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xmas baby
Average Member
537 Posts |
 Posted - 25 November 2008 : 15:40:03
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Morning everyone!
I am constantly changing my mind whether to continue paying the minimum on my credit cards, etc or go for an IVA or go bankrupt. I seem to change my mind each week and honestly can't decide which is the best option. An IVA seems okay, but I'm worried I may not be able to keep up the repayments, especially as my pay isn't likely to increase over the next 5 years, but the cost of travel to work and rent is certain to rise. I don't want to pay an IVA for 3-4 years only for it to fail right at the end. However, if I go bankrupt, I could lose my job (although I'm not in the financial sector) I do work in admin and I deal with invoices and the like, although I don't deal directly with 'hard cash' and have no access to it, like in a bank. I am worried that if I declare myself bankrupt, I would lose my job and everything... that would be hell. The alternative is to continue paying my loans and credit cards for as long as possible, although I realise this would just be delaying the inevitable. At least if I stop spending on any of the cards for at least 6 months, if I do go bankrupt, this might be looked upon favourably by the OR? As a large part of my debts were incurred over the past 6 months (£15,000 on credit cards and mostly due to gambling). Does any of this sound remotely sensible? |
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RHB
Senior Member
1159 Posts |
Posted - 25 November 2008 : 19:24:38
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| What about a debt management plan? Have you looked into one of those. They freeze the interest so at least your debt isn't getting worse. |
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John
New Member
United Kingdom
73 Posts |
Posted - 26 November 2008 : 11:25:15
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Hi
whilst DMP is an option it is far from guaranteed that the creditor's will freeze the interest.
The creditors can also call a halt to the arrangement at any time.
If you want to buy some time then DMP can be a very useful tool but in the long run, an IVA is a much safer option.
I understand you have been in your current employ for 22 years.
Is there nobody at your place of work that could informally advise you if there is any risk to your position in Bankruptcy?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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I am constantly changing my mind
