any advise would be gratefully received

[sarahatdigs]

we are in the process with the IP who's writing up our proposal. we qualify on paper but now i am wondering whether bankruptcy would of been less hassle.My partner has been bankrupt before so we didn't see this as a option. We don't own our house or have any assets , the car is only worth £300 and We owe a total of £42000 but for the iva that is classed as £62000 because of full repayments,
any advise would be gratefully received

[Lula]

it would be useful if you post who your creditors are? and your Income and Expenditure

lulablog.blogs.iva.co.uk

[Sadsack]

If your partner is possibly considering BR, there might be some problems there. How long ago did he declare himself BR, when was he discharged and what were the debts for in his BR? All these points are going to have to be taken into consideration as the courts won't look very kindly on this.

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

[sarahatdigs]

thanks for replying , our income is £1750 p/month net and we have agreed we can afford £346. my partner was bankrupt 11 years ago because of his previous marital home being repossessed before i met him. he was discharged 3 years later and was unable to pay anything towards it.

[sarahatdigs]

our creditors are littlewoods , natwest , lloyds, next , cahoot and virgin, apparently they should all be ok appart from virgin , but they are less than 1 % of the total debt.

[MelanieGiles]

There are no barriers on your partner going bankrupt again, and his discharge will again be likely to be automatic as his first bankruptcy was over 5 years ago.

An IVA, so long as it is being properly presented, ought to be no more hassle than bankruptcy, but the key thing that has to be present to make it work is a real desire to do it in the first place, coupled with good reasons.

If those factors are not present, then you ought to seriously consider whether you are doing the right thing.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp