David, I'm 19 months into an Income Payment Agreement and I've got to say that the previous 19 months has gone faster than the 4 I struggled in an IVA! The payments are realistic (unlike my IVA) and even with things going up I've managed.
For me going BR was the best thing I could have done - it's not for everyone, but it's not an option that should be ruled out until dirk477's partner has spoken to an IP.
I'm not trying to influence anyone, but I just wanted to say that going BR isn't the end of the world.
And for many people it is the valuable fresh start to put them back on the road to financial recovery again - so it is often the very best choice for an individual to make having been armed with the full facts of all other options.
Whilst I accept it is fine for some individuals and maybe the correct way forward and even ClearDebt advises bankruptcy as the appropriate advice in some cases, it is my opinion (personal) that wherever possible it should be avoided as it has a very long tail and can and does affect people over a much longer period. Maybe I am conscious by the fact that my late father was made bankrupt when I was 16 for a debt of around £3,000 which might have clouded my judgement but I saw with regret how it affected him for over 20 years! Glad it worked for you Skippy13.
Last edited by David Mond on Wed Dec 31, 2008 1:10 am, edited 1 time in total.
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.
I know that my BR is with me for life, but I would rather have the fresh start now that struggle for 5 years paying an IVA that I couldn't afford. After going BR I had enough money to pay my way, which meant that my partner and I could move on with our lives as he wasn't continually bailing me out.
Again I must stress that this is my own experience of BR and I appreciate that it's not the answer for everyone. For me I don't think there was another option - I had £65k of debt, no assets (apart from my car which was needed for work), an IVA set at £459 per month when I really only had £259 of disposable income. That is why I always say to people to make sure they can afford their IVA payments, and not to agree to unrealistic increases.
The irony of all of this, is that had Skippy's IP done a proper job, she would have probably still been paying into her IVA quite happily.
I do not think that the ramifications for ex-bankrupts are anything like they were years ago David - I remember when I was very small my father's business partner going bankrupt, and he was treated as if he ought to have been in prison - but then divorce was a bigger taboo in those days as well.
Many ex-bankruptcy, especially those with consumer debt rather than business carry on with quite normal lives afterwards - getting mortgages and using credit in a normal fashion - perhaps with a little loading of interest rates for a while. When you look to how bankruptcy is viewed in the US - as a businessman you are deemed to have not experienced proper business unless you have been bankrupt at least once! I am sure that this ethos will venture over here - especially given the relaxation of bankruptcy discharge and restrictions we have seen over the last few years.
I agree that under our new Bankruptcy "lite" arrangements today it is possibly much easier. I agree though had Skippy13's IP done his homework correctly and put forward a proper realistic proposal for her things might have been different.
Yes people do get re-habilitated but we in the UK do not think the same as the Americans - I know I am in the USA now. Maybe one day we will!
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.
Depends what they put down when they registered Fergie. Some people will make out that they are genuine when they are not. We're always on the ball though and delete them.
They usually get locked out from the forum by Admin.
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
