Is bankrupty the best option here?

[conorr]

Hi, I have debts amounting to over £13000 which I acquired whilst doing research for my PhD (was employed also for most of this time). I will soon not be in a position to repay my loan.

I have no assets and was considering moving back to the Irish Republic soon anyway. Is bankrupty the best option here?

Thanks,
C

[Sadsack]

Hi conorr

As your debts are less than £15k, an IVA is not a solution. However, a DMP with your creditors may be an option. Bankruptcy is a consideration - you state you cannot pay your loan. Do you have only one creditor? If so, is there anyway you can come to some arrangement with them regarding reduced payments? Do you own a property?

Bankryptcy is (in my opinion) such a huge step to take for £13k.

Please post more info. There are many others here who will also give advice.

Sue

Ho Hum! Think I'll bang my drum!

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[MelanieGiles]

Debt Management would appear to be the better option, if you have some surplus income which could be used to pay creditors. It would be a shame to go bankrupt with such low debts, but if you are considering doing this the UK would be better as the discharge period in the Irish Republic is still 12 years I believe.

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

[iva experts]

Welcome to the Forum Conorr,

Having debts of £13,000 I would say that a DMP would be a better solution than an IVA. Would you mind providing who your creditors are? and what your disposable income is (monthly income minus living expenses)?

We could advise further with more information.

Best Regards. IVA Experts

[conorr]

Hi Melanie,

If it came to it, and I had to go bankrupt here in the UK, would that have any bearing on my life in the Irish Republic? My banking was in good order there when I moved away a few years back.

C


"It would be a shame to go bankrupt with such low debts, but if you are considering doing this the UK would be better as the discharge period in the Irish Republic is still 12 years I believe."

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
[/quote]

[MelanieGiles]

Unlikely to have any effect in the Republic Connor.

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

[iva_squirrel]

Welcome to the forum,,

Having debts of £13,000 I would say that a DMP would be a better solution than a bankruptcy.

Could you tell us if you have any disposable income to offer to your creditors?

Kind regards,

Julia Simavi

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