I am currently oweing approx £50,000 to 4 credit cards and a bank loan. i have no assets apart from a £2000 car and a 42" TV worth around £300.
I am 32yrs old and living with my eldery parents. Am currently unemployed on £62pw allowance but looking for work, i tend to earn around £900-£1000 after tax.
With doing some browsing on the net i have come to the conclusion that either an IVA or a bankruptcy would be my best option. So far i have written to my creditors with an income/outgoing expenditure plan and awaiting decision if i can contribute £5 per month for the next 3 months.
I know the effects a bankruptcy can have i.e name in press, credit history but if i can have £50,000 written off then am not too bothered.
Just wanted to know what effect it would have on my parents who are in their 70's i.e repossions of their belongings. i dont mind creditors taking all of my stuff once bankrupt but how would they know whats mine and whats my parents ?
If it effects my parents then i'd might be better off moving into a bedsit and creditors can chase me there and take whatever.
Other option is IVA, if i get any job paying £900pm i could probably contribute about £250-£300 a month for 5 years writing off approx 65% of the debt.
