Don't forget though that not everyone is suited to an IVA, and if the debt can be repaid in full in not much more time than an IVA would take, the banks are likely to reject it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Melanie I see from an earlier reply to this post that bankruptcy is a quick solution if you have no assets to protect. All I have is 2 cars which are getting on a bit but we need them both for us to get to work. We have some funiture in the house but apart from that and clothes nothing of any value apart from about £70,000 of debt. Would bankruptcy be a better option for us as I have heard that you can still be made to make contributions under a bankruptcy order. Also i am studying for a degree which will hopefully lead onto me becoming a member of RICS and I also believe that they would refuse me membership and would this be for life or for a limited time. Sorry for so many questions.
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
I think that the only perspm who can decide whether you would be better off in bankruptcy is yourselves - and presumably you have discussed this as an option with your IP. Many people claim to have been better off in declaring themselves bankrupt, and others say it is the worst thing they ever did - and the majority of clients I propose IVAs for genuinely do want to pay something back to their creditors - so you need to decide which camp you are in on that score.
You would probably have to make contributions whilst in bankruptcy, and these are generally set at 50-70% of your disposable income and are paid over a maximum three year period. So a much quicker route, but is it right for you? Only you can answer that!
I doubt that the RICS would refuse you membership on grounds that you have been bankrupt, or proposed an IVA, but it would be a good idea to check this out before firmly deciding on the right way forward.
Thank you for this Melanie, I think the way I read your other reply made me think that bankruptcy was a better option. I will stick with the IVA route as this seems the best way out and many thanks for your reply
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
I would say think very carefully about what is the right situation for you, and please don't think of BR as a quick fix. Personally it was the right route for me to take, but if I could have afforded my IVA payments I would never have gone BR.
I don't know who your IP is, but providing you have a realistic proposal and faith in your IP you'll be fine x
I am sure you will be fine with your IVA, and you have a good IP working for you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Thank you Kallis. I couldn't agree more that I have a good IP in David working for me. I have been overwhelmed with his teams help and guidance and wished that I had done this sooner rather than bury my head in the sand. But then again if circumstances were different I might not have found David and could have ended up with a poor IP. So just glad that I am going in the right direction now with David's help
IVA.co.uk The best place for debt advice. Thanks to Melanie Giles, David Mond, David and J (Elv5) Kallis, Dand, Skippy, Andy Davie
