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Has anyone in the UK done and individual voluntary arrangement (IVA)? It's an alternative to bankruptcy. Does it affect you credit rating an ability to borrow for the long term? Really fucked financially right now and needing a way out before the stress sends me over the edge :tape:
 

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Never done anything like that but I am sure there's great advise online about it in some forums like money saving expert. Sorry to hear you are having financial difficulties. Don't stress about it just remember there is help out there and make sure you make use of your family and friends at this time for support so you don't feel bad.

All the best.
 

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Has anyone in the UK done and individual voluntary arrangement (IVA)? It's an alternative to bankruptcy. Does it affect you credit rating an ability to borrow for the long term? Really fucked financially right now and needing a way out before the stress sends me over the edge :tape:
Officially no. Unofficially, yes.

Banks are THAT sneaky.

Being serious now, even if you manage to avoid bankruptcy, banks and similar have 5 year secluded archive(In Serbia up to 10 years) about your financial situation , so in a way your current predisposition is already noted and archived.

Banks often sell such information between themselfs and may or may not affect your borrow status.

So listen carefully. DO THE BEST THING YOU CAN FOR YOURSELF. Don't make any deals because of that or this.

 

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Have you looked into debt relief?
 

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Why not declare yourself bankrupt? If you owe a lot of money and can't pay it back, it's the most sensible thing to do.
 

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Are you aware of Debt Relief Orders? Another alternative to bankruptcy, almost like a reduced form. It could suit your circumstances. I used to give debt advice years back, and these were very popular, an absolute godsend for a lot of people. Then there are token offers which could give you a bit of relief, get the creditors off your back for a while, if you just need time to get things together. Make sure you're paying your rent/mortgage and council tax ahead of credit card companies, loans etc. (Unless the loans are secured of course.) The distinction being that the Council can fuck you, while credit companies will likely just irritate you and try to make you think they can fuck you.
 

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By the way, I know it must be incredibly stressful and worrying, but things do and will get better. Seek advice, talk to experts, try to think as rationally and clearly as possible, look after yourself and eat well. Assess the best possible cash in and out going scenarios. I know it's easier said than done, but approach the problem in the best possible frame of mind. You will get through it.
 

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Discussion Starter #8
Never done anything like that but I am sure there's great advise online about it in some forums like money saving expert. Sorry to hear you are having financial difficulties. Don't stress about it just remember there is help out there and make sure you make use of your family and friends at this time for support so you don't feel bad.

All the best.
Thank you :) I was having terrible anxiety all day yesterday and I think debt problems are a large portion of the problem. Felt like my heart was going to explode. Debt worries suck ass :(

Officially no. Unofficially, yes.

Banks are THAT sneaky.

Being serious now, even if you manage to avoid bankruptcy, banks and similar have 5 year secluded archive(In Serbia up to 10 years) about your financial situation , so in a way your current predisposition is already noted and archived.

Banks often sell such information between themselfs and may or may not affect your borrow status.

So listen carefully. DO THE BEST THING YOU CAN FOR YOURSELF. Don't make any deals because of that or this.

Banks are arseholes! I got my first credit card about a week after I turned 18 :lol: .....now many a few years later, I'm 15k in the red. My fault entirely but they kept putting the credit limit up and my stupid head said 'yay'.

Have you looked into debt relief?
Not so much - I will probably have to visit the local Citizens Advice Bureau. Dreading it - such a stigma around debt:(

Why not declare yourself bankrupt? If you owe a lot of money and can't pay it back, it's the most sensible thing to do.
It costs circa. £700 to declare oneself bankrupt.....I don't have 70p.

Are you aware of Debt Relief Orders? Another alternative to bankruptcy, almost like a reduced form. It could suit your circumstances. I used to give debt advice years back, and these were very popular, an absolute godsend for a lot of people. Then there are token offers which could give you a bit of relief, get the creditors off your back for a while, if you just need time to get things together. Make sure you're paying your rent/mortgage and council tax ahead of credit card companies, loans etc. (Unless the loans are secured of course.) The distinction being that the Council can fuck you, while credit companies will likely just irritate you and try to make you think they can fuck you.
Definitely good advice here! I'm not defaulting on any payments - yet! But the credit card companies can go f-themselves when I start to.

By the way, I know it must be incredibly stressful and worrying, but things do and will get better. Seek advice, talk to experts, try to think as rationally and clearly as possible, look after yourself and eat well. Assess the best possible cash in and out going scenarios. I know it's easier said than done, but approach the problem in the best possible frame of mind. You will get through it.
Thank you. I needed to hear these nice word from people. Faith in MTFs humanity fully restored :D
 
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