www.iva.co.uk

Hi everyone. I posted a question yesterday about full and final settlement offers on my iva.Having been told that the amount we were thinking of offering probably would not be enough, I was just wondering what you can all tell me about bancruptcy? We initially disgarded this as I did not want my business in the local newspaper; my family would be devastated. I have read somewhere that it is not always the case anymore. With the change in our circumstances there may not be any other option. Please help as we do not know that much about it. Thanks

It is rare now for bankruptcy to be in the local paper.

It will cost you £600 per person and you should be discharged in 12 months at the latest but you may have to make payments for three years depending on what your disposable income is.

If you have your own house it will depend upon what equity is in it as to whether you have to sell and you will only be permitted a car of around £2k in value.

http://www.insolvency.gov.uk/

Hopefully this website will help and Skippy's blog is always a good read x

Hi, and thankyou for the reply. I did not realise that it did not always go into the paper anymore, that was why we agreed to the IVA last year, as it was advised as the best option since we didn't want it known. We have no assets and do not own our own home. We have spoken to other companies who have told us that this new rule came into effect in April '09, before we entered our IVA. Were we given false information to make the IVA more attractive so they would get fees???

I think the paper omission is a recent thing as it's the main reason I chose IVA over bankruptcy, my IVA was accepted in Feb 08 so not sure when it became effective around my area as I think some papers still advertise bankruptcy?

One of our professionals will be along, maybe not today but during the week to clarify. x

I think it did come in about that time. However, it is not guaranteed and is all down to the individual OR.

It will always be in the London Gazette though.

The relaxation on advertising was introduced in April 2009 - but don't rely on it not being advertised. If the Official Receiver thinks that it is in the public interest to advertise they will - and some offices are still doing this as a matter of course.