would it be preferable to go bankrupt ?

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ginger3232

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Post by ginger3232 » Sat May 07, 2011 10:43 am
Oh dear the trolls are out in force again !!!

A BR is a legally binding arrangement - there are routes and guidelines that have to be followed.

If you choose to hide assets etc - that up to you.

No one debt management plan suits all - so everyone needs to read and reread documents and pros and cons - before deciding what right for them.
Last edited by ginger3232 on Sat May 07, 2011 10:50 am, edited 1 time in total.
 
 

kazzafunk

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Post by kazzafunk » Sat May 07, 2011 10:43 am
Thanks for all the advice everyone. I can see both sides of the argument but at the end of the day I believe Michael Peoples will advise the best course of action for me. We have already spoken at length about both options and as I think I mentioned before a friend of ours works for the OR in another part of the country so I understand how they work.

Gripper - thanks mate. I know you have found the best solution for yourself and I think Jan was just trying to point out the pitfalls. I have only had good comments from Jan up til now and I don't really like to see negative comments on the forum. We are all in debt (or have been) and as there are various options available to us all I think everyone's circs are unique and I can only listen to the experts and be guided.

Have a good day all. I will be mainly lying down as my new medication seems to stop my legs working!!!!
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

kallis3

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Post by kallis3 » Sat May 07, 2011 11:00 am
The Gripper - I have never said I am an expert, I give my opinion on here the same as everyone else. You intimated that you had given up work and none of your creditors were going to get any payment. That is, of course, your prerogative. Neither did I intimate that you were breaking any laws.

I have merely pointed out to kazzafunk what may happen in bankruptcy.
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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Broke of London

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Post by Broke of London » Sat May 07, 2011 11:01 am
You can't ask for more than a recommendation from Michael! I'd totally trust his advice. Hope your legs start to feel a bit better xx
 
 

kazzafunk

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Post by kazzafunk » Sat May 07, 2011 11:15 am
Thanks BOL and Jan. I must admit I feel very comfortable with Michael. He made me feel very positive and I found I could be totally honest about everything with him. In fact by talking to my OH about Michaels advice he too agreed that an IVA was a good idea and has decided to jump on the bandwagon!
It's taken me weeks to get paperwork together due to my health (both physical and mental) and I'm ready now to plunge into the workd of IVA's and the countdown to a better life in the future.
One thing I would say on this thread is I think everyone has an opinion and I know from reading this that people usually start posting when they are scared of the future. We should all remember that depressed people are probably asking questions. I can see the difference this forum makes and long may it continue!!!
Rant over - enjoy the sun everyone if you have any!!!
[:)]
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

ginger3232

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Post by ginger3232 » Sat May 07, 2011 11:17 am
What sun ?? - it raining up here !!!
 
 

kallis3

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Post by kallis3 » Sat May 07, 2011 11:20 am
Chucking it down here as well! So glad I did my washing yesterday!
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
 
 

kazzafunk

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Post by kazzafunk » Sat May 07, 2011 11:27 am
Sunny but windy. Probably get rain later though
Kazza

Please visit my blog:
http://kazzafunk.blogs.iva.co.uk/

IVA completed 21/03/2012
 
 

kallis3

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Post by kallis3 » Sat May 07, 2011 11:28 am
You are certainly lucky at the moment - it's horrible here!
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
 
 

andrea1968

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Post by andrea1968 » Sat May 07, 2011 1:24 pm
Gripper-take a look at the directgov website-we did look at bankruptcy but as I said-it would have left us homeless and penniless.
Obviously if you have nothing to lose go for it.
We-as I previously stated-would have lost our home and hubby his job.
I was stating the facts about bankruptcy not some fairytail.
Would have gone for it ourselves if we didnt have so much to lose.
Show a bit of respect for others on the forum.
I was stating facts-or are the government lying aswell
Last edited by andrea1968 on Sat May 07, 2011 1:33 pm, edited 1 time in total.
full and final accepted January 2015

iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
 
 

Adam Davies

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Post by Adam Davies » Sat May 07, 2011 1:54 pm
Hi
Bankruptcy can work well for some people, such as Gripper, but for others it will not be the best route. Once solution does not fit all, always best to consider all options and weigh up the pros and cons of each.
Kallis is an expert on this forum and a well deserved one.

The ethos of this forum is respect for all and the experts on this forum, including myself, can never condone anything that deliberately withholds payments to creditors.
Regards
Andam Davies
 
 

Skippy

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Post by Skippy » Sat May 07, 2011 2:24 pm
Having been in an IVA and ending up going BR I can see both sides, and I have to say that, despite what some people think, BR isn't easy - I found it stressful and am so glad it's over. I would rather my IVA had succeeded, but it wasn't to be.

To anyone thinking of going BR, please look at all the options. It's definitely a solution, but not right for everyone.
 
 

Julie

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Post by Julie » Sat May 07, 2011 3:42 pm
It's all about finding the right route for your own personal circumstances. I agree Skippy, BR is by no means an easy route. Having been there with hubby and now seeing the stress a work colleague is suffering and thats just apply for BR,

Thankfully, this forum supports everyone and helps individuals to find the strength to chose the best route.
 
 

kallis3

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Post by kallis3 » Sat May 07, 2011 3:55 pm
BR is a lot harder now than when you and Skip did it. It's never been a walk in the park but it's even harder than doing an IVA I think.
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
 
 

Julie

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Post by Julie » Sat May 07, 2011 4:09 pm
Definitley never a walk in the park - we're into the final year of payments and counting down the months to to the end. Then of course it's onto building credit rating.

The allowances in BR have changed as have the fees to go BR. If anyone is making an appointment to go BR this has to be done pre May 31st, otherwise the increased fees will be incurred.

So, it's not an easy decision to go BR - it's about making the right decision.
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