Bankruptcy vs IVA

[icebrick]

I am in the process of applying for an IVA through Myvesta.com. I have sufficient income to easily put aside 250 a month or slightly more towards an IVA but my IP doesn't seem very convinced because I told her that overtime won't be available when they take on 3 full timers. But they seemed to have changed their minds about it. But again my IP wants a letter from my employee to confirm this. The reason why I opted for an IVA is so that I can leave out my employer's involvement entirely from the IVA process.
I have no assets in my name, so perhaps Bankruptcy is the better option for me. But how does it affect my current employment/ future job prospects?
Cheers.

[chris.g]

That would depend on what type of work you do and how your employers look upon IVA's & Bankruptcy. There has been cases on here of people losing their jobs because they have entered an IVA, 'gross misconduct' I think the enmployers termed it!! Stupid I know......
I think the best thing is to read through the small print of your employment contract and/or contact the HR dept, annonomously, and get the information from them.....that way you know before you enter into anything.
Good luck,

[icebrick]

I thought the IVA isn't notified to the employers. Hence the reason why I opted for an IVA over a Bankruptcy.

[Viki.W]

Hey Ross, how's it all going? So you went with myvesta, I hope it all works out for you. I think it depends on what job you do on whether or not your employer has to know. There have been a few sad stories on here, I'm sure someone a bit more in the know will advise yoo. What is your job? if you don't mind me asking. Viki X

[rayb]

Icebrick - It is not reported to your employers at all but some employers in there small print have a clause stating that if you have an IVA/Bankruptcy then it is gross misconduct.

[chris.g]

Icebrick, you would need to check out your terms of employment. Some people have had nasty shocks, it's better to be prepared. I don't think that a DMP would create a problem though. I think you really need to get some expert advice but I would definately check your employment,

[freelili]

I found myvesta very honest and open when discussing possible options. There is no sense in any IP slogging away on an unrealistic IVA. Myvesta have videos to watch about BR and which sectors are affected in BR on their web site or as Chris say just go through your contract.
As far as I am aware its police, armed forces, law, some pubic sector and higher financial service jobs. Oh and you cant be a director.

Good luck.

[TheMatrix]

I don't think your IP can force you to work overtime anyway if it was going. I really think your IP is being unreasonable, you could always supply wage slips if they wanted to check your income.

I would not be happy myself with my employer knowing my business, or anyone else for that matter.

[MelanieGiles]

Your IP should be working out your disposable income on the basis of basic wages and not overtime. That is a dangerous practice as overtime cannot be guaranteed, and you could be setting yourself up to fail in the future.

Which IP firm are Myvesta going to refer you to? It might be worth having a word with the IP directly to see what their specific policy on this is - and beware if they suggest the inclusion of overtime unless it is guaranteed and regular.

[icebrick]

Quick reply in relation with my employment. I work for a Bingo club.

[james.c]

If i could do it all again I would go Bankcrupt because I have no assetts, in my mind IVA is good if you dont want to loose your house, but BR is the better option if you dont won anything

[icebrick]

I think the bankruptcy sounds like the better option since I lost all my assets anyway. But my concern about the bankruptcy is, how will that affect my current and future employment?
And when they advertise the bankruptcy how "open to the public" will it be?
Cheers.

[icebrick]

Another quick question, if I am already in the process of initiating an IVA, then would it be possible to declare a bankruptcy later?

[Viki.W]

If you really feel as though bankruptcy is a better option then I wouldn't start your IVA, you really need to decide now. What did Myvest advise? I would say your job will be fine unless you are director, check your terms of employment and as Chris advised, call the HR department anonymously and try to find out there. I know you are obviously handling a lot of money but it doesn't make you less honest! I think someone really has to be scouring the newspaper to find the notice so I wouldn't worry too much about that, it's supposedly tiny. Good luck Ross, keep posting. Viki X

[Skippy]

The BR advert is in the London Gazette and in your local paper. It's a tiny advert - mine was tucked away at the back with the adult services! No-one ever said they'd seen it, so either they were too embarrassed to say, or genuinely hadn't seen it.