Decisions...decisions!!

EyesNowOpen

Hiya, I am a newbie here and have been reading several threads about bankruptcy and IVA's. I am greatly bouyed by seeing the support and camoradery on this site.

I too find myself in the position of chosing between BR or IVA. Having looked very closely at what my likely monthly payments would be under an IVA and my available disposable income (with the help of the CCCS), I can see that it could be 'challenging' to maintain the agreement. Additionally, I am about to be a father for the first time and I'm not sure that a 5yr payment plan is in my family's best interests. Basically, the only 'asset' I have is a 5yr old car (with outstanding finance) which I need to use for my job.

I would be grateful if someone could answer these 2 questions:-

i) Is an IVA cleared of my financial record 6 years after initial agreement or after it's completion?

ii) Is there a significant difference in the long-term effects of BR or IVA on my financial activities, after the clearing of my financial records (after 6 yrs), if so what are they?

My concern in all of this is my ability to get a decent mortgage in the future.
In the short-term I suspect BR is my best option but it may not be so in the long-terms.

I would appreciate some advice.

Many thanks.

Lorne

Hi EWO, welcome to the boards.

I'm sorry I'm not able to answer your BR queries but hopefully someone will be along soon to help,

Good luck, Lorna

10past6

EyesNowOpen wrote: »

Basically, the only 'asset' I have is a 5yr old car (with outstanding finance) which I need to use for my job.

Hi

If the only asset you have is a 5 year old car, I doubt you would qualify for an IVA.

IVA's are only applicable to a very very small % of people.

Take a look here