Hi would an IVA or going bankrupt be the best option for me. I have around £30,000 pounds worth of debt no assess apart for a car which is worth around £800. I live with my partner who owns the house, we don't have a mortgage together and no other financial ties. We have lived together for the last 6 years and I don't pay any thing towards the household.
God you sound just like me. I'd be interested to read the replies. I entered into an IVA 7 months ago. I have now ended it and petitioning for Bankruptcy.
If you live with your boyfriend some IVA companies work out your expenditure from combined incomes. In essence, what happened to me is that although all my debts were in my name she was paying my IVA.
HI Kate. First off I would suggest a chat with a reputable company or two (preferably which does not to what Banquo describes)to firm up your exact financial position.
There are pros and cons to each solution and often it boils down simply to the wish to repay more ( as you would in an IVA )
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thank you for your replies I am currently speak to step change but to be truthful I am finding the whole thing very confusing. I understand that they have to take a join household income and any surplus is what I would pay back but why are they wanting to know how much the balance is on my partners mortgage and secured load. I have never paid anything into the property why would they want to know this.
Hi,
There are only a few companies that take household income into account when calculating the payment -- I think this is wrong as it effectively means your partner is paying toward your debts.
I would suggest talking to a firm that isn't funded by the banks (as Stepchange and Payplan are both bank funded).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I agree with Foggy. By all means speak to Stepchange but also speak with the independent, professional sector and compare the advice. Bankruptcy or an IVA seem to be reasonable options and hopefully you get the correct advice. Most firms do not charge upfront fees and advice is free so do not just stick to the bank funded charity section for advice.
I am just like you but 10 months down the line. I have no financial ties, house etc and an old banger car for about £800. I decided to do the IVA but now wish I went bankrupt, I am still in two minds if to do so or not. I understand with bankruptcy you only have to make payment orders for max 3 years. With an IVA it is five years but quite a few are being screwed for 6. But best to talk to an expert.
