Hiya! I need to know the pros and cons of bankruptcy before signing for an IVA.

Get expert opinion. This is the place for new questions to be posted.
5 posts Page 1 of 1
 
 

Santa

User avatar
Posts: 2
Joined: Wed Sep 28, 2016 6:01 pm

Post by Santa » Wed Sep 28, 2016 6:01 pm
Hiya!

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.
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Sep 28, 2016 6:16 pm
Hi and welcome,

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
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Wed Sep 28, 2016 6:52 pm
Get a second opinion from another IP firm in case you are being directed wrongly. Many firms pay commission or their independence is compromised.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Foggy

User avatar
Posts: 33396
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Wed Sep 28, 2016 8:51 pm
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
 
 

Lisa Thomas

User avatar
Industry Expert
Posts: 7759
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Fri Sep 30, 2016 3:30 pm
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
5 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”