www.iva.co.uk

help need advice please after having a discussion with tina yesterday i havnt got enough disposable income to have a iva so what do i do now bankruptcy is def out of the question please help after another sleepless night and behind on one months payments need advice urgently

I've just been landed in a similar situation .. I also wanted to avoid BR at all costs but now I'm being told the facts it doesn't seem as bad as it sounds.

What aspect of BR makes it out of the question? I'm not a pro like others here but I might be able to relate to your concerns.

Adam

Why is bankruptcy not an option for you?

its the thought of everyone knowing cos i live in a tiny village losing my house my job my hubbys job its just so embarrassing so it looks like i will ave no option but to struggle for the next so many years and many more sleepless nights

and i also cant do a dmp neither because i dont have enough left over a month only 60 pounds so im stuck in every way

Anfieldbabe, can I ask what jobs you and your husband do? Sorry if you've already said somewhere but I've got a brain like a sieve!

Regarding everyone knowing, as far as I know no-one found out about my BR from the notice in the local paper. The notice is tiny, and didn't go in the local free paper so only anyone who bought the paper could have seen it. Even then it was tucked away at the back amongst the adult adverts!

Hi Anfieldbabe

hopefully thsi helps a little:-

Jobs - only certain jobs you can't do while in bankruptcy and these include being an MP, Solicitor, Chartered Accountant, Trustee of a Charity, public office and Director of a ltd company. There are others where it is seriously frowned on but not the end of the line.

Bank Account - need to get that in order incase your bank freeze / close your account which is probable. Currently I am recommending the CASHMINDER account with the COOP. This offers a visa electron card, direct debit / standing orders, telephone & internet banking. Not bad really.

Publicity - Your details will be published in 4 places;-
1. The insolvency website - need to know where to find this as it is not something people trawl through just for fun.
2. Stubbs Gazette & The London Gazette - these are specialist newspapers obtained by subscription. Only Banks & wierd insolvency Geeks like me get them and you can't get them from WH Smiths.
3. Local Paper - go and buy our local paper and see if you can find a B notice. They are quite small and I have notices that they don't always seem to be advertised any more but not sure why.


Hope this helps

im a dinner lady my hubby is a slaughterman

and evryone buys the local paper round here lol

Well anfieldbabe - if your local paper is like Skippys and the Bankruptcy ads are next to the "Adult" ads then I am sure anyoune looking would be too embarrassed to tell anyone anyway!!!

would be good to know about the home -
what is it worth, what is the mortgage, what is the level of debt etc.

Quite often the challenge with petitioning for bankruptcy lies within us - we are frightened, ashamed, embarrased,nervous etc etc. The point that I think you should think about is this. how do you want to live the rest of your life, and certainly the next several years.

without a doubt the people who struggle most with debt are those that haven't got a plan and just don't know when they will be debt free.

I recently was walking in downtown Bristol on a Saturday and my wife commented on a couple that were walking towards us and looked very happy - to quote her " like they haven't got a care in the world". I was shocked as they were ex clients who had gone B just 5 months before.

I hadn't recognised them because they looked taller, younger, very much less stressed, and much happier than when we first met 8 months previously.

Although they had handed back their house ( they too had a 1st mortgage with NR of 95% and a second mortgage putting the house into £50k negative equity) they were now living well within their means, their rental house was nicer than the one handed back but £700pm cheaper a month. They were planning family holidays and had for the first time in years started planning for a future. They were even speaking to a financial adviser and discussing pensions.

This couple were without doubt going to be in a dark place forever until they finally made a decision to take back control and plan for a future ( without debt).

The main thing is to do some sensible research about all the debt options ( debt management, IVA, Bankruptcy, Snowballing, refinance )and decide which is possible and more importantly which is not an option because of the situation ( i.e. if you eliminate the options that are not possible you will be left with the most appropriate solution)

Hope this helps a little

Paul

Are you based in Bristol? If so, not far from Cardiff? Would be great to meet up and share some thoughts?

That was an inspiring post for anyone currently worried about bankrutpcy, and I too have seen similar sights in my time. And it is funny but we do not charge any fees for assistance with bankrutpcy work, but it is fair to say that these days we do not do a lot as the process is somewhat simplified for the consumer, but I used to often get more satisfaction out of seeing people de-stressed once their bankruptcy order had been made than the thrill of an IVA acceptance.

Hi Melanie

actually based in Taunton but travel extensively through england & Wales. Scotland as you know has different rules so we cover up to the border.

would be delighted to come over to Cardiff so will give your office a call this week to see what your schedule is like.

Great - look forward to that Paul.

my mortgage is 58500 its worth 65000 and my debt is 27000