Queries re: Bankruptcy and IVA

LearningtoSave2006

Okay, the background is detailed here.

My parents have spoken and they've spoken to the National Debtline (who have advised bankruptcy), and now they've both come to me again, asking me to find out answers to the following.

My mum doesn't want to go bankrupt for one reason - she doesn't want her name in the newspaper. Now if I'm honest I can completely understand this because we live on the Isle of Wight, where everyone knows everyone else, or knows someone who does. Everyone at her work reads who's gone bankrupt that week and comments on it. She feels bad and humiliated enough without it being published in the local paper. She would go bankrupt if it weren't in the paper, or if it had to be published if it were in the Southampton or Portsmouth paper. Is it possible for that to happen? Or would it have to be the Isle of Wight one? As far as I'm aware there's no way around it.

Due to the above they are considering an IVA. Would they be able to do this? Would they be eligible? I'm unsure as to what the requirements for an IVA are. All their financial details are in the link above.

Many thanks for any help.

10past6

LearningtoSave2006 wrote: »

Due to the above they are considering an IVA. Would they be able to do this? Would they be eligible? I'm unsure as to what the requirements for an IVA are. All their financial details are in the link above.

Hi

An IVA is only applicable to a very small % of people, in this case your parents DO NOT QUALIFY for an IVA based on the information provided within your link.

Many, many fee paying companies may well say they do, I can assure you, based on the information provided they do not.

Here one reason where an IVA is applicable, "PROTECTING ASSESTS" like home, you mention your parents don't own their own home, hence, they would fail an IVA.

Why not call the debt free charities and take their advice?

fermi

It would have to be the Isle of Wight County Press normally. The choice is not yours.

Martin has written a useful article on IVAs.

Link: Guide to IVAs - Are they worth it?

But I can't see how they could do one.

As hard as it is, they should perhaps think more about their best interests for their retirement rather than any embarrassment. I know it's easy for me to say that.:o

LearningtoSave2006

Thanks very much for your help, I really appreciate it.

I'll go back to them with that information - I really wish I could persuade my mum that having your name printed doesn't matter, but at the same time I know what it's like to live here and how gossip is very much rife when it comes to putting other people down. I will try though.

10past6

LearningtoSave2006 wrote: »

Thanks very much for your help, I really appreciate it.

I'll go back to them with that information - I really wish I could persuade my mum that having your name printed doesn't matter, but at the same time I know what it's like to live here and how gossip is very much rife when it comes to putting other people down. I will try though.

It's unfortunate that elderly people have this stigma about debt, I can understand her wishes, but sometimes one has to be brave and face the world, regardless of other peoples opinions, try reminding your mum, it's only opinions, tomorrow, it will be history.

Good luck.

LearningtoSave2006

Edited because I'm posting in the wrong forum.