Thinking of going Bankrupt

petec33

After some advice i recently did an IVA which i am still struggling to afford although i do make my payments on time.
Just wanted to know what differences there are between Bankruptcy and an IVA with regard to obtain future credit ie. Mortgage. I have been told that if i was to go Bankrupt i will struggle to get any type of credit in the future even after i have waited six years whereas an IVA I won't is this true?

shadowdragon

The last few days of being on this forum ive come to the conclusion that I dont want Credit EVER EVER again, im too irresponsible with money with my current state of mind. Going bankcrupt seems to wipe the slate clean, and if your Credit rating is borked so be it, you want something you have to save for it, Like the good old days hehe.

As far as mortgage why have one the housing market is soooo unpredictable theres a lot of negative equity floating about and I would imagine its going to get worst. Least with renting, you dont have those woes, I doubt very much from a personal point of view I would ever get a mortgage again, just not worth the hassle.

sorry just read my post and it didnt answer your question, sorry. Yeah if you go bankrupt your Credit rating is borked and you cant get loans overdrafts ect.

Dont know about IVAs i couldnt afford to pay one so not gone down that path.

maxmycardagain

all i can tell you is that BOTH are on public record on the IS website and the gazette websites, and screw your credit rating.

petec33

Im thinking after six years when my credit rating has gone back to zero and hopefully the housing market will be better then.
Does Bankrupcy stay on your credit file for ever or dissapper after 6 years?

shadowdragon

petec33 wrote: »

Im thinking after six years when my credit rating has gone back to zero and hopefully the housing market will be better then.
Does Bankrupcy stay on your credit file for ever or dissapper after 6 years?

By what Ive read on this forum, its not as cut and dry as that, it depends if you have a Bankruptcy Order attatched to you, where you can be still under the Official Receiver for upto 15years, a normal discharge is after 12months if you have behaved, and you can get an early discharge at the Official Receivers Discretion. Have a trawl at all the posts on the first couple of pages they will answer most of your general questions. I telephoned the CCCS and they are sending me a budget form and I have a telephone interview with them in two weeks time, and they are going to advise me of my best option, im 99% sure by what i owe in debts and my current circumstances that they are going to advise bankruptcy, so ive kinda set my mind on that and knocked up a spread sheet of my income/outgoings my assets and creditors. I also telephoned my local county court and booked into bankruptcy court.

Its not that bad and people on this board are really lovley and kind. Once you get your head around the how to go bankrupt its not that daunting.

Summer1969

shadowdragon wrote: »

The last few days of being on this forum ive come to the conclusion that I dont want Credit EVER EVER again, im too irresponsible with money with my current state of mind. Going bankcrupt seems to wipe the slate clean, and if your Credit rating is borked so be it, you want something you have to save for it, Like the good old days hehe.

As far as mortgage why have one the housing market is soooo unpredictable theres a lot of negative equity floating about and I would imagine its going to get worst. Least with renting, you dont have those woes, I doubt very much from a personal point of view I would ever get a mortgage again, just not worth the hassle.

Totally agree with you. I don't EVER want credit again! And we are selling our flat and going into rented, don't want the stress of a mortgage for a long time, with what's happening in the property market, I will actually be debt and mortgage free in the not too distant future, first time in.....well a long time.

shadowdragon

Summer1969 wrote: »

Totally agree with you. I don't EVER want credit again! And we are selling our flat and going into rented, don't want the stress of a mortgage for a long time, with what's happening in the property market, I will actually be debt and mortgage free in the not too distant future, first time in.....well a long time.

Thats good news, congratulations, I am actually looking forward to getting this all done and dusted. Trouble is now i have to sit about waiting for my CCCS interview (two weeks time).

People say renting is dead money, but looking at the difference with my rent (£300) per month or buying the property (£100k) i know which i prefer. Plus its a housing association property so I can do what I like to it (within reason) as far as decorating garden ect.

peachyprice

petec33 wrote: »

I have been told that if i was to go Bankrupt i will struggle to get any type of credit in the future even after i have waited six years whereas an IVA I won't is this true?

An IVA will have the same effect on your credit file as BR, you are still officially recorded as insolvent by the Insolvency service. BR should, in normal circumstances disappear off your credit file 6 years after discharge, after which you'll be 'clean'. With an IVA your credit file will be shot for the entire time you're in it, so normally 5 years, plus 6 years on top once it's finished.

shadowdragon

peachyprice wrote: »

An IVA will have the same effect on your credit file as BR, you are still officially recorded as insolvent by the Insolvency service. BR should, in normal circumstances disappear off your credit file 6 years after discharge, after which you'll be 'clean'. With an IVA your credit file will be shot for the entire time you're in it, so normally 5 years, plus 6 years on top once it's finished.

Wow an IVA is more damaging to your Credit score than going BC!!!!!

Juliea_2

shadowdragon wrote: »

Thats good news, congratulations, I am actually looking forward to getting this all done and dusted. Trouble is now i have to sit about waiting for my CCCS interview (two weeks time).

People say renting is dead money, but looking at the difference with my rent (£300) per month or buying the property (£100k) i know which i prefer. Plus its a housing association property so I can do what I like to it (within reason) as far as decorating garden ect.

You can cut the interveiw time with cccs by going on line and filling all the forms in there they then send you the figures and the phone calls a lot quicker but prob best to call them when your paperwork arrives. Its so easy if i can do it anyone can

skintbuilder

hi.

been made br ..

in a business partnership but they only banked me.
is partner liable for his half of all debts?/