Might as well go Bankrupt

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Pugwash

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Post by Pugwash » Sun Jul 25, 2010 3:23 pm
The one reason I decided to go for an IVA is because its a private agreement. Now I find out its in the public domain for the duration plus three months. Might as well go bankrupt and get it all done and dusted in a year or so. In the local paper one week and chip wrapper the next People will forget soon after "wont they". I've resigned myself to the fact the I will have to live frugally for five years. But bankrupcy only one year. Is this true? May not be able to get credit etc. But I've learnt my lesson anyway, and wouldn't get credit again EVER...
 
 

kallis3

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Post by kallis3 » Sun Jul 25, 2010 3:35 pm
With bankruptcy you will be on the Insolvency Register for 12 months and may well have to pay an IPA for three years, which I imagine you would have to if you are in an IVA.

An IVA is on the same register and it is unlikely that anyone you know will look at this.

Depends on whether or not you have any assets which would be affected.

You cannot say you will never get credit again. Will you not possibly need a mortgage in the future, or need to rent somewhere, take out a mobile phone contract?
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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Skippy

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Post by Skippy » Sun Jul 25, 2010 3:41 pm
If you go BR you will be on the register for the duration of the BR plus an extra 3 months.

If you have £100 or more disposable income you will be expected to pay into an Income Payment Agreement (IPA) for 3 years.

I don't think anyone can say they will 'never' have credit again. I know that one day I will need a new car and will therefore need finance, and I also want to change my mobile phone provider as soon as possible.

Think about what assets you might lose in BR - house, car etc.
 
 

Pugwash

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Post by Pugwash » Sun Jul 25, 2010 3:44 pm
I rent from an housing association and aren't likely to move until I'm under the sod (so to speak). I'm in my mid fifties so a mortgage is almost definately out of the question, and pay as you go mobile is near enough for me. I have a job so in the future i would be able so save (post IVA/Bankrupcy) I'm sure. But I didn't realise you have to pay an IVA as well. So maybe an IVA is better. Just exploring all avenues. Thanks for a quick response though
 
 

Skippy

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Post by Skippy » Sun Jul 25, 2010 3:48 pm
I originally had an IVA as I wanted to repay as much as I could to my creditors, but when this failed I still had to make payments into an IPA, although it was a lot less.

To be honest I would have preferred my IVA to have been successful, but in my case it wasn't to be as I had no help from my IP.
 
 

Pugwash

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Post by Pugwash » Sun Jul 25, 2010 3:55 pm
I'm still in the very early stages of setting up an IVA. Just sent my papers off to Vincent Bond so they can get started on it. But this is obviously on my mind 24/7 and I suppose I'm looking for the easy option. I'm beginning to realise there ain't one. Just thinking Christmas 2015 seems a very long long way away
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 3:58 pm
It soon goes pugwash, but please be 100% sure it's an IVA you want before entering into one is all I will say. Take a little time to have a think and talk to VB about this as all debt solutions can be discussed to find the one most appropriate for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

Pugwash

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Post by Pugwash » Sun Jul 25, 2010 4:08 pm
I have thought long and hard about this.Done nothing else over the past month and I've come to the conclusion that an IVA is probably the best option. Kallis3 is probably right and nobody I know will see the IVA register. But I'm always searching for the better way. Isn't everybody. Had a £1 on the lottery last night and guess what. I didn't win oh well maybe next week. been saying that for years now.
 
 

Shining

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Post by Shining » Sun Jul 25, 2010 4:11 pm
I have a £1.00 on the lottery per week too and nothing not even a tenner but who knows one day.

I didn't know the Insolvency Register existed before I came on here so I'm sure most people don't know about it. I looked at it once to check I was on it and I didn't like it so the next time I look I'll be checking to see I've come off but not for a while yet.

Good luck with your IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

kallis3

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Post by kallis3 » Sun Jul 25, 2010 4:26 pm
If you have no assets then bankruptcy could be an option.

It should not be down to whether or not it is in the public domain. It is what you want to do to address your debts.
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
 
 

Pugwash

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Post by Pugwash » Sun Jul 25, 2010 4:31 pm
Of course I want to address my debts. I am not proud of the position I'm in. You never heard of pride I take it......
 
 

kallis3

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Post by kallis3 » Sun Jul 25, 2010 4:46 pm
I was in the same position as you, hence the IVA.

You need to think long and hard about what you want to do.
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
 
 

Adam Davies

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Post by Adam Davies » Sun Jul 25, 2010 4:47 pm
Hi
I think what Jan means is that you should take the option that you are comfortable with. I understand that you do not want anyone to know about it and that is understandable.
The Insolvency Register is not really known about and I think very few Official Receivers advertise bankruptcy now.
An IVA will return more than bankruptcy to your creditors but on paper wll be a little harder and longer than bankruptcy.
Good luck with whatever route you decide on
Regards
Andam Davies
 
 

Skippy

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Post by Skippy » Sun Jul 25, 2010 4:47 pm
I don't think any of us are proud of the situation that we are in, I know I'm certainly not.

I did what I had to do to get back on my feet and when I went BR it was in the local paper so I had to put that to the back of my mind.
 
 

kallis3

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Post by kallis3 » Sun Jul 25, 2010 4:49 pm
Thanks Andy and Skippy. I was certainly not having a go at Pugwash.
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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