Some employments will not allow debt solutions, so you will need to check.
Your bank account can be temporarily frozen if you go for BR, until the official receiver is happy.
Both will trash your credit score and will impact on anyone you have joint finances / accounts with by association.
You do not have to tell your spouse -- but both are a big secret to keep -- so quite a strain !
and here for IVAs:
On the face of it, Bankruptcy would seem to be most appropriate to your circumstances but would need more information to be sure.
You may have to pay 3 years of contributions in Bankruptcy compared to the standard 5 years (where IVA protocol T&Cs are used).
Your credit rating is affected for 6 years in either process at present.
If the IVA goes wrong you could be back to square one and facing Bankruptcy.
You appear to have no assets to protect to warrant an IVA.
Windfalls will only vest in the year you are Bankrupt rather than 5 years i the 'standard' IVA.
Who is onlineUsers browsing this forum: No registered users and 4 guests
Ask the IVA Experts a QuestionSimply complete form and you will get an answer from our IVA Experts (multiple replies within an hour *)
* Any use of this forum is conditional on you having read and agreed to our terms and conditions.
* If you enter your phone number, Vincent Bond and Co Ltd will give you a courtesy call to ensure that your question has been answered.
* The question will be posted on our forum, we will email you the location