Can I do anything to avoid bankruptcy ?

[Skippy]

I can't see that being a big seller somehow! I wouldn't want to go into WH Smith and ask for my copy of Insolvency Monthly!

That's why I suggested that people have a look on www.iva.com.

[Niobe]

I have to agree with Skippy here. You should speak to several companies before deciding which is the way forward for you but only you can make the decision.

This forum isn't just about IVA.'s, it discusses all debt solutions.

[Niobe]

Is like to add as well that even a so called 'neutral body' cannot point people towards the 'best companies'.

All companies have good and bad reviews.

[Car1e]

Can't agree with you Terry, we spoke to a few companies and they all recommended bankruptcy for us. However we wanted to pay back as much as we could - therein lies the crux, we made the choice. This Forum is a support for many people who are struggling with debt, are in an IVA, thinking about being bankrupt or who have come out of the tunnel of debt altogether. Skippy you made me laugh! Am off to WH Smith right now to secure my copy

[Foggy]

Thing is, Terry, how do you define a bad company ..... some failures are down to a clash of styles, what works for some doesn't for others, nobody is at fault, per se, that's just the way it is. This is just one reason for ringing round and finding a company that works the way you prefer. Granted, at the start, we are a bit at their mercy. But all we can do is research as much as possible.

We each have to chart our own course.

[terry d]

a bad iva company,ummmmmm let me think,ah i have it, a company who sends your personal details including your debts,income and expenditure to someone unknown to you and you get theirs.thats a bad company and i was with one off those companys,so there you are 1 bad company ,shall i go on,thats how i define a bad company,ringing around wont stop that will it,word off mouth and this forum will,im glad we all have our own opinions about iva,s and bankruptcy and thats what makes this forum interesting,you can dis-agree with what i say thats fine but thats your opinion and i have mine,ive been there,got the t-shirt and in my mind a lot of iva,s are failing because of the lack of information about bankruptcy,now ill define a good company
vincent bond i cannot thank them enough for all the help they have given me through my bankruptcy,they went way beyond what i was expecting and will recommend them to anybody wether that is a DMP,IVA or BR

[Niobe]

IVA's mostly fail because people's circumstances change and they cannot afford the payments anymore. Bear in mind that a lot of us are property owners and have no wish to lose our homes.

Debt companies will inform you of all of the options suitable for your circumstances and it is up to you to think about it and decide which solution is right for you.

You can find out a lot about bankruptcy by researching it on the internet.

[Daniel Griffiths]

Hi Terry

Can you explain what you mean about your details being sent elsewhere, are you saying you went to one company for help and they referred you to another did you fill in an online form at all? I understand 9 companies recommended an IVA that is alot of advice, when that happened had your circumstances then changed somewhat which is why you went bankrupt.

[terry d]

no all my details with the iva company went to someone else personal a bloke up north no-one i know and his personal stuff came to me and he dont know me a right cock up,we were both with the same iva company they just sent it to the wrong person so i know where he lives what his debts are how much he earns etc etc,some people on here acctually recommend that company and they have every right to,but i wouldnt touch them with a barge pole

[terry d]

so back to the origonal question of,,Can I do anything to avoid bankruptcy ? yes you can but be careful choose your company like you would choose a school for your child

[Daniel Griffiths]

Oh sorry I understand that now, I do recall your post

[Daniel Griffiths]

Hi Terry

Is it really down to choosing your company or choosing your debt solution, do you think your IVA would have worked out better with another firm or do you think you just chose the wrong debt solution despite all the companies giving you advice recommending an IVA, I am just wondering how useful expert advice is, another on this thread was recommended bankruptcy but chose an IVA because of wanting to return monies to the creditors even though an Income Payments Order would have done the same thing albeit not as much, but perhaps more affordable.

[terry d]

no the main factor was that if you enter into an iva you MUST have some disposable income for an iva to work, and i had none so my only course of action was bankruptcy,now ill give you an example,when i sent in my partners wage slips to calclate how much she was helping towards the cost of the household bills,the iva company did not take an average earnings over the 4 monthly wage slips,they took the highest one ,which worked out at £150 more than the average would,thus giving us enough disposable income for an iva,but the fact is they were calulated wrong,so on paper it looked good untill i saw their mistake

[Skippy]

Daniel, how much money actually makes it to the creditors in BR? I can't see them getting a huge amount after the OR's fees etc have been paid.

[Daniel Griffiths]

I really do not know why this is done because on that scenario an IVA is doomed to fail, it costs alot of money and time to set up an IVA and its in no-ones interest for that to happen certainly not the companies but then again did you not notice this before you signed and agreed the figures, I do know that often there are modifications by creditors in uplifting payments which debtors often agree just to get an acceptance, however I think when this happens the seed of failure is well and truly sewn