Anyone Experienced This.............

[Kyajae]

... or knows someone who has?

Number going bust hits new record
http://news.bbc.co.uk/1/hi/business/6623465.stm

I've always wondered if the worst come to the very worst, and the work drys up, is is really so bad to go down IVA or other routes???

[XTC]

... or knows someone who has?

Number going bust hits new record
http://news.bbc.co.uk/1/hi/business/6623465.stm

I've always wondered if the worst come to the very worst, and the work drys up, is is really so bad to go down IVA or other routes???

Not as bad as say 10/20 years ago. I could be wrong as there's so much krap written about it, but I understood you could be over the bankruptcy within a year. It stays with your for life however and a lot of companies esp. investment banks won't employ you. There may also be travel/work restrictions for example in the US. Are you thinking about it?

[Kyajae]

Are you thinking about it?

Actually, no. But I'm always concious that in the modern age, nothing lasts for ever including jobs and contracts. While I have some insurances to mitigate for bills, I'm always concious that one day, we all might have to bite the bullet.

[milanbenes]

from what I read though, you don't just walk away from your debts and keep all your assets....

According to research from KPMG, more than 18% of IVAs put forward by consumers in debt trouble were rejected by lenders.

This is nearly double the rejection rate seen in the first three months of 2006.

'
"Creditors are taking a harder line in deciding which IVAs to accept and debt solution companies are wary of putting forward IVAs which may not meet the approval of creditors," said Steve Treharne, head of personal insolvency at KPMG.

HOW TO GO INSOLVENT
Bankruptcy: the traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets including your house to pay something to the creditors
IVA