I would have to say BR - it would be over and done now and I could be living life based on a clear decision rather than someone constantly moving the goalposts.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
im not sure. Ive thought about it more since the changeover (pjg to CF) but not had enough experience with cf yet. My kids love our home, as do we and went with iva to protect our home and not have the taboo of being bankrupt hanging over us. At the moment im still glad we did the iva but time will tell!!!
Not an easy call. Experiences in an IVA differ vastly and depend so much upon which firm you chose (and whether you get sold on).
In my case I could easily have gone BR and been a lot better off --- but that old moral compass came into play and I made the choice to try to pay back what I could. I started out with a good firm and was also well treated by the acquiring firm ( which has it's faults!). Looking back I made the right choice for me. But, luck did play her part.
Going forward .... if I were to find myself in the same boat, I think I would go BR as IVA arrangements are becoming too unstable.
However, for those with a house to protect or sensitive employers the IVA still has it's place. There are still a few firms I would go to --- but, then, I have been watching them for a number of years !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Totally agree. I can say some positives about my own IVA but like you say - they move the goalposts and seem to do everything to suit them. If it was as easy as you make a deal to pay a fixed amount for 60 months - [lus throw in a bit of extra for overtime/bonuses etc and that is the end of it - I would pick the IVA every time. Sadly it never seems to be that simple :-/
keeping my house and paying back as much as I can plus trying to get through without anyone knowing means IVA for me as much as these last few months have been a real struggle
I agree, although we've had challenged since the transfer, I would still go IVA route.
You pay back what you can, so in my mind you've done what you can rather than walk away, and their is still more stigmas attached to a BR than a IVA.
I come across many forms and legal agreements that ask about BR, not IVA's and if I had gone down that route, although we may have been discharged by now, it would've looked worse for us.
Also, don't forget that some people who go BR still have to pay over their disposable income for up to 5 years in some cases anyway, and I've read that their allowances are not always that generous, however I didn't go that route personally so not sure whether that would've affected us.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
i agree. Weve got DI so agreeing to pay back as much as we could was an important factor for us. We took it out always intending to pay it back not simply walking away so iva gave us that option but also a level of protection.
Six months ago I would have said IVA, without reservation. But due to seemingly endless amendments to terms and conditions, non of which I could honestly say improve the conditions to the debtor, IVA companies making it harder and harder to make you believe that they are there to help YOU get out of the financial quagmire in a speedy and painless way, it would now have to be BR. I wasn't in an employment position that BR would have been a non starter, nor did I have any equity, BR would have been the easy option for me. Out of debt in 3 years and I would have known every step of the way how the BR would be conducted and completed, rather that the IVA which takes far too long to conclude, have far too many implications during the final payment to CC period where yet another "asset" can been pulled from the ether to further delay the closure while greasing someone else's palm other than your creditors...
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
I'd still say IVA as I feel it's not as drastic as bankruptcy. It's a longer haul though.
I sometimes regret it but then I think back to pre-IVA and I was just slowly sinking. My fault entirely, don't blame anyone else. I made mistakes and I think and IVA gives me a way to get out of trouble without forever being listed on the London Gazette archive.
Though this annoying new website that's cropped up seems to be tarring everyone with the same brush.
Since I started my IVA, this forum and the demographics of IVA`s themselves have changed drastically.
It now seems that most of the IVA facilitating companies are out purely and simply to wring every last penny of their percentage out of debtors by whichever means they can try and get away with.
I think if you have young kids and you wish to keep your house at all costs and you could lose your house through going BR, then an IVA is probably the way to go.
However, the 2014 protocol change regarding secured lending in lieu of equity would definitely tip me the way of bankruptcy if I were considering either as a way out of debt now.
As things stand, I am to extend for twelve months and I will have paid back a dividend of 78p against my accepted proposed dividend of 36p, when my IVA ends after my extended sixth year, all being well.
I`ve been lucky that I`ve got the IP and company I have, but my case has been straight forward without any hiccups up to now (touch wood).
It seems there isn`t a month goes by without a new `challenge` for IVA`ers.
I`m just so very glad mine started when it did.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
IVA for me ... but fully understand why bankruptcy is an option for others. I was hell bent on paying everything back we had borrowed as was grateful the interest stopped ... I was ashamed of our debt level and felt it was the only way to make us learn.
Our IVA turned out to be the best thing that could have happened ... we sold up and cleared mortgage and secure loan, paid back 100% over 3.5 years , moved into rented and learnt the true value of money.
Now 5 years on since it ended we have a new mortgage, a car on lease payments and one credit card each with minimal balance - no overdraft and money in the bank. We save for what we want, don't take exotic holidays and truly value our friends and time spent at home with them.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
BR as you can move on quicker.
No idea why we didn't just do that as we gave up our house anyway. The clear up post iva can be hard . Not for everyone but in my case nearly 3 years down the line I am still fighting debts that should have been wiped off due to my iva.
It's an individual choice .
BR definitely for me, although I don't regret the IVA as it taught me a valuable lesson. But hindsight being the wonderful thing it is, I'd definitely have gone bankrupt knowing what I know now about it, it terrified me previously.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
