hi everyone,
i need some advice, my situation is quite complicated, so i will try and be as brief as possible.
i have been the owner/director of my own Ltd company for 15 years, it has gone into insolvancy and will be woundup in the usual way.
i have a second mortgage on my home which when sold will only pay of the mortgage and the security to the business bank, with no other equity.
my home is currently sold subject to, and we have moved into rented acomadation which i have managed to pay 6 months in advance.
i technicaly have no job now, but will start to work again with a lot lower income levell soon.
i also have personaly a lot of credit card debt, £53000 to be precise, 40K of it going into the business trying to keep it propped up during the recesion, which ultimately failed.
so what do i do, my accountant tells me to go bankrupt, then i learn about IVA's and i dont know if they will be good for my situation or not, what do you think ?
i am already getting calls from MBNA and CITI most days
my wife works as a nurse, she is not implaced in the personal or the company debt
would be gratefull for any advice, and also to tell me what exactly is a IVA and how they work, whether they would be a good option or not for me.
After reading your post it does seem that BR would be an option for you and would give you a fresh start. However I'm not a professional, so I would recommend speaking to a couple of IPs. The professionals who post on the forum are all highly recommended, and you cna find details of many companies on www.iva.com, along with reviews.
Either an IVA or bankruptcy would suit your current circumstances - which option is the best can only be determined by you - perhaps in conjunction with seeking some professional advice from an insolvency practitioner.
If you have no assets which would be at risk under bankruptcy proceedings, perhaps the deciding factor lies in whether you feel obliged to repaying your creditors a reasonable sum against the money you borrowed from them.
If the answer to this is not really - then bankruptcy is likely to be more favourable for you.
thanks for your reply, i know that BR is the best for me, but i just dont want to do it, if there is a alternative,
i will see what the opptions are then make a decision
thanks again
Why not use the above link and talk with an Insolvency Practitioner about your options. The advice would be free and case specific and all debt solutions can be explored.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Bankruptcy is often the best option for clients as they usually pay less for a shorter period. However, people are happy to put forward IVAs as it returns some money to creditors, keeps their name out of the paper and also has a finite timescale.
There are also fewer implications for people who trade and can be particularly helpful for those who want to hold directorships which you have done in the past. As Melanie says, seek some free advice before you decide what to do.
