would it be preferable to go bankrupt ?

Get expert opinion. This is the place for new questions to be posted.
49 posts Page 1 of 4
 
 

thegripper

User avatar
Posts: 35
Joined: Sat Jan 03, 2009 6:16 pm
Location: United Kingdom

Post by thegripper » Fri Jul 23, 2010 7:44 pm
I am in the process of filling out forms for bankruptcy.

I have been seperated since last Feb and my wife still lives in our home of which both our names are on the mortgage.

Question is would it be preferable to go bankrupt or use another possibility of setting up an IVA?

I have roughly £27k of debt that is all tied in my name.

I tried a DMP for 3 months but am now going it alone with my creditors.

Is an IVA best or bankruptcy?

Thank you
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Fri Jul 23, 2010 8:13 pm
How much money do you have available to offer to creditors on an ongoing basis - and is there any equity in the property?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Gettingthere

User avatar
Posts: 190
Joined: Thu May 06, 2010 9:18 pm
Location: United Kingdom

Post by Gettingthere » Fri Jul 23, 2010 8:17 pm
Hello, I would speak to a few companies on IVA.com to look at your options, just speaking to others who can give you professional advice is probably the best course of action before jumping into bankruptcy. There are some very good companies represented on here from that site. Hope you get it something sorted.
Take care
 
 

Julie

User avatar
Posts: 9503
Joined: Thu Feb 14, 2008 10:56 pm
Location: United Kingdom

Post by Julie » Fri Jul 23, 2010 9:20 pm
Hi - if you can post more details, we'll be able to advise.

Finding the right solution is very personal and thats why contacting a couple of professionals is a must. In the meantime,if you can post more details, we'll be able to advise.

xx
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Fri Jul 23, 2010 9:28 pm
Hi
You need to consider the effect on your property if you declare bankruptcy.
Regards
Andam Davies
 
 

thegripper

User avatar
Posts: 35
Joined: Sat Jan 03, 2009 6:16 pm
Location: United Kingdom

Post by thegripper » Fri Jul 23, 2010 9:52 pm
Thanks for the replies,

I am on low income and get a small amount from the working tax credit joke system..

I dont really mind what happens to my house just so long as I can deal with this debt that is constantly causing me to have no peace of mind.

At the moment I pay roughly £80 p/m to creditors but they always want more and I have to live on £824 p/m since leaving my old job and area I used to live in before the seperation.

It may seem a small amount but thats because I have kept them happy you see but it will last me the whole of my life.

Apart from this I have all the usual living costs.
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9545
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Fri Jul 23, 2010 10:11 pm
Why did you start a DMP and leave it so quickly theWizard??

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

silverlining

User avatar
Posts: 32
Joined: Mon Nov 02, 2009 11:23 pm
Location:

Post by silverlining » Fri Jul 23, 2010 10:12 pm
Dear Gripper,
When I was at the beginning of this process, not knowing what to do I grabbed the first possible route out of debt I found on line. Then I found this site a year later and it has continued to help and guide me. One thing I would have done differently is choose my IP carefully. I didn't realise I had that option. I learned tha advice is available and you do have choices. The best thing to do is take a deep breath, make a day and call at least 3 potential insolvency practitioners and compare the advice you get to see what feels best for you. We share a common bond of debt here, but you and your situation are unique.
All the best!
 
 

thegripper

User avatar
Posts: 35
Joined: Sat Jan 03, 2009 6:16 pm
Location: United Kingdom

Post by thegripper » Fri Jul 23, 2010 10:27 pm
Thanks for the kind advice silverlining.

I started a DMP and left it cos the amount of time this took to set up allowed the credotors to put even more arrears and interest on that it got ridiculous. I ended up owing over 2k more to one of my creditors while I waited for things to get moving.

And in the process I got my BMW repossessed (and still owe money when it got auctioned off) and wasnt happy.

So I was that miffed in the end I decided against the DMP and rung up all my creditors and made an agreement with them for the payments I now make and cancelled my DMP.

I was even advised that if I had the cash available I was to go bankrupt, but when you are really struggling to make ends meet in the first place, this cant be done can it.

I have 4 creditors and 2 like to press me every 3 months, 1 likes to set it every 6 months and ive just been talking to Barclaycard and they have allowed the same payment with no interest or arrears until this time next year.

