I am in an IVA at the moment. I have been advised to declare myself bankrupt. I owe
£11k and pay £195 per month. Please advise if this is something I should do.
Emma I can hazard a guess it's from a letter you had this information / advice? If so, they just want to charge you for doing all the legwork. If you are struggling, speak to your IP to see if they can help.
Emma - before making any decision I would advise you speak with your current IP.
Are you currently unable to service the monthly IVA payment from your income ? Are you behind in your payments ? Like others i think you have received a letter telling you you have been mis sold - if you have ignore it they are trying to do business in an inappropriate way !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
THe company is Integrity Financial Services based in Shropshire. A man came to my house, went through everything - a free consultation and looked at various options with me. He did make it clear that I was free not to use his company and could go bankrupt on my own
How long have you been in your IVA? Are you struggling with repayments? If you go bankrupt your credit rating will be affected for another 6 years and with all the changes this year you could end up paying more per month for 3 years + under bankruptcy.
I would think carefully and contact 2 or 3 people off www.iva.com for some more free and impartial advice.
Emma - that sounds a bit suspect to me, if your not having problems with your IVA then I doubt there's any reason to go bankrupt? Definitely speak to your IVA company before you do anything.
The scenerio you mention about the guy coming to your house for a 'free consultation' reminds me of when I used to work in housing and dealt with right to buy (no relationship to this), countless finance companies would crawl out of the woodwork to offer 'free' advice to tenants and it usually turned out to be anything but...
Be very careful with any company giving the opposite advice to what your IVA company have said, double-check everything as everyone has suggested on here?
Did you ask this company for help or did you respond to a letter? I suspect the company don't give a damn about your financial details as if you go bankrupt on their advise and using that company, then they will be the only beneficiaries. If your IVA is going well and you have no major issues then tell them to walk, if they persist then speak to your IP or one of the supervisors at their office and report this to them. I have no clue as to how you stand on making your monthlies, but if it isn't a struggle then persist with it as the IVA is a sound option.
Emma as others state if your IVA is running fine, then leave it be. You're protected from creditors will be clear of debt within a specified amount of months. With bankruptcy you may be liable to and IPO which could in some cases be more than the IVA payment. How long have you been in an IVA? x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi, if you are considering BR speak to your IP. I would be wary of a company called Integrity as I would a racehorse called lightening! Same attempt to deceive!!
On the bare facts presented, I'm pretty suprised that an IVA was recommended to you in the first place to be honest. You will be paying in £11,700 yet you only owe £11,000 - so with a properly managed DMP it would be possible for you to clear your debts in full without having a formal insolvency registered against your name. If you want to repay your debts, bankruptcy is also the last thing I would be considering right now.
Integrity have had bad press on here in the past and I certainly would not entertain a company who have obviously 'cold called' you. They will have found your details from the Insolvency Register and would have had no idea of your circumstances.
As Mel says, a DMP might be a good option for you, you can let your IVA fail and then start a plan. It will be cheaper than going bankrupt which will cost £700 if you do it yourself and I have no idea what fees Integrity charge on top of that!
What company are you with for your IVA?
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
Hi I also think bankruptcy should be the last thing to consider with only 11k of debt at least the man from Integrity did explain you could do this procedure yourself I would like to also think your IP showed some Integrity in trying to pursuade you into debt management, I would love to see your best advice proposal, to jump into a formal insolvency procedure with only a small amount of debt should have been avoided especialy if you are still a young person,others have said speak to your IP, OK do that but I would also be talking with the CCCS or National Debtline who have no financial interest.
I wouldn't say CCCS or National Debtline have no financial interest. CCCS are funded by creditors and known to be glaringly pro-DMP and National Debtline are a commercial firm paid by referral fees no? In my case they didn't tell me they weren't the iva provider or that they would be charging for their services. I'm ashamed to admit I called them because I thought it was a government/public body organisation...another company dressing themselves up in a deceptive name!
