www.iva.co.uk

We are 3 years into an IVA - we have 2 and a half years left due to needing an extension.
Anyway my husband has started talking about going bankrupt. Now we are not failing in anyway, and although money can be tight we are not struggling so much that we can't live.
Now to me, we have put all that effort into the last 3 years, and it just seems a waste.
My husband says he just wishes it was all over so we could carry on with our lives. My sister went through bankruptcy, and I don't want my mom to have to go through having another child do this - cos of it being publicised etc.
I feel we are coping quite well with everything , but my hubby seems to think otherwise.

If you're coping with the IVA payments then stick with it. If you have £100 or more disposable income each month you will be expected to pay 50%-70% into an Income Payment agreement. This will last for 36 months from the first payment, so you will be paying into the IPA after you would have finished your IVA.

Also, your credit rating will be shot for another 6 years from the date of the BR hearing.

Although BR was the right thing for me to do, it wasn't an easy decision, and it's not the easy way out.

I totally agree with Skippy. As you are this far in it would be a pity to let it fail now, particularly as you will probably have to make payments into an IPA.

You will certainly be worse off as regards your credit rating. If you are in your own house or have a car worth over about £2000 you could potentially lose them.

I didn't know about the IPA!!!
I am against going BR anyway, cos as I say we have done 3 years. We are in council property. We do have a car but I have to have one for work - its a condition of my contract.
Also, as you say the 6 years of practically off the scale credit reating starts again. Whereas with the IVA we have only 3 years left of it - not that we would have credit cards and loans again! We have leanred our lesson BIGTIME!!!
Thank you for your replies. xx

Are you in financial difficulty Cparkinson?

I'm afraid nobody on this forum can afford holidays like that, and wouldn't even be able to consider them.

Unless you are seeking advice about financial problems, I think you may have found the wrong forum.

Just to explain my previous post - poster purported to be genuine but wasn't, so post was deleted.

Some people eh Jan! What an Ahole! Pardon my French

We do get them sometimes Andy.

I bet!

Soon sorted.

Sounds like a justified pet hate of yours.

It was advertising Andy, and that's not allowed on here.

With you now, DOH!!

If I spot it, I get rid, as does Skippy and the other experts.

Power to the people who are able.....if you know what I mean.