IVA v BR

[worriedgirl]

I have had my phone chat with the IP anf have been told I do not have enough disposable income to sucessfully complete one so I am looking at BR. I would have liked the opportunity to pay at least something back but do need to sort my finances out in what ever way is possible. I do own my own home it is jointly owned with my ex but as there is no equity he as agreed to but my beneficial interest so should be able to stay there. I was just wandering though I have a motability car can they take this? and do I have to declare all bank accounts or just the one that I usecurrently with the o/d.

[chris.g]

Hiya, I'm not sure about the car thing. All the bank accounts that you hold will need to be declared. The OR contacts the bank/s to notify them of your br. It is then upto the bank whether you can continue with the account or if it will be closed.
You may have opportunity to pay something to your creditors as you may have an IPA or IPO, which last for 3 yr,
xx

[MelanieGiles]

How much disposable income do you have, and how much do you owe to creditors?

If you do decide to declare yourself bankrupt, your Motobility car ought to be safe, but do check that point with Motobility directly. And you will need to declare all of your bank accounts on your application form for a bankruptcy order.

[worriedgirl]

Hi Melanie

It was your Melanie Nicholas that I spoke with and she worked out that I would only have £180 with 22k debts. I talked at length with her about my options including BR

[MelanieGiles]

Sorry - it is difficult to tie up forum names with real names, so I was not aware you had spoken to us. With such a low disposable income, and little room for contingencies, it would appear that bankruptcy might be a better option for you.

[Soulgrowth]

I just wanted to say "good luck" ... and to remind you that we are all here to help and support you in your 'journey'

All the best

Debbie

[Reviva UK]

Hi worriedgirl

incase you are looking at the Br option there is the sister site www.bankruptcyhelp.org.uk that may give you some additional help or support.

however it would be good to continue getting support from this site too.

take care