IVA Versus Bankrupcy..

mother_hen_2

Some really useful info there thankyou.. but I am still agonizing over the recent purchases, will I get in trouble because of them?

FeelingLow

you really do need to talk to someone hun, ring one of the charities & ask them about your recent buys, they arent there to judge you but could put your mind at rest

tigerfeet2006

You may get a bit of a slapped wrist from the OR, or he could impose a bankruptct restriction order (BRO) on you, but there is nothing really to worry about with those. Will find a link for you. BRB
http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm

some people who have recieved them

http://www.insolvency.gov.uk/databases/ddirector/viewbrobrudetailslatest.asp

If you talk to someone from the debt charities they will not judge you, they will take you carefully through all your options. It is best to do this even if you decide on an IVA because they can make sure you don't get ripped off by an IVA company. Do not go with one that advertises on the TV or papers.

Toon_Dave

Hi Mother hen.

Well done on posting here..not an easy first step to admit you have a problem and need help and advise.

i am in the position now of going for BR after long consideration and fantastic support and advice on here and also throught the CAB and CCCS...they are certainly your best options to ring and speak to an advisor..its free and confidential advice specific to your needs.

Also try the CCCS website if you dont want/feel you can ring the above as it has some good info and will tell you which options will be better for you. You would need to input details of income/expenditure etc but it would creat an individual debt remedy pack which is unique for you...i did one and it gives an honest answer to what you need to do next.

With regards to renting - i have own joint property with my EX GF and have neg equity so when i go BR i am going to give house up and rent. I have been advised to rent first before the BR, this also means that the credit check isnt as severe, ie for me only has ccj, defaults etc no BR or IVA listed. My EA and prospective LL said that the credit check for them doesnt matter as its at the landlords descretion and as long as you can provide details of income and payslips etc, bank details and pay the bond and rent as usual then they couldnt care less regarding the credit report.

I havnt been accepted yet as only applied and paid holding deposit yesterday but because the LL has said she isnt fussed regarding the report then im confident it will be fine.

I hope that helps your initial queries.

As everyone has said, contacting the CCCS or Debtline or CAB is a must before decisions can be made...

Good luck and we will help and assist you as much as we can,

Dave.

Toon_Dave

mother_hen wrote: »

We are in the position of going for IVA although I suspect closed to b.r. Could I ask regarding the contents of our property would the bailiffs come in and remove everything?
If we loose our house will we be able to get rented (I thought housing agencies did credit check).

Thats two questions I know sorry but lots of thoughts going through my mind.

Also regarding the baliffs , these can only be sent in after court applications have been made...most companies use this as a threat of 'sending the baliffs' which does scare people...the only difference to this is for council tax arrears as the councils have different rules on collection etc..

But, you still have to admit the entry to your house, they are unable to break in or gain entry without permission. Because it goes through court you will have plenty of time to defend and contact courts etc and the creditors before any inforcement action can be taken.

Dave

mother_hen_2

Thankyou for that Toon-Dave, right now I want to empty my house of contents and hide them somewhere so bailiffs don't get them...actually I have two very large german shepherds guess that will keep unwanted visitors out ...thankyou thankyou all...food for thought...

Toon_Dave

mother_hen wrote: »

Thankyou for that Toon-Dave, right now I want to empty my house of contents and hide them somewhere so bailiffs don't get them...actually I have two very large german shepherds guess that will keep unwanted visitors out ...thankyou thankyou all...food for thought...

yep im sure the GSD will do that....lol...maybe the postie will think twice delivering those letters to if you let them lose.

good luck and get calling!! best advice i can offer.... Read some of my posts and you'll see how much clearer i've become - check the debt and depression one started by So Sad Angel...there is always light after the darkness.

Dave.X

empty_wallet_2

Looks like my OH has been pushed towards BR over IVA today as we had a meeting with the IP,she said that even though i was BR my OH's creditors would want any surplus i had and not only the surplus on my agreed SOA with the OR but they would not allow me to claim some of the allowances the OR has let me. Also even though what my OH was offering to pay was 60% of the debt it would still not be enough, so IP advised my OH to go BR as she said you will have a much better life and even if an IPA is given its only for 3 years, whereas with an IVA you are expected to live like a pauper for 5 years, the IP even said the creditors are getting too greedy for their own good and that maybe if a lot more people went BR it may get the creditors to situp and think about the situation.

peachyprice

Hi EW,

I've been thinking about you and your OH today, was wondering how she got on, not too good by the sounds of it?

sparrabeth

peachyprice wrote: »

Sorry, i was a bit slow there, Tigerfeet and Skylight got in before me!

Also bear in mind, at the end of the 5 years IVA your creditors can still ask you to sell your house so they can have the equity.

Hi - that's not true, actually. The IVA settles a persons debts - at the end of the 5 years the person no longer owes the money and the creditors cannot ask them to sell their house.