getting really worried, any ideas?

[Adam Davies]

Hi Lisa
Have a look at several blogs from people who have gone through bankruptcy[Scaredkez,debtdummy,coco etc]and you,ll find it,s not as bad as you think.Looking at your disposible income I doubt if you would have to pay very much each month,and this would be for a maximum of three years, after the initial one off cost.
Your car may be at risk depending on its value and you should still be able to get a mortgage in the future as long as you have a deposit.
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

[MelanieGiles]

In my professional opinion, it does appear that bankruptcy is not probably the best option for you. Do you have any assets which would be captured under bankruptcy proceedings?

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

[housewife]

no i have no house only a car on hp which is worth about £3000 ? i thought an iva should reduce your debt by upto 70% but mine work out to still paying around 24,000 could you explain how it works and what sort of payments would i have to make if i went bankrupt?

lisa siddons

[MelanieGiles]

Hi Lisa

It is difficult to say what you would pay under an Income Payments Order in bankruptcy, but if you only have disposable income of £65 per month it is unlikely that you would pay anything.

And just one point about IVAs - their purpose is not to write off debt, but to make a deal with your creditors to repay an affordable amount each month for a maximum period. This may well result in a full repayment or a reduced one depending upon your circumstances.

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

[housewife]

ok thanks for all your help and advise, will look into bk a bit more just really worrid about parents finding out as we are only 30 and 26 years old and been helped out before! dont seem to learn our lesson! think we may have some sort of problem with knowing the value of money can we get help with this anywhere?

lisa siddons

[MelanieGiles]

Lisa

The best help you can find is self-help. When you are bankrupt and do not have the availability of credit to help you out, you very quickly learn the art of budgeting again and saving up for things - hence the true value of money. It is in there somewhere - dig deep and you will find it, and you will find the budgeting and saving process very refreshing when you do not have the ongoing worry of debt.

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

[housewife]

thanks will let you all know how i get on with my ip! waiting to hear back from them! so glad i found this site!

lisa siddons

[Oliver]

Good luck with everything Lisa.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp