www.iva.co.uk

Implications on being bankrupt?

WHat are these, as a teacher would my job be affected and as a privte tennant would my landlord need to be informed?

Hey skintbirds, welcome to the forum. I'm pretty sure your job will be fine and the OR, in most cases, does not contact your landlord. I'm not an expert so please wait for one to confirm this. X

Skintbirds, please make sure your rent is up to date, otherwise your landlord will be a creditor and the Official Receiver would have to inform them.

There would be no other need to contact the landlord, but the OR may want to see a copy of your tenancy agreement to verify your domestic expenditure, so make sure you have that.

If you change tenancies, be aware that you are likely to be credit checked upon application for your new tanancy, so it might be wise to stay with your cnrrent landlord if you can.

Thanks, we have (somehow) managed to stay up to date on this so that ought to be ok.

Am wondering how it would affect my job as a teacher?

I don't think your job should be affected, but be aware that bankruptcy orders are advertised in your local newspaper therefore people are bound to find out and the gossip will go around.

Thanks for replying. I dont teach locally really so that ought to be ok. Am unsure whether an iva is the option or bankruptcy, in process of trying to find out.

In terms of an iva, my partner is self employed currently but looking for work in paid employment as obviously this would make a huge difference. Obviously jobs dont hppen overnight, but can I not apply for the iva until the job has been found?
Sorry so many questions, had never heard of an Iva until last week!

Regarding the OR informing your landlord, our OR did even though we were up to date with all rent. She contacted him to confirm the rent details. I think it is down to the discretion of the OR dealing with your br in all fairness.

Hi skintbirds and welcome to the forum. Feel free to ask as many questions as you need. Thats what we are all here for xxx

Have you an idea how long it would take for your partner to find a suitable job ? If it would not take too long, then it is best to wait for applying for an IVA until they have found a job, as at that point you will know what the level of household income will be and it will be possible to propose a monthly repayment amount to the creditors.