Hi Niobe, I've just done a quick calculation using a income / expenditure calculator and I will have a surplus of over £20, I don't know how much of that will be taken from me. I only have two real assets, a car, worth about £850, and a motorbike, worth about £2k. It might sound stupid but I just don't want to loose my bike, it's more than an asset, it's my hobby and my social life, I'll be lost without it, and doubt if I could get a loan for another one even after my bankruptcy is over. I'm 62 now and as I've said in previous posts my health is not good, so I'm looking for the option which has the minimum stress.
I think I'll stick with my IVA, I can start paying again and it involves the least stress for me. All of this is making me feel very unwell, I can't deal with it, and going to take the easy way out.
What a stressful situation I hope whatever you chose it goes well, I just wanted to add a suttle difference with Bankruptcy against an IVA, although the IPA payments are two to three years less in bankruptcy an IPA is an agreement between you and the examiner with allowances similar as in the IVA if you dont agree you dont sign, thats it the examiner will want to be reasonable, and they are, the monthly payments will be no more than you can comfortably afford. BUT the big difference and main point in bankruptcy I say this because you have been ill and I guess you are in your early sixties, is that your IVA is successful in dealing with your debts if you maintain all the payments, if you dont and it fails you are all the way back to square one. In bankruptcy lets say you make one payment and cannot make anymore because you lose your job or you are ill, you are still bankrupt,its success is not dependant upon you repaying anything to your creditors, it does not fail, one in three IVAs fail, and debtors are back to square one sometimes two to three years in. However I am sorry I cannot give you any comfort about your bike, but you can always do a deal they dont want the bike they only want some money for it.
