People will not like me for saying this but Bankrupcy seems like the easy way out and surely that is why alot of people will file for it again in their life times. They dont learn any lessons its just wiped!!! Im nealy five years into an IVA and its been hard going but im proud of paying back what i can and learning my lesson so it kind of irritates me that a friend of mine (who doesnt know anout my IVA) has just decided to file for Bankrupcy as if she is deciding to have pizza for tea!!!!
firstly well done on getting so far, youve not got long left now !!
I must admit part way though my IVA i felt the same, particular when approx 14 months in due to a change in circumstances I had to extend my IVA by 12 months, but I could have not done this and declared myself Bankrupt
for me I was worried about having my name published in the paper, although the reality of this is that very few people if anyone would actually see this.
Its fair to say however that for some people Bankruptcy is the only way out.
My personal view however is that whilst those of us in an IVA may feel weve taken a more responsible step which has seen a higher return from creditors, I dont think in reality creditors and lending institutions actually give us any credit ( perhaps the wrong word !! ) for doing so, as should this info fall into the hands of lenders after its dropped off your credit file, i think they would still treat us as if we were still in an IVA if they got the opportunity
i can however understand how you feel
Last payment made April 2012
Certificate received 1st Nov 2012
Hi Josu,
I don't people will not like you for saying what you think, but I can see both sides, TBH if I didn't have a home to protect I too would have gone BR thinking at the time that's the easy way but I've learnt since its not, not always ... A friend of mine also has gone BR and it's far from easy now... Can't get anything, bank account, insurance, phone anything that at the end of day we IVA payers can... And he still has to pay monthly for 3 years...
So I hear what your saying but has your friend really looked into it properly ?? It's not a cop out And I'm pleased I didn't take that path.
*** Don't look back, you're not going that way ***
Well she already has a bank account and all her insurances set in place and she rents her house off a friend so it really does seem easy and over the last five years whilst i have been paying off my IVA she has been having holidays, driving a flash car, buying I pads e.t.c and now its all wiped!!!! Sorry i still just dont get how she can learn anything by just getting it wiped?? Im a little upset and im really sorry for the rant and for those of you who have had no choice and i know everyones situations are different so i dont want anyone to be offended by what im saying its just in this particular case it doesnt seem right!!!
You're not wrong Josu, she really will learn nothing... Probably.
However insurance is normally only set in for 12 months, so that will more than likely have to be paid be in full once it's up for renewal.
There's a chance the bank could close down the account, the car if worth anything and in her name could be taken away.
Of course every case is different and I do get your rant, so rant away if it makes feel better [:)]
I find it unfair that because I have a house will have to pay into my iva for 6 years then we have to wait for the CC so taking it from anything 6.1/2 years to 8 ... When those that don't could have their CC before I've even finished paying, when we both started at the same time !!
But don't let things like this bring you down.
*** Don't look back, you're not going that way ***
I know what you mean, it is unfair and its unfair just how long we have to wait to complete [:(] im already dreading that as i am so excited to finish in November (hopefully) but then it will be a bit of a come down to have to wait so long for completion.
So this friend of mine works in a bank. How does that work?
I know Josu --- IP's and IVA's are supposed to be heavily regulated, but none of this regulation works. At least with BR you know where you stand and have a set end date (although, I guess, the stigma remains a little longer)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I can assure you that BR is not an easy option! She will probably lose her bank account as very few banks are BR friendly, if her car is worth over £1k-£2k she will most likely lose that, her insurance policies might not be valid as many have a clause stating that they won't cover bankrupts.
Regarding her buying iPads, a car and having holidays, I'm willing to bet that a lot of people going into an IVA have done this as well.
Looking to the future she may struggle to get insurance - my husband (who has never been BR) couldn't get home insurance with a couple of companies because I have been BR. Many loan/mortgage applications ask if you have EVER been BR and if you don't answer truthfully it's fraud.
Neither option is easy and we shouldn't judge anyone for taking the right decision for them as we rarely know the full circumstances.
Thank you for your post, i would never judge people that i dont know but this person i do know, very well and i know her exact circumstance. She has overspent and can no longer get credit so she is going bankrupt as she has nothing to lose. Yes people in IVAs may have spent money on similar things but they make a 5 to 6 year commitment to pay as much back as they can.I still stick by my post, it shouldnt be so easy!!! (in this particular case not for everyone i might add)
I would like to know how it will affect that she works in a bank if anyone knows? I wouldnt want her to lose her job despite her silliness, she has two small children.
I have had to extend my IVA by 11 months due to some unfortunate events half way through but nearing the end (13 payments left) I feel glad I will have paid the creditors a decent dividend back. I suppose you only want it to go smoothly on completion. Read some stories on here about hassle after completion. when you make sacrificies for a long time, mininum of 5 years to pay a decent amount back, you only wish for it to be over at the end of that and quickly get your life back on track, if it does not happen like that (as in a lot of cases I have read on here) then you will wish you had gone bankrupt. I personally want to feel glad I paid as much as I could back within the time. Just want to be made to feel I did the right thing.
To be honest life's too short to take it personally. She could be on very dodgy ground with her job as well so she really needs to take advice before she does anything.
When i asked her about her job she said if they wont let her work then she wont work!!! I know life is too short and i will get over my frustration i just wanted to sound off to you lovely people!
Sounds like this person doesn't understand what she's letting herself in for. If she's used to spending money like water, BR will be a real shock to her. It may sound easy compared to an IVA, but I'm sure it's not.
Well i will be interested to see as at the moment it sounds way too easy. As she doesnt know i am in an IVA she has told me she has looked into both but bankrupcy is by far the easiest option, this is what she has said so i am waiting to see how it goes down.
