Questions about Individual Voluntary Arrangements and Insolvency.

Moderators: TalbotWoods, JaneClack

By neilb1980
#217362 Hi,

I'm currently on a dmp with payplan and i wanted some advice on my situation...

I'm around 19k in debt and my dmp is going ok a few hate mail each month and phone calls but nothing i cant handle the dmp will take me years to pay it off Aug 2020 :D

Would anyone think doing a IVA is a better option or just wait for the full and finals to turn up after there sold on etc?

I dont own any assets, i have 2 kids and a wife (who has no debts) we currently rent and i'm just debating weather to get it all paid off in 5 years might be a better option although my friend tells me IVA are not worth going for...

if u could share your views on this i would be greatful...

Neil
By everett
#217364 Why don't you consider bankruptcy ?
It will be a lot quicker than an IVA and will not effect your wife as long as she is not named on any of your debts.
By neilb1980
#217369 Well i have been thinking about it, as my job in all honesty isnt as safe as i first thought...

SO bankruptcy would be ideal.. but i suppose it's the scared factor stopping me from doing it!

The chances of me getting a mortgage anytime soon very unlikely... so If i was bankrupt it would solve a whole lot of stress i can tell you.

The only real worry is as i'm renting and have got kids that i wont be able to stay where we are or we wont be able to get another property although as my wife isnt in any debt she should be ok... Do the court take my wifes income in to account? or wont she be affected whatsoever?