Hi Seventh. I have received all the information requested and will be reviewing you file this afternoon with your IP. Once we have reviewed your file I will give you a call with an update and discuss the options available.
after looking at both the iva and going bankrupt,i can see no differance to your credit rating after both,most iva companys will not want you to go bankrupt because generaly there is no money in it for them,and with bankrupsy at least you wont be stuck in a payment plan for five years,, you will have to come up with around £700 just to file for bankrupsy ,which is a bit stange,it will all depend on wether a bankrupsy will make things worse for you or not,before ivas and debt managment plans etc,im sure people just went bankrupt,
never cment on me speling its rubbish and i didnt go to schola lot okk
made bankrupt 1st august 2012 at 10.00am
now disharged so bankrupt no more thank god im free of debt now
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by terry d
after looking at both the iva and going bankrupt,i can see no differance to your credit rating after both,most iva companys will not want you to go bankrupt because generaly there is no money in it for them,and with bankrupsy at least you wont be stuck in a payment plan for five years,, you will have to come up with around £700 just to file for bankrupsy ,which is a bit stange,it will all depend on wether a bankrupsy will make things worse for you or not,before ivas and debt managment plans etc,im sure people just went bankrupt,
Hi Terry,
It's not about the credit rating to be honest - that's shot to pieces anyway. We want to be able to pay our debts - even if it's just a little bit like in an IVA, we got in this mess and we will pay our way out of it. If we did ever need to go bankrupt then god only knows what we would do as £700 is more or less what we pay in rent a month and we certainly don't have that laying around to pay for a bankruptcy.
I want to thank you all for your help so far - I do have more questions though if you wouldn't mind sharing knowledge.
Hubby has spoken to MCD and sent over everything that was needed. They have had a meeting and they say it looks as if we can no lnger afford the payments (we can't) and so they are going to speak to the creditors about accepting what has already been paid as a full and final payment. I understand that the creditors have to accept this for it to work.
My questions are: how long would it take to know if they accept it?
Do we continue to try and pay the IVA in the meanwhile?
What happens if they don't accept it?
It never takes us long to circulate a variation but double check with Roisin for what date they have chosen. We normally have to give 28 days notice so you should know within 5 weeks. If the variation is rejected we can always negotiate but we will worry about if it happens. Again double check with Roisin but if you cannot pay the IVA there is no point struggling for another month given that we will be asking the creditors to accept what has been paid to date as full and final. Very best of luck from me.
Thanks Michael - we've managed to scrape enough together this month and it was paid this morning.
hubby does need to go back to Roisin just to confirm the reasons why we can't afford it anymore and I will be nagging at him until he does
I really hope it works, I deal with the finances now and I see the negative figures at the end of my spreadsheet - makes me so stressed trying to work out how to pay it all, I can't even rob peter anymore - he's moved on!
Good luck from me as well - hope you can get this sorted quickly.
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
