any property / expensive assetts and / or what occupation are you in.

Best

DD

squirrel_pigeon

An IVA is a formal legal agreement between you and your creditors via an Insolvency Practitioner where your creditors agree to write off a percentage of your debt in return for a set payment over a set period (usually 5 years).

Bankruptcy is a legal process whereby your debts are written off on discharge (usually 12 months) and you may make payments into the BR for 3 years.

Both options are forms of insolvency and neither should be considered without professional advice from CCCS, National Debtline or CAB. They will not charge you for advice.

You should always take professional advice but if you answer Debt Doctor's questions and provide an SOA we can give you our opinions.
xxx

weightlifted

debt_doctor wrote: »

Hi, thats not possible to answer without knowing more about you. In particular do you own any property / expensive assetts and / or what occupation are you in.

debt doctor is right the difference basically revolves around the assets that you have.

IVA worked for me (up to a point), but every situation is different. Post some more details and your SOA and i'm sure some of the very knowledgeable people on here will be able to advise you.

Best of luck.