Having obtained some really good advice we now have 2 options to move on from our DMP which is an IVA or Bankruptcy. The latter is probably the better option for us in terms of getting it sorted soonest but I am very nervous about what will be involved. Anyone been through it? Do you have to go to court and do they give you a hard time about your spending and debts please?
Have read some stuff on the government website which suggests that the official receiver may prosecute if it appears you have willingly contributed to your debt situation, I haven't but not sure how easy that is to prove.
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
I think that you will find that bankruptcy is a relatively smooth process these days Dougie - many forum posters have experienced it personally, and they are therefore probably better at explaining what actually happens at Court. The forms are relatively simple, and generally these days you do not have to go in front of a District Judge - but this does vary from Court to Court.
I guess the decision ought to be made on the basis of how much you feel you ought to repay your creditors? If you are not too bothered about them, then bankrupcy can often be seen as the better option - especially if you have no assets to protect - but if you do feel some moral responsibility to them, then an IVA will see them receiving something towards the monies you borrowed.
It is very important to make the right decision, so take your time and all will be well.
Hi Dougie I was in an iva for 2years when my husband lost his job.BR was something I wanted to avoid at all costs,,I was so scared, but had no choice.Did it 2 weeks ago and the relief is tremendous.Filled in all forms online, made an appointment at local court, went along with my £510 and that was it.Saw the judge(really lovely man) all over in 20 mins.Still got OR phone interveiw next week, but hopefully the worse is over, if I can do it any one can.
Thanks for the tips, I do feel responsible for the debts of course but then also from a selfish point of view I want out of this mess ASAP. The IVA would keep my wife out of it though so this is a distinct advantage as I don't want to put her through the stress of court and interviews etc unless I have to, although she is fully aware of the situation.
IVA Accepted - Sep 2009
F&F Accepted - Oct 2014
CC Received - Jul 2015
Your wife won't have to be involved if it's just you going BR. All they'l want to no is how much (if any) she contributes to household income.My husband wasn't involved at all.
My partner was actually involved less in my BR than he was in the IVA. He had to supply proof of his earnings when I went into the IVA (although his surplus wasn't included), but when I went BR I only had to say how much he contributed, not how much he earned, and I wasn't asked for proof.
To me as I`m sure it is to most people one of the worst things about going BR is the thought it gets in to the newspapers. I think I`ve read though that it`s up to the Official Receiver (or whoever it is that has charge of your case) as to whether it is made public or not.
I believe it always has to go in the London Gazette though.
One of the determining factors seems to be that if a number of local creditors such as tradesmen are involved then it is likely to go in the local paper.
If, however, the creditors are loan companies or credit card companies there`s less likelihood of it happening.
It is down to the discretion of the OR. If you have specific reasons for not wanting it broadcast, i.e. a violent ex partner who does not know your whereabouts, you can ask that it not be published. There isn't normally a problem in extreme cases.
I must admit that I never look at the BR posts in our local paper, they are so small as to be virtually invisible.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Here in Northern Ireland all bankruptcies are published and the OR now takes nearly a full page as opposed to only a small part in the past. However, given the state of the economy the perceived stygma has reduced which can only be a good thing.
You won't have to justify anything in court, in fact you might not even see the judge. If you do see the judge it's not in a court room, but in an office.
Regarding the OR interview, I never felt like I had to justify anything. I explained what had happened, and that was it. I wasn't made to feel bad by the examiner.
You do not have to justify the debt in court as the court is there to help you. The interview with the OR is now normally over the phone and is not the Spanish Inquisition. The staff in the Insolvency Service have a job to do and given the thousands of bankruptcies at the moment unless you have breached the rules you should not have anything to be worried about.
