Hi Everyone, In the process of getting an IVA: Will my recent financial conduct be subject to the same scrutiny (and consequences) that a bankrupt is subject to by the OR? So for example, if I used my credit card just prior to getting an IVA would this count against me? Will my employer be informed ...

Thanks again Melanie, Funny how an answer to one question also serves to answer a whole bunch of others ... I've noticed many respondents on this forum using this notation of "xp per pound" but never knew what they meant by it ... no doubt I would've asked about it at some point in the future ... bu...

Thanks Melanie,

So if, for example, at the start of my IVA I owed £40,000 and assuming the interest on this was frozen. Would it be reasonable to expect to pay about £666 per month over 60 months? (i.e. 40,000 divided by 60 months) ...

Hi All,

Is it true that when putting an IVA together, the IP will strive to reduce the debt to be paid back?

I know that it is normal for the interest to be frozen but is it also normal to have the repayable debt reduced, or is this totally at the creditor's discretion?

Thanks ...

Hi All, If I'm in an IVA ... - Will the reasons for how I got into debt be subject to scrutiny (as in bankruptcy)? - Will my landlord be informed and/or am I obliged to inform him/her myself? - Will my employer be informed and/or am I obliged to inform them myself? - Will my tax code be affected? - ...

Apologies Melanie, I didn't mean to slate IVAs, I'm sure they work pretty well as a debt solution ... who knows I may end up using one myself ...

Hi Skippy, no, you didn't sound harsh at all, what you said made a lot of sense ... I must admit, I wouldn't mind being in your shoes right now, your almost there ... Melanie, thanks for those statistics. I do remember reading somewhere that the IVA failure rate was high ... I think I'm gonna need t...

Thanks Skippy, Sorry, I sent that last posting before I noticed yours ... You're quite right, I shouldn't expect others to make these decisions for me ... I guess I'm just looking for advice. By the way, you say you rushed into a wrong decision, but it seems from your blogs that you've done all righ...

Me again ...

Forgot to mention, my total debt is around £39k involving 4 creditors.

IVA or bankrupt ... hmmm I wonder?

Thanks Andy, Vicky and Melanie ... Don't worry I won't stop posting ... my poor confused brain is churning out more questions than solutions right now ... Andy, I was leaning strongly towards IVA this morning but your reply has swayed me back towards bankruptcy ... My situation can be summarised as ...

Thanks Melanie ...

Hi All, I'm a newbie on hear and can't decide between the bankruptcy or IVA route. I do have the following questions though: * I know my credit rating will be severely damaged by either route but will bankruptcy have a worse affect than an IVA? * For an IVA, how affordable will my monthly repayments...