www.iva.co.uk

as from other posts, I am considering one or other...

BR has a social stigma, plus deep digging by the OR, but at the end of the day, dont they both give you a bad credit rating for 6 years, maybe more if you get a Bankrputpy Order and take your spare money for at least 3 years ? I dont see the real choice? apart from of course the directorship control part.

Please explain if I am missing something?

Is a BR worse on your file than IVA?

Only you can decided whether bankruptcy is a worst option for you - as you rightly say both procedures remain on your credit rating for six years. If you have no assets to protect from bankruptcy, perhaps the choice boils down to the moral dilemma of whether you feel you ought to repay your creditors something or whether you are happy to just leave them behind. That is a very personal decision and no-one should advise you what to do under those circumstances.

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

Just one thing I would say (from personal experience!) - if you decide on an IVA, please make sure that you can afford the repayments, and don't agree to any modifications that you don't understand.

I know that sounds like common sense, but it's very easy to agree to something in the heat of the moment of the creditors' meeting, especially if you are desperate.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

I have to agree with Skippy here. I have done both, my IVA was totally unrealistic on reflection and so inevitably it failed and am now bankrupt. It is, of course, a personal choice I have tried to pay my creditors back but it didn't work out.