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Spanna1310
Starting Member
United Kingdom
4 Posts |
 Posted - 05 March 2013 : 16:10:13
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| Hello needing some advice regarding my partner and I going bankrupt please - our iva proposals have been rejected by a creditor and will not budge and its over double what we were proposing which we cannot afford to do. we don't own a house, we have a car but its not registered in my name but it is falling apart , i have 4 children, we tried to do the morally "right" thing but it hasn't worked so i think our only option is bankruptcy but as im not clear about the ways of bankruptcy it scares me, Any advice would be gratefully received x |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 05 March 2013 : 16:28:56
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Hi Spanna and welcome to the forum.
Bankruptcy will cost you £700 per person but all of your debts will be written off.
How much is your car worth? If less than £2k then it should be ok. You may have an income payment agreement for three years and of course it will impact on your credit rating for six years.
I have emailed you off forum from the sister site. If you don't know who I am then let me know and I'll email you again. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 05 March 2013 : 18:25:48
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Hi Spanna,
Sorry to hear about your IVA being rejected.
This site has a lot of info if you have a look around, or contact an expert to chat it all through.
Your IP will also help and advice, I'm sure.
If you have no assets, then bankruptcy is definitely an option for you, but you could do a DMP too. Bankruptcy is not scary, it's there to help you so please take advice and make sure how it would affect you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 06 March 2013 : 08:23:58
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| Viki makes a good point, a DMP could be an option for you, at least in the short term. |
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Hello needing some advice regarding my partner and me going bankrupt
