I am in process of applying for IVA, but before I sign the papers I wanted to know if bankruptcy was not a better option...Advisor I spoke to, quickly ruled bankruptcy out but I did not receive clear answers of pros and cons.
If you have assets to protect (such as a house) then bankruptcy is probably not the way to go.
Please speak to more than one company - Vincent Bond (details under ask experts a question link) can be contacted for some free advice
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
I always advise chatting to a few companies to compare advice. BR could be a better option if you have no assets to protect and your job doesn't rule it out. You will pay a little more ( the allowances aren't as generous), but over three years if you get a request for payments.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014