.....we go bankrupt and not see out an IVA for the next 4-5 years? We rent and can raise the money to go BR if need be. We have a few cars and lots of furniture etc like many families, however, can this be taken away? I'm thinking that by going BR, this situation will be over in a year although I understand you may still be forced to pay the same as an IVA for longer during BR? Without wishing to sound selfish, I guess this route will result in me being insolvent for less time? Is an IVA really different than BR in terms of trying to obtain (for example) a mortgage or answering future questions from perspective lenders? Please don't get me wrong, if I could pay back everything to my creditors I would and currently attempting too via an IVA, however, with my debt being tiny compared to what these companies make, I am just thinking what would be best for me and my family. Any info gratefully appreciated.
If you have "a few" cars, then you will only be allowed to retain one for work purposes. It is unlikely that your furniture would be touched, unless it is valuable or surplus to usual domestic requirements.
You will only pay for a maximum three year period, if you are assessed as having disposable income. How long have you been in your IVA LeFran?
Hi Mel, just to confirm one car was bought before the IVA and one bought for us due to work, school, family commitments. We have been in an IVA for 2.5 years.
Thanks again Mel. One question I have to ask again is, IVA wise, is this really different to bankruptcy in terms of obtaining future credit/mortgage? If you rent, is there any real advantage by having an IVA unless morally, (like I do) feel the need to pay back what I can? I guess if you are insolvent then you are so by way of either an IVA or BR but at the end of the day, they are the same. In other words, financially, you are in the same boat as someone who is BR but going the IVA route will protect your home? Would renters be better off going BR than extending the matter?
If you go bankrupt now your credit file will be damaged for another 6 years whereas if the IVA concludes successfully your file will be hurt for 3 and a half years.
Speak to your IP and see if there are alternatives and hopefully something can be resolved.
