I am just about to sign the proposal forms for an IVA but having now read it all, have some major concerns!
My situation - £42k debt. No Assets except an old car. Job not affected.
The IVA looks pretty nasty with rising contributions each time your P60 comes around + 5 years etc. I also dont trust the company handling it.
So, I am now looking much more at bankruptcy, but would like to ask you good people some questions...
1) Is the credit file damage the same? are they in the same "Category"?
2) How long am I banned from being a Co. director?
3) If I lose/leave my job, will the OR reduce contributions?
4) If my salary drops, will the OR reduce contributions?
5) I have an Alliance & Leicester current account and as a new customer (setup for the IVA) have no debt with them etc - would they let me keep my account albeit in a reduced functionality version?
6) Are there any restrictions on moving overseas once you go?
Hope you can all help... thanks in advance!