www.iva.co.uk

I have had a letter recently from a company called the Invictus group, they know that I'm in an iva some how and state that 70% of people don't need to be in one as iva,s are designed for business owners and those with propertys,and that people who live in rented and have no assets would be better off going down the bankruptcy route. They state that they take many out of iva,s so no monthly payments immediately debt free and the opportunity of a fresh start. I'm tempted but cautious.

Personally I would not look at any of these companies - they trawl the Insolvency Register.

If you do go bankrupt then your six years starts again from the start, you will be paying across for three years with probably the same money you are paying now.

There WILL be monthly payments - bin the letter!

As what they are saying is a tissue of lies I would ignore it.

Yes, sometimes BR is a good route if you have no property or assets to protect -- and your employer won't terminate your employment (how would they know this ? They wouldn't -- they are shooting in the dark).

In BR you would, most likely, end up with payments a bit higher than those in an IVA ( the allowances are not as generous )for three years -- so an outright lie there.

Oh -- and did they mention that the 6 years your credit record is shot will start again ??? No, I guess not.

Cautious ?? Be afraid ... be very afraid !

On the assumption you have surplus income to be making contributions into the IVA, if you go Bankrupt you will be assessed for similar payments in Bankruptcy for 3 years.

More pros and cons on my video here:

https://www.youtube.com/watch?v=mAkQsVSCnqo