i have been contacted by a company called IVA debtline telling me that I would probably benefit from coming out of my IVA and going bankrupt, that I wouldn't lose my home because I was in negative equity and my payment to the official receiver would be far less than the payment I am making to the IVA
Starting over some on here have had such calls and you will find many posts on the subject, not all complimentary lol. Check the posts out before giving your personal info out to the Company and seek guidance from your IP.
I came into this world with nothing and still have most of it left!
Hi and welcome to the forum, these companies tend to trawl the Insolvency Register and target those of us who are in an IVA. They are possibly a bankruptcy assist company and there will be a charge for their service. If you are struggling with your IVA your IP is the first person to talk to and if you decide to go bankrupt you can do this yourself and from what I understand fairly simply.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Don't touch these companies with a ten foot barge pole. They are only out to make money for themselves and will charge you a fortune to do something you could do yourself if needs be. They cannot tell you that your payment to the OR would be lower as they don't know.
As Lesley says, if you are struggling, speak to your IP in the first instance.
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
If you are in negative equity you should not lose your home. It is also possible that you will pay less in bankruptcy and the payments are for three years and not five. However, this should have been explained to you before you entered your IVA and not by some ambulance chaser afterwards.
If you were not aware of the implications and advantages of bankruptcy you should speak to your IP and if bankruptcy is the best option do it yourself.
Surely you would have already considered bankruptcy proceedings when you made the decision to propose an IVA to your creditors? Is there now something about your IVA, or the payments you are making, which leads you to want to change your mind?
Thanks folks, glad I took the time to ask the question on here..... and no we were never really spoken to about bankruptcy it was just an IVA that was suggested to be the route we should be taking. We have paid 13 payments now just had our first review and are just about keeping our heads above water. It's really hard watching my son struggling with money in uni and not really being able to help....but I guess it is better to sort out our debts now that wait until it is to late and are too old to cope with it all
It is concerning that you did not have bankruptcy discussed with you at the time you first sought advice, and it seems that you may have been recommended an IVA without having the alternatives explained. If you are happy with the IVA, and wish to see your creditors repaid to the best of your ability, however, then it may be best to stick where you are.
