Bankruptcy?

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Rejjy666

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Post by Rejjy666 » Sat Jan 16, 2021 1:52 am
Sounds like stepchange have suggested a DMP rather than an Iva. Also your debt is £18500 with one creditor, a bank loan? I think you need at least 3 creditors to qualify for IVA?? No exp with DMP or bankruptcy but my IVA is with stepchange and they have been brilliant for me since day one.

kallis3

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Post by kallis3 » Sat Jan 16, 2021 8:56 am
Good point. Can you confirm you have only one debt colourful?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
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lifenoteasy

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Post by lifenoteasy » Sat Jan 16, 2021 11:20 am
None of these arrangements should have an impact on your job unless you are Band 9 and above, have high level access to financial sign off OR you are heavily involved with Prevent.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.

colourful

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Post by colourful » Sat Jan 16, 2021 2:51 pm
Yes, it's one Lloyds personal loan, although they have given me 60 days' rest. With Bankruptcy I saw online that they need your bank statements for 2 years. During my application for divorce is what led me to the big financial crisis. My own account had no outgoings for rent, bills, etc prior to this as my Ex paid it all. Will they need to look into our joint named account as really I never used it. I need to take permission from my EX for that. The loan I took out was from my own separate wages account with my maiden name since held prior to when I was married.

kallis3

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Post by kallis3 » Sat Jan 16, 2021 3:17 pm
Unless the rules have changed, one creditor won't be enough for an IVA so a DMP could be a good option but there is no guarantee interest will be frozen.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk

Foggy

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Post by Foggy » Sat Jan 16, 2021 3:31 pm
It will take a while, but the DMP originally suggested by Stepchange ( and with Stepchange) would, on the face of it, seem the way to go.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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colourful

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Post by colourful » Sat Jan 16, 2021 4:10 pm
it seems they are accepting one creditor

colourful

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Post by colourful » Sat Jan 16, 2021 4:11 pm
it seems they are accepting one creditor let see when I have an interview with step change.

kallis3

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Post by kallis3 » Sat Jan 16, 2021 4:13 pm
With a DMP they will accept one creditor.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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