www.iva.co.uk

Please someone help me!!!!!!!! i have unsecured debts of 40.000, i am not workin at the momnet, but i have familly and friends who are willing to pay 300 a month for mem to a IVA is this the best option or do i go bankrupt????

Hi Raj and welcome to the forum

As one of the forum experts, I can advise you that your suggestion is one option, and that an IVA could work on this basis, but are you sure it is really the right way forward for you, as you will undoubtedly have to repay the money to your relatives.

Have you also considered bankruptcy proceedings, which would enable you to make a fresh start completely free from debt?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Good afternoon Raj,


Welcome to the forum.


I am sure it is a difficult decision but I agree with Melanie that although bankruptcy has a bad stigma and is publicly advertised, it should always be considered when dealing with individual insolvency cases.


Kind regards,

Julia



For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

Hi and Welcome

Bankruptcy is not as scary as it might sound but you should bear in mind if it would have an affect of your future employment. An IVA based on others contributions sounds a bit risky to me, its a five year committment and if whoever is paying's circumstances were to change, ie a new baby, loss of job, the list is endless and your IVA were to fail you would lose all that has been paid in and BR may then be the only option. Do you have assets you want to protect?? Take your time, I know this is a stressful time but make the right decision based on an informed choice and not out of desperation.

Good luck to you

LILY

fly me up to where you are beyong the distant star, I will wish upon tonight, to see you smile, only for a while, to know youre there, a breath away is not too far, to where you are.