But like I say I dont want this hanging around my neck forever because I cant even afford to rent my own house, etc
 
 

silverlining

User avatar
Posts: 32
Joined: Mon Nov 02, 2009 11:23 pm
Location:

Post by silverlining » Fri Jul 23, 2010 10:47 pm
Talking here is good and extremely helpful and supportive. You sound like you need some full on expert financial advice and though you will get it here it sounds you really need some one on one expert advice to know how best to move forward. Just remember to shop for an IP like your most precious purchase, because that is what it is. The right road for you to freedom from debt and the best life you can hope for in the meantime. It does end but first you have to begin.
Many people here will help, support and advise you.
x
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Sat Jul 24, 2010 4:08 pm
How did you find your own IP silverlining as a matter of interest?
Regards, Melanie Giles, Insolvency Practitioner
 
 

thegripper

User avatar
Posts: 35
Joined: Sat Jan 03, 2009 6:16 pm
Location: United Kingdom

Post by thegripper » Sun Jul 25, 2010 5:30 pm
Just been reading a few more questions that have been posted on here and it seems like there is no easy way out of this debt.

For example ive just read that if I go through all the hassle of filling the insolvency forms out(and ive got a right headache doing that)and declaring myself bankrupt then I could end up paying an IPA for some yrs.[:(]

So whats the point of all the hassle, if I set up an IVA it seems that you have to constantly declare every penny you get and everything you do with your remaining pennies left over and this seems like its 5 yrs of utter hardship when ive already had 18 months of it.[:(]

Im starting to get really down about all this and will almost end up going back on anti-depressents again after just getting off them.

Is there any light at the end of the tunnel for all this.

Melanie I have filled out your questioner for an IVA, I hope you will please look into it, im so tempted to lie about my expenses as well because I dont want to just go through life existing, I dont want my creditors getting there hands on the little I have left out of a small wage anyway.[:(]

Need to do something quick because yesterday I had the Yorkshire bank trying to get more money of me and it ended up in a row over the phone because this snotty nose little twerp insisted that he wanted to take all of what I had left of my earnings after going through my expenses with him.In the end I just put the phone down on him so I expect a very nasy letter through the door very soon.[V]


Thank You
 
 

kallis3

User avatar
Forum Expert
Posts: 76065
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Sun Jul 25, 2010 5:49 pm
There is no easy way out of your debt unless you can afford to make the payments each month, which clearly you can't (along with a lot of us!)

BR will mean that you might have to pay towards it for three years dependent upon your income.

With an IVA you will be paying for 5 years but your creditors will be getting a decent return. You will be allowed a life though. We are quite happy with ours.
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
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Sun Jul 25, 2010 7:16 pm
I will most certainly review your submission - I have received a few this weekend and yours doesn't necessarily stand out - but one of my colleagues will be in touch tomorrow to arrange a chat.

The thoughts you are having are natural, and personally I feel that it is good that you are objectively thinking about all of the disadvantages of the options - as this will ultimately steer you towards the best solution to suit your circumstances.

I'll speak to you directly once we have gathered up all of the details we need to be able to assess your current situation properly - and keep researching in the meantime as you can never get too much information.
Regards, Melanie Giles, Insolvency Practitioner
 
 

thegripper

User avatar
Posts: 35
Joined: Sat Jan 03, 2009 6:16 pm
Location: United Kingdom

Post by thegripper » Fri May 06, 2011 11:20 pm
Well I have just come back to this forum after 6months of waiting.

After all the hassle I had I did decide to go bankrupt in the end, last November to be exact AND I havent looked back. I paid my money now I am free of that debt.

Yes I am still dealing with the official reciever for 3 years from the time I went insolvent but its better than dealing with jumped up little pratts who kept ringing me up demanding more and more money, my god they where just kids out of school.

Anyway all is well and now ive jacked my job so im not employed and im working for myself and until I get a reasonable amount of money coming in NOBODY is getting nothing off me.

As for the property my ex is STILL in, well the official reciever has just another 2 yrs to decide what to do with it or they will hand it back to me and her. They have said if there ends up with equity in it we have to pay the extra to get it back OR if no equity is in it pay £1 and £211 to buy out the official recievers interest in it! Just have to wait on that one......But I for one wont be paying anything as I dont live there.

Roll on November 2013, but until then I will surely be enjoying every day that God gives me on this earth.

Thank you all.

One last note, I WON`T EVER BORROW ANYTHING EVER AGAIN!
Last edited by thegripper on Fri May 06, 2011 11:23 pm, edited 1 time in total.
49 posts Page 1 of 4
Return to “Ask IVA Forum and Industry experts”