Bankruptcy or IVA or F&F...

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holly75
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by holly75 » Thu Jan 11, 2018 3:48 pm
Resolved, thanks all.
Last edited by holly75 on Thu Jan 11, 2018 8:10 pm, edited 3 times in total.
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Ryan
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by Ryan » Thu Jan 11, 2018 4:07 pm
Hi Holly,

One of the other experts will comment shortly on the differences/benefits but just to say with the IVA you'll show on the Insolvency Register for 6 years whichever way you do one. Many Lenders will want longer than 6 years to have elapsed before they will look to offer you a Mortgage and some will never offer you a Mortgage after you have been in an IVA.

Best of luck whichever option you choose.

Regards
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Foggy
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by Foggy » Thu Jan 11, 2018 4:13 pm
OK -- I cannot advise you what to do, but, if I were in the same set of circumstances I would probably go for a F&F IVA, if I could get the funds from a third party. In any IVA the creditors will want to know you have stopped gambling and the IP will probably check bank statements for this --- the statements will not be passed to creditors.

You would be on the Insolvency Register 3 months longer than it takes to clear up the IVA --- so about 9 months. the windfall clause will apply until the completion certificate is issued -- up to 6 months. I assume you have already paid mum back before going for the IVA /BR --- in the IVA this is a done deal and should not cause any ripples as, at the time you paid her, you didn't know you were going to go into a debt solution.

I would suggest having a chat with a few companies --- there is also Vincent Bond (number at the top there).
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Foggy
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by Foggy » Thu Jan 11, 2018 4:15 pm
Ryan wrote:
Hi Holly,

One of the other experts will comment shortly on the differences/benefits but just to say with the IVA you'll show on the Insolvency Register for 6 years whichever way you do one. Many Lenders will want longer than 6 years to have elapsed before they will look to offer you a Mortgage and some will never offer you a Mortgage after you have been in an IVA.

Best of luck whichever option you choose.

Regards



Hi Ryan --- you mean it will show on the Credit files for 6 years. It will come off the Register three months after completion.
holly75
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by holly75 » Thu Jan 11, 2018 4:17 pm
Foggy wrote:
I assume you have already paid mum back before going for the IVA /BR --- in the IVA this is a done deal and should not cause any ripples as, at the time you paid her, you didn't know you were going to go into a debt solution.
This was loaned in September and arranged to be paid back in January. However the agreement was verbal, with no record. The amount might cause creditors an issue, it was 8 thousand, about 25% of what I owe to normal creditors. But she is reliant on that money for living expenses so I had to return it now. I was just trying to stooze but it hardly made a dent in the total owed. Would that still be ok for an IVA and would it definitely be an issue with bankruptcy?
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Foggy
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by Foggy » Thu Jan 11, 2018 5:16 pm
It would be less of an issue in an IVA (though might be looked at) . In BR the OR has the ability to look at recent disposals and retract / reverse any he feels were used to deprive creditors --- you payments order might be extended or he might demand the money back. Indeed, he might just overlook it -- hard to say.
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Keith White
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by Keith White » Thu Jan 11, 2018 5:57 pm
Hi Holly, you provide pretty good summary of the options open to you. All are valid and all sound as if they would work - so it is down to personal choice. I tend to agree with Fogy that if a F&F IVA were an option it could sort things out quicker and the windfall clause would be for the shortest time. You may also need a second opinion on the £140 available income figure - this could be adjustable.
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Lisa Thomas
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by Lisa Thomas » Thu Jan 11, 2018 6:26 pm
Sorry if I have missed this somewhere but why have you presumed a BRO, and for 4 years?
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Foggy
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by Foggy » Thu Jan 11, 2018 6:33 pm
Lisa Thomas wrote:
Sorry if I have missed this somewhere but why have you presumed a BRO, and for 4 years?


History of gambling and possibly the recent payment of a loan to mum -- as advised by National Debtline
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