thanks for your help so far with bankruptcy questions.
Now I know this question gets asked alot but im hoping to hear your thoughts (probabaly along the lines of give it a go see!)
Just to set the picture im 2 and a bit years into iva. Original target to repay back about £25000. Total paid to date about £9500. I have about a £1000 arrears due to various reasons but have paid quite a bit extra in conistant overtime to date.
My circumstances have changed and my payments will have to be reduced. I cant see my making up the arrears without an extension at the end (and with the reduction in payments this will take me over the golden 3 missed payments).
I have been told by my employer as I am a civil servant that I will have no payrise for the next 3 years due to government cut backs.
I want to make a F&F as the whole stress is now getting me and my family down.I envisage no equity in my property in the near future as Im about 8K in negative equity.
I think I could get a friend to loan me the money (he would have to get a high street loan) but no more than £8000 (plus anything more than this would be unafordable as I want to be able to repay it in 3 years or it wouldnt make sense in going down this route).
Would this be anywhere near sufficient as a F&F as I know a high percentage of what Ive already paid in will have gone on IP's fees.?
My thinking is that my creditors would prefer the idea of money upfront rather then the risk of getting a bit more back in the future. If I went down the bankruptcy route they would only get 3 more years from me (not 4 that is remaining on my iva) so another £4500 could be taken of my target.
Thanks in advance
jojo
'There are no secrets to success. It is the result of preparation, hard work, and learning from failure
It will really depend on what sort of return that offer would provide to your creditors in comparison to you simply continuing to make ongoing payments at an affordable level. Speak to your own IP for specific guidance on this point.
