cannot afford IVA what is the best solution?

[lubak]

Hi.. I am a full time student with a debt of £26,000. Previously I had a full time job and an IVA. Since I have become a student this year I cannot afford to pay the IVA payments. I do not want to go bankrupt due to the course I am taking at university.I have also written to my creditors that I can pay them for the next three to four years just a nominal amount of £1 until I have not fully qualified.I promised to start paying when I will start earning again. It would be the end of my career if I go bankrupt. What is the best solution? The IVA is about to fail on the 5th december. I have not heard from my creditors either.

[ray_a]

Hi Lubak

Welcome to the forum.

Firstly can I ask what you want to do after you graduate?

Then we can advise you as to your best options.

[lubak]

Hi

At the moment I am considering a career in UN as a Human Rights officer or EU ( human rights orientated).. but, I may change my mind in due the course. I am still looking at my options...And I know for sure, that most companies do credit checks on their employees. It is not a good choice for me to go bankrupt. I know I got the advise that even Simon Cowell was a bankrupt once, but his career has completely different direction than mine.

I still haven't spoken to the Bar or the Law Society, for the obvious reason... I DO NOT WANT TO TAKE OUT THE OPTION OF BANKRUPTCY... and as a student I really can afford to go and file for my own bankruptcy. Economically it won't be the best solution for both parties ( me and my creditor/s).

And if you have any other solution, I would be greateful to hear from you.

L

font size="1" face="Arial, Verdana, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">Originally posted by ray_a

Hi Lubak

Welcome to the forum.

Firstly can I ask what you want to do after you graduate?

Then we can advise you as to your best options.

[emma_t]

Hi lubak

could you not find our anonymously from the bar/law society if bankruptcy would affect your future prospects? Or maybe even an advisor at your place of studies.

I would wait for an expert to come along and advise further as I am by no means an expert, just someone indebt like yourself.

Good Luck and I hope you find a solution
Emma

[MelanieGiles]

You have to check with the Law Society or Bar Association, as they are the people who make the rules in this regard.

Perhaps it would have been better if you had cleared your debts before you started on your chosen career path.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mish1953]

Hi Lubak,

I would suggest that you check out the BR thing anyway , just for pace of mind if nothing else, remember the creditors can 'make' you BR if they dont like your terms , so it may be a good idea to find out.

Just for interest I am BR and am security cleared to a fairly high level, I dont work in finance but do work with senisitive data , my employer is ok with that. Ive also been helping a potential police officer look at the impact of BR on the prospect of becoming a police officer. Most forces operate a 3 year rule, you can apply for a job 3 years after BR.

I dont know what rules apply in your case but it may be worth discretely finding out.

Slainte
Mish

Will an automatic discharge hurt.