www.iva.co.uk

Just wondering if there is a set criteria or guideline for advice to people who are in debt and considering thier options.

I ask because i have now spoken, all by telephone, to three seperate organisations and ALL have advised a different options.

confused - i know i am

Rich

Rich

It all depends on how much debt you have to how many creditors and how much you can afford to pay towards your debts each month.

If you can't pay them at their normal rate, your options are basically 1. Debt management - pay them off over a longer period, if you're really lucky you'll get interest stopped while you're doing it, but the fees of the debt management company will be taken off your payments increasing the time taken to pay, 2. Bankruptcy, this is throwing in the towel and can actually be the cheapest way to sort out your debt problems, but your credit rating will be shot for 6 years and there are some restrictions which I can't go into here, or 3. IVA. IVAs are expensive to set up and run so are only suitable for people with a minimum level of debt who can afford to set aside a certain amoutn each month to meet their debts, they run over 5 years and if you stick to them than at the end any remaining unpaid debt will be wiped out. Howeve, like bankruptcy, your credit rating will also be nil for 6 years and you won't be able to take you any further credit during the IVA period.

Do some searching on the internet to see which is the most suitable for you.

Philip Beck

Licensed Insolvency Practitioner and IVA specialist

Dear.Mr.kingeer,

If you would give more details it would be helpful.

Such as details of all unsecured loans,creditors detail,amount owed to each.

are all debts in one name,joint or a combination.

Income and expenditure of house hold.

What advice has been given by other people?

Hara.

Hi kingeer

Very open question and as hara says more information is needed on you paticulr case before any advise can be given

please post respone to hara's questions

Dave Beech

ok, will put full facts and figures in seperate post.

My post here, is about :

1) that do companies/organisations/people follow the same guidelines when discussing debt

2) What are those guidelines ?

3) If the same information is given, how do you get three seperate answers ?

tia

Rich

Can I just say that I don't feel that BR is throwing in the towel? It was the hardest decision that I've ever made and I have seen from this forum how hard it has been for a lot of other people.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

I completely agree with you Skippy. Bankruptcy is a sanctuary for people to avail of if they cannot repay their debts, and for many people it is simply the best way forward. Also some people have no choice as they cannot afford either an IVA or a DMP.

I think the words used by the poster were an unfortunate choice, as they seem to suggest that people who decide on bankruptcy are doing so just to avoid paying.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Hi
I have to say that I didn't read it like that.
I think we all have a different perspective.

To answer the main question "advice" will differ,but if all three have given different advice then it could be that your circumstances are such that you have more than one option.It could also be that the advice has been biased !!
Can you post further details and we can give you our thoughts.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp