It is true that BR isn't the ogre it used to be ---after all, everybody who is anybody is doing it these days !!
Yes, you do need an IP for the IVA. Fees and suchlike rarely concern us as debtors, unless we are in a position to pay off the full debt, which, to be fair, is a rare occurrence. Likewise we don't really "see" the fees in bankruptcy -- which are much, much higher than those in an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Everest wrote:Thanks so much everyone. You’re all so helpful on here!
In relation to opting for bankruptcy...I’m not sure about this as I’ve always assumed it’s a last resort. I have looked into it a bit more this afternoon and it seems it’s not as devastating or life changing as it once was. And there’s not so much of a stigma attached to it.
In order to be eligible for bankruptcy, do you need to be under a certain salary threshold?
And finally, moving back on to the IVA; can this be done by yourself or will you always need an IP who’s the go between? Someone mentioned to me today that fees/ interest etc can be quite high and that’s obviously something I’m trying to get away from.
The 'criteria' for making yourself Bankrupt is:
You have debts over £5k
You can afford the Bankruptcy Fee (currently c£700) or the balance after any discount for certain benefits is allowed.
You are insolvent.
Take a look at my quick video on BKY here - this will give you the key pros and cons to think about:
I wouldn't use a go - between, I don't see the point, just go straight to an IP.
Fees/interest are effectively agreed by, and paid for by the creditors so won't affect you except a) if you have enough assets to pay everything off in full - then you will have a vested interest in the costs or b) if the costs make any dividend too low that it makes an IVA not viable.
You can do it online yourself and pay the fees in instalments if you can't afford it all in one go.
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