Hi , i stopped paying my credit cards a year ago, i moved and was going to pay them off, but due to problems i could not afford to, i have not told them ive moved, but lloyds know and are threatning legal action etc. so i want sort it all out,do i stand a chance of getting an iva or go bankrupt. i owe app=25 - 30 grand i think, thanks
If you have now reached the decision where you wish to address your debts, the first port of call ought to be a chat with an insolvency practitioner who can explain the options available to you.
For an IVA to be a workable solution, you will need to be committed to a repayment programme and want to see it through from start to finish, whereas bankruptcy could well be a quicker and easier route for you. Either way, direct professional advice is essential.
I recommend that you visit www.iva.com for a list of companies you can use, or visit the expert link on the left hand side of the page here. All of the experts come highly recommended. If you give one of them a ring, the advice is free and they can explain all the options open to you and advise you as to a way forward.
For an IVA to work, you need to have a reasonable amount of disposable income left after you have paid your priority bills.
If you don't have any assets, then bankruptcy is also a way forward. You may have to pay a certain amount across for three years, depending on your disposable income, but you can be discharged in 12 months or less and you will have wiped the slate clean.
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
HI, i sold my house 2yr ago and now i own a 120 ft barge,wich i live on with wife &3 kids etc,we both have cars to get to work,no other assets just usual home stuff, as for dis/income &200. would this be ok for iva. thanks
Ii might just be biased here - but for all the right reasons. Call Philip Gill and see if they can help. They are the people I ended up with (Before I found this forum I should add) Before that I was talking to a company called Thomas Charles and they ripped me off something rotten, taking thousands of pounds from me in 'fee' (based on what they claimed was my disposable income, which it turned out was about half what they said it was). The answer seems to me to be grab the advice of a reputable company by the balls - It wont always be easy, but the alternative will definitely NOT be easy - at least this way you have a chance. This isnt an advert - its a testimonial from a 'normal bloke with money troubles' - well, until my creditors meeting in three weeks when i hope i become just a 'normal bloke' (again)
You do need to take some advice, especially as I really have no idea how things work when you live on a barge rather than have bricks and mortar!
Give one our professionals a ring. They will give you all the advice you need.
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
Visit www.iva.com for reviews on relevant IP's as you do need professional advice.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
