www.iva.co.uk

I have over the past month or so been going through the IVA motions, this morning I received from my IP my proposal to sign for my meeting sometime in the next few weeks, looking at the figures I am wondering if BR would be the best option to take. I live alone in Housing Association I have no assestts but a car with a value of £690 and debts of £26,000. I am not sure where to go for advice I need to make a quick decision as I keep getting letters and my telephone practically rings off the hook. If I send off my signed proposal would it be too late to change my mind? Also I have a Co-op Cashminder basic bank account will I be able to keep this if I go BR. I thought an IVA would be the answer to my prayers but I am finding it worrying on my mind if I can maintain it for 5 years they are really leaving me to struggle. Also do I have to pay fees for BR?

I am so unsure and miserable[:(]

Hey Sueann, I remember from your last post that you used Thomas Charles and they passed you to an IP, if you have not been given good advice about ALL your options then I would take the time to decide before you sign anything. You really want to be absolutley sure you're taking the right route. Please wait for an expert to help, I'm so sorry you're having to go through all this. Viki X

Hi Sueann

couple of things that you should review before signing.

1. Please check out your income and expenses and ensure that these are reaslistic and represent your outgoings. naturally an IVA will be tight but if you can manage it you may well feel better rather than going straight for Br.

2. If you are working then the car will be fine in either an IVA or BR

3. Housing association - these are usually fine about going through Br ( they will never know about an IVA ) but might be worth just confirming ( or get a friend to phone up and ask so they don't know who it is) . Perhaps you can post the association name incase anyone here has experience of their policy.

4. COOP banking - that will be fine for Br or an IVA.

5. If you have doubts then after checking out the points above give your IP a call and go through it with them.

really the decision is down to you to make the right choice that you can live with.

hope this helps

No halm getting a second opinion before you sign if you are already have second thoughts. The IVA is a five year committment and should not be entered into lightly.

If you need further advice before signing, make sre that ou speak to an insolvency practitioner fist and make sure you understand ALL your options.

For bankruptcy see http://www.insolvency.gov.uk/pdfs/guida ... ruptcy.pdf

You say that you have received the proposal in the post to read through, but has anyone from the insolvency firm actually spoken to you about your options or given you any sort of advice? Given that you have no assets which could be affected by bankruptcy proceedings, it is well worth having another think through the reasons why you wish to avoid this process - which is likely to be cheaper for you and the repayments would be made over a much quicker period. Bankruptcy proceedings would cost £495, and it is quite likely that you would be able to retain your bank account.

Thank you everyone.. I have jumped ship over to the BR forum as I feel that this is my best option and I am going with BR.

Hey Sueann, good luck and I hope everything goes ok with the bankruptcy. BR site is fab, Julian, Paul, Melanie and Vikki will all help you there. Viki X