Decision Time :S

James Breadvan · Post by **James Breadvan** » Thu Apr 03, 2008 4:45 pm

You don't owe a huge amount of money do you?

Go bankrupt and you realistically fucked for 6 years the way things are now. What happens in a couple of years and when mortgages become available again, your screwed.

Your talking about saving up a large amount to buy a fast unrealiable car and on the other hand go bankrupt because you cant pay your depts seems crazy to me.

Sounds like you cant afford to run any car at the moment so why are you even thinking about upgrading?

ValoSunnyGti · Post by **ValoSunnyGti** » Thu Apr 03, 2008 5:53 pm

im no longer thinking of upgrading james. think it was a short spurt of craziness.

as for bankruptcy it only lasts for a year now, and doesnt hold some of the limitations it did before.

James Breadvan · Post by **James Breadvan** » Thu Apr 03, 2008 6:27 pm

It may last a year but credit files go back six years.

ValoSunnyGti · Post by **ValoSunnyGti** » Thu Apr 03, 2008 6:51 pm

which is in fact what i would like it to do , as i am currently living in a house that i will be at for a while. and as for my credit being ruined that will help me as i have a slight issue with temptation

Gerry H · Post by **Gerry H** » Thu Apr 03, 2008 8:27 pm

I think I'm correct in saying that, going bankrupt will affect the credit rating of the household. Credit ratings associate all occupants of an address as being uncreditworthy if a member defaults or gets a CCJ, etc.

I'd be inclined to check on the repercussions and speak with your mum before doing anything like that.

If you're worried about using credit cards, cut them up as soon as they hit the doormat.

Suz · Post by **Suz** » Sat Apr 05, 2008 7:10 pm

Credit issues are now purely based on the individual concerned Not the household.
IVA is a long process with many drawbacks not explained dring initial discussions, Not in the least monthly reviews on income and expenditure etc. Bankruptcy only stays on record for 3 years and you are allowed to apply for credit after one year IVA is discretionary and down to the insolvency team administering your case. Only amounts of over 15k apply to both scenarios and dont be fooled into thinking bankruptcy is the easy out . They can still look at your income vs expenditure and decide to take any spare you have over the 3 yr period

Pro advice from an independant body not assciated with iva or bankruptcy
IVA is commission based for those who advertise it and they will put thier fee into the payments increasing the debt figure on record thus making your situation worse on paper than it ever was

I hope this helps but i had to do CVA company version of IVA business matter that went sour some 6 years ago and know first hand how you feel and what this will mean to you. However its worth noting that any assets NOT IN YOUR NAME :-) can not be seized or written against your debt.

Hope this helps
Jay

ValoSunnyGti · Post by **ValoSunnyGti** » Sat Apr 05, 2008 7:29 pm

Jay that is an awesome bit of info, thank you very much

Thanks to everyone on this i will buy you all a drink some time

Gerry H · Post by **Gerry H** » Sat Apr 05, 2008 9:04 pm

ValoSunnyGti wrote:
Thanks to everyone on this i will buy you all a drink some time

OK but wait till the lottery comes up eh!

ValoSunnyGti · Post by **ValoSunnyGti** » Sat Apr 05, 2008 9:44 pm

yer it will be once im back on track

James Breadvan · Post by **James Breadvan** » Sat Apr 05, 2008 9:48 pm

So how much do you owe?