- Thu Dec 09, 2004 6:50 pm
knight1066 wrote:Thanks David.
I am in rented accomodation and have no assets.My job would not be affected , can bankruptcy be any worse than Iva ?,in the Iva my payment increases if i work overtime,payments seem to increase every 3 months so now cant work any extra.I can still make the payments but thought B was maybe the shorter time scale to get out of my problem?
Given your circumstances I see no advantage in you continuing in an IVA which based on what you say is destined to fail anyway. One wonders who advised you to go down this route. Let me guess......a fee charging IP.....
Let us list the the pro's and cons...
IVA: Paying all of your exess income into an IVA for the next 42 months
Bankrupcy....Paying 40-50% of your exess income for the next 36 months.
IVA: Strict limits on personal expenditure
Bankrupcy : usually more generous with what they will allow.
IVA : credit record shot for the next 6 years.
Bankrupcy listed in public notices in local paper.
Bankrupcy: Bank account frozen and closed. Have to open new account.
My advice . Why prolong the agaony get it over with asap. Stop paying into the IVA and get the £450 together and go for it.