Not a Q but some facts of debt and what help you can get?

i have seen some bad points on here about going bankrupt and getting on a iva etc.
so many of you have it so wrong.
firstly going bankrupt is better than an iva???
an iva is the best option if you do not want to sell any items you own that are worth any value....going bankrupt means just that ...sell anything and everything that can clear some of your debt 1st ... you have to do this.
it also costs you nearly 500gbp to apply for bankruptcy 1st.

if you get with the right company you will have no charges for an iva..no upfront fee or admin costs....but some will put you on a 5yr and 4 mnth plan...that way they keep your 1st 4 months payments to themselfs before you start to pay and debts.
make sure its 5 years only and you pay no other costs or charges.
you will only pay what you can afford but if your paying more then YOU have made a misstake in your finances somewhere and YOU need to have it looked at again.

we dont charge a single penny for these plans

sorry its not spam.....just some points.
an iva is where your creditors agree to a plan where you can start to pay off your debt at a rate you can afford.
after 5 yrs what is left is written off.
so your creditors will get back say 35p to a pound for example instead of getting nothing to the pound if you see what i mean.
dont forget that most of a debt is made up of interest that has been added.
so your creditors are getting upto 90p to the pound back and are just taking away the interest they put on there in the first place

Very informative

looks like spam to me.

what is an iva? I have no clue.

Yes Macca is right in what he says , but for an iva you have to have disposable income, most creditors want at least 25P in the pound and some wont take less than 40p. Yes the fees are there but you arent charged directly they are built in to the iva proposal, this pays the ip company and the creditors get less, depends how you look at it , you pay the money so you pay, but the creditor would have got it and doesnt so the creditor pays. Bankrupcy may be a better option if you dont . own property and have no disposable income, if you dont pay the iva you can be made bankrupt anyway and both are as damaging to your credit even though it shouldnt matter cos you dont want it.
Both are good for the right situation and neither is an easy option.

Added
I have said it damages your credit and that neither is an easy option. If you reach the point of either of these then you should not really want credit again.
You are right on certain points, but you dont have to sell everything in bankrupcy, they arent the bailiffs. Only things of high value such as antiques, cars over the value of 拢3000 and then if it is needed they give you some back to replace with a cheaper model. Finally all companies charge for an iva it just comes from what the creditors get, not directly from the debtor. CCCS are now doing iva's but still charge fees in the proposal though they are reduced.
Yes you can be discharged from bankrupcy after a year, but may still make payments and live to a budget for three, the point of an iva is to pay back as much as you can to the people you owe money to, so you may have to release equity in the fourth year whereas in bankrupcy you will lose your home if there is equity, so an iva has an advantage to someone who owns their home and dont want to lose it.
You could post pages on the subject but the basics are here, each is individual, depends on your situation as to which would be best.

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of course you dont mention that an IVA wrecks your credit history JUST like a bankruptcy

you dont mention that the same restrictions apply to someone in an IVA, so you cant be a charity trustee, you cant be a comapny director.

you dont mention that this only lasts for 1 year now on a bankrupt, less if there is no money and you co-operate with the official reciever.

you dont mention that the majority of your creditors have to agree to the IVA in the first place. if they majority say no, then you scuppered.

you dont mention that a lot of IVA agreements require the house to be re-mortgaged at the end to provide a lump sum.

and you dont mention that for those 5 years someone else tells you how much money you have got to spend each month.

I agree that sometimes (if you have a family house) that an IVA may, i only say MAY, be the correct choice, but sometimes so is bankruptcy. please please do not come on here spouting so called "advice" if you are not going to give ALL the facts.

administration orders can be applied for at the courts for dedts 拢5000 and under.