I disagree - BR can be worse than an IVA, depends on the questions asked and also the profession you work in.
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
It's an old discussion - based on when we took out our iva (and if we could go back in time) some of us would day we would have gone br.
Having looked at the br board if I was doing it now not so sure.
Comes down to what you need to get out of the process in terms of final outcome.
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.
In hindsight, I'd have declared Bankruptcy but and IVA has it's market place and I do know the bankruptcy question pops up in more applications from just personal experience.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
BR has changed since we took out our IVA's. I could never have gone BR because of my job and also the amount of equity in my home.
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
For some Bky will suit better than other options but this is why debtors should take proper advice and understand which option is best suited for them.
I'm not sure I agree with Abbiesmum that BKY is 'harsher'.
It can be as certain professions are excluded and also some insurance companies won't accept you.
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
I really hope the IVA does go through.. more for the piece of mind that all will be sorted without the need for more paper work and issues going for bankruptcy .. a nice end to the ordeal would be best for me and the family and my creditors .. a week on wednesday will be the day I find out , fingers crossed
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
I was in a similar situation and mine did not go through. They all refused to vote ( 11 creditors), and asked for more evidence of my gambling history. I was so sure it would go through, but it wasn't plain selling - despite the fact I was open and honest
As previously stated - you may well need to provide further evidence that your gambling has stopped.
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
Thank you. I had only posted this, in the hope to better prepare the poster. As I wish I had known this before my d day If I had, I would have provided everything and maybe waited three plus months before applying.
thanks for the heads up though tbh they A. accept and we go forward or B they reject and i go bankrupt .. I wont be hanging around for sure
I dont own any assets so apart from the longer term impact of BR it would actually mean i pass less back but dont really want to do that .. find out a week today i guess lol
FYI there is no 'longer term impact of BKY'. If anything it will be shorter as you are discharged after one year and there will only be 3 years of contributions to pay in if you can afford them.
kris.20 they accepted mine today. At £200 per month over 72 months. ( I guessed this as the debt is HIGH). I had shown them around 40 odd days ' clean' and offered to show them statements whenever throughout the IVA - so they said they would want them for the first three months and if I gamble they will breech my IVA, which I would not dream of I hope yours goes through too!
