IVA versus Bankruptcy

[mish1953]

Can anyone give me some advice on this please

IVA - concerns only unsecured debts
BR - concerns all debts

If I go BR does the OR make the payment order out to all the creditors - secured & unsecured ?

While waiting should I stop all payments - utilities etc or only the creditors ?

Yours confused
Mish [:0]

[lily]

Sorry I cannot answer your question fully but I think it would be OK to miss your unsecured debts but make sure you pay council tax and utilities and your car insurance etc. You will be in a better position with your utilities if you maintain payments with them. I believe that the OR informs utility companies of your BR and if you owe money they may insist on one of those card meters, which seem like a pain in the neck and was one of my 'fears'.

Good luck I am sure an expert will be along soon

lily

[mish1953]

Luckily I have made sure that I have paid all my utility bills, and the card meter holds no fears. The house I live already has one for electric but not gas - it used to be a rented property before I bought it.
The card meter is pretty good as it really focuses the mind about how much leccy u use - you see the cash going down the more things that u switch on !

Thanks
Mush

[lily]

its just the thought of it all going off without being switched that bothers me, lol

lily

[mish1953]

Lily,
there is an emergency button that allows you to get some eleccy if necessary.
I check it once a week as I know how much we use each week, to start with I checked it every other day !
You would be amazed the difference at the difference switching off standyby devices - TV / computer etc.
Also do washing after midnight - cheap rate eleccy , never use a tumble dryer, outside is free!
I've reverted back to the way I did things in the 70's, dont use credit, use cash rather than debit card ( easier to keep track ), I'm thinking about planting veg in the garden !
Being skint is eco friendly - got to look on the bright side

Mish

[MelanieGiles]

Bankruptcy does not include the debts of secured creditors. These will need to continue to be paid or those creditors have the right to revert to possessory action.

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