my main creditor is NR

[fudge34]

Thanks so much! I feel alot better now thanks for your support! I didn't think of the year off where I could potentially save the money from not paying off my creditors which I currently pay off about 500 pound a month now without an IVA so if I get rid of that i can probably save the amount to give to my husband to buy my half out? is that right? as I just said my main concerns are that I am worried about the house and want to ensure that my husband does buy it from me with a view that i can at somepoint after 6 years of being blacklisted buy my share back again if that makes sense

[Adam Davies]

Hi
You will most likely be discharged from bankruptcy after a year and then your job will not be affected.You can also apply for a mortgage once discharged and you may have to pay a percentage of your disposible income over to the OR for three years bu there is no doubt that you will find it easier under bankruptcy.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[zoe]

Yes that is correct!
Z

Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[fudge34]

That is great - I have always discounted BR seeing it as the last very very desperate option but it is now looking like the best thing I can do - although I would be concerned about having to explain why I hadn't had credit for 6 years when it comes to taking out a new mortgage etc after the six years is expired!

[Oliver]

Getting someone to provide you with a mortgage is actually pretty easy as secured lending is underwritten completely differently from unsecured.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MillyBo]

Reading this it sounds like even though debtors want to pay off as much as possible, with creditors like NR people are left with no choice but to go BR and then hardly pay anything back - which isn't the debtors fault.

I am going to keep reading people's blogs, but a couple of things I have just thought of after reading the above. If you were to go br you would have to pay the £500 odd costs unless u miss x3 iva payments then they may do it for u (is this correct?). With regards to assets - I am sat looking around my house and the most expensive things and I see our cars (£1500 15 months ago and £4000 5 years ago that a mechanic said we wouldn't get more than £1000 for!), our tv (£500ish), our computer (not sure of cost but it keeps breaking down). Obviously there must be other stuff - how does the list get compiled?

Also, you make payments for 1 - 3 years, which will most likely be dramatically lower than your IVA payments. Obviously I would put this money to savings, but does the br ip (or whatever they are called) have any say in what you spend the remaining money on during the 1-3 years, eg. a new computer etc?

After the 6 years, are you classed as the same whether you were bankrupt or in an IVA with regards to your credit rating and getting a mortgage?
Thanks, Milly

[fudge34]

Milly
I am really not sure to be honest i need to look into it a bit more -I get the impression that going BR is alot easier in the long run than trying to take on someone like NR and failing - my IP has said I can do the IVA but to be honest he thinks they will reject it and if you look at the other side of the coin with people on this board the general view seems to be quite negative towards NR. I think this is important because there is nothing worse than an IP telling you that everything will be OK when they have no idea - I am sadden that I cannot pay off NR with an IVA but at the same time glad that I at least know now and can consider another option BR. I think they must just complile the list based on what they think is luxurious but not entirely sure and i am sure if you have a brand new laptop that is worth 4 grand they wouldn't see this as a neccessity - also I think and need to confirm that if the debts are in your name they can only take what is yours but again need to double check. Its a lengthy process!