BR Advice

[mish1953]

I've been trying to decide whether an IVA is the best thing for me, or wether to bite the big bullet and go bankrupt.

Are IVA companies any good at giving advice like this ?
Or will they always point you towards an IVA as that's where they get their funding from ?

Anyone got experience of this ?

Thanks
Hamish

[zoe]

Hello
I tried an IVa and was rejected. I am now bankrupt
You will need to get advice from a few different companies who will give you the full SP.
hope this helps


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[MelanieGiles]

Well as we are qualified professionals, I would like to think so Mish!!!

Insolvency practitioners should always give you advice on the full range of options, and should certainly not steer you to any particular route. if you feel that this is happening, try another company.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[mish1953]

Thanks Melanie,
I must admit, I thought that the company Im dealing with would have been given me some advice about BR but everything I have got is from here !
I am dealing with a trainee and she seems ever so nice, but Ive been told that the person looking at the IVA will be in touch . no idea when .
Given that around 45% of my debt is with N/Rock Im am concerned that the IVA may be a waste of time anyway.
__---- a bit off subject
My mortgage - which is part secured and part unsecured - should I pay both parts or only one part just now ? I could manage - just If I scrape by to pay the secured monthly payment.
But I may need to raise £485 to go bankrupt and that monthly payment would cover a large part of that..
Help

thanks
Hamish

[MelanieGiles]

You should only be paying the secured part of the NR loan, as you are not paying anything to your other unsecured creditors I assume.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[mish1953]

Errr... I have been trying to pay some money to all the creditors , but it's killing us - which why this month Im not going to pay anyone until I reach a decision.
I am seriously considerering B/r
a) I doubt if N/r will agree to the IVA given the amount of funds available
b) it seems that the monthly allowances are much tighter for an IVA and I think we would struggle
c) given my income/expenditure theres a fair chance that the OR may not require payments at all.
d) I hate the idea of BR it goes against my upbringing and beliefs but if I have to then I have to.
e) my job is not in danger
f) my mortgage is interest only - I would still have to find the capital when its paid off -- more credit !

Im coming round to the idea of BR !
But do I stop paying everyone or keep trying while tis going thru ?

You are a star - did say that already ?

thanks
Hamish

[Adam Davies]

Hi
If you decide on bankruptcy then stop paying your creditors.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jane.l]

I would stop paying the creditors now. We stopped paying in March so we could get the deposit for a rented house and moving costs, which were a lot higher then we anticipated! We hired a van, had to buy a roof arial, new fridge/freezer, as ours was built in at our old house! We cannot go bankrupt till at least another payday has passed as we need to save for 2 lots of fees!