IPA agreed

[BlueShoes]

Hello kerri
I completely understand the difference between the two now. I suppose what I struggle with is that if you had run up tons of debt, and felt no moral obligation to pay back creditors (and assuming you had few assets and a low value car etc)there is no incentive to try for an IVA if you are going to be tied in for 5 or 6 years, as opposed to a maximum of 3, with lower payments.
We do want to pay back creditors, as we spent the money in the first place, but I wonder whether others may see little point in the IVA process.
I am not implying that bankruptcy would be taken lightly ( and I don't look forward to that outcome for us if the IVA proposal is not successful) but it does make you wonder!
Blue

[lily]

I really didnt have any assets but still really wanted to go for an IVA, it seemed that was the right thing to do at the time. After losing my job and being advised to go BR that seemed the right thing to me also. It just seemed to me that my children would be so much older when I came out of the IVA, therefore their needs would change so much. The difference of an eight year old compared to a 13 year old is quite a lot when you consider the step into secondary school. If I am totally honest I was so panicked about owing the money I just wanted a way out and really didnt think about how much it would cost or what I would pay back, I owed money that I couldnt pay, just knowing that made me feel bad and still does. I know I cannot move on until something is sorted. Now that I am facing it and using real money and not virtual money I appreciate things much more.

lily

[scaredkez]

blue i felt the same way, morally i wanted to pay it all back, one of the biggest factors for me was the tax credits, they informed me that i had been overpaid and withdrew all my credits which was nearly £400 per month, thats when i started facing all my difficulties, there was just no way i could pay the monthly obligations, i tried for an iva and was prepared to pay anything, with hindsight now and the rejection it was very clear i would never have been able to pay an iva, BR was the last solution i did do a DMP first but knew it would take a life time to pay the debts off, like you say those that have nothing to protect my say BR the easier option, i lost my car through BR luckily enough my parents bought it back, and we are now waiting to see if we keep our home or not, you are right its not easy, but if it is the last solution and you have nothing else to try its the only way, i was very embarrassed about it at first but i know i have tried everything and everything i offered was rejected, i hope it all goes well for you.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/