I have a large amount of debt and am looking at an IVA, however, I am wondering whether bankruptcy might be the better option, does anyone have any experience and advice on whether it is a good option? I have a house with my ex partner but need to do what is right for me. I don't want credit again. Any help appreciated
Lots of information on that site.
They also have agents who can answer questions. Normally business hours only though.
It also lets you put in your financial situation and will offer what is available to yourself.
Hope this helps.
The above site is a registered charity.
Hi K7N,
I went down the bankruptcy route but it was to the tune of about £90k!
My debt related to my home back in 2012, I was allowed 110% mortgage back then, and when recession hit and I split from my partner I was unable to pay the mortgage and it was repossessed. I was able to go bankrupt but they do scrutinise your earnings and assets, as it is classed as a last resort.
It's not an easy thing to escape from I'll be honest. It's on my credit file until 2018, and along with that you will lose your bank account and have to start from scratch! It sounds like a good idea at the time but is best avoided. It costs £700 just to go bankrupt also!
Dependant on your level of debt it may become the best option though?
I'm unsure if I'm of any help but I thought I'd share my experience of it anyway
Thanks, my debt is £90,000 too. I was going to go down the IVA route, that was when I was still with the belief that me and my partner would be together, but since we have separated I am thinking that bankruptcy would be the best option for me. It's just knowing the ramifications
It could be made difficult if you have equity in your home, as you could be forced to sell it to repay the debt.
It's a tricky one, but good luck and I hope it all works out for you
Hi K7N
If you want to know the options available to you and the pros and cons of each, you would be best contacting expert debt helplines such as the ones listed here: http://www.gamcare.org.uk/get-advice/what-can-you-do/finance-and-debt-management
You can also look out for our next debt-themed chat. We'll announce themed chats on the forum as and when they are confirmed.
Best wishes
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