Hi everyone, currently 2.5 years into an IVA with £70k soon to be added to it from the voluntary reposession of my home. This will add at least one more year to it which means it might conclude around Sept 2016 if I'm lucky.
Dilemma is, I've been offered a promotion at work which will take me off shifts but would mean a decrease in salary of approximately 16%. This 16% was the portion of my salary which went towards my IVA the past 2.5 years.
I'm now thinking on the BR route to try and have it over and done with ASAP and to start rebuilding my credit record. Any one have any similar experiences or advice to offer me???
Renember that you could still end up with a 36 month payment order in BR but thats not to say it isnt a better option now. Also the BR will screw your credit rating for 6 more years from it starting.
Maybe discuss your options with your IP, perhaps a reduction in your contributions would help.
Who is your iva with?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Well if I go with promotion I wont have any disposable income, I will have a better quality of life though, so which should I choose? Sounds like a no brainer but I know I have a responsibility to my existing creditors plus the new one of my mortgage holder.
Your number one priority must always be to yourself and your family - and quality of life versus bankruptcy seems to be an easy equation to work out, but only you can be the true judge of all of the pros and cons.
Well having spoken at length to my IP Super and also a BR specialist at my IP company, I will try a Full & Final if I can gather the funds and failing that, it will be the BR route. Hadnt thought on the F&F so kudos to my supervisor. I don't exactly fancy my chances offering maybe £2k against approx £22k + the new additional amount of approx £78k from the mortgage deficit. Exciting times I'm in........NOT
Whatever you offer toolbox will provide a better outcome for creditors than bankruptcy will, so why would anyone object? Well done to your IP for offering you an alternative option to consider.
Andy Davie recommended them from the time i first sought help, they havent done me wrong, I've since introduced two other people in need of help, I've followed Michael P on here and observed the advice offered, cant fault any one of you at all, and this site to top it all is invaluable to anyone unfortunate enough to find themselves in a difficult situation. I will keep you posted on what transpires in the coming weeks/months. Thankyou
Good luck toolbox...let's hope your creditors agree to the f&f..it is a much better option than bankruptcy like Melanie says your creditors will get something rather than nothing.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Well went through the motions, offered the best I could muster, alas, they turned it down. MCCD done what they could but the votes weren't in my favour and I couldn't canvass anymore financial support for the F&F. BR here I come.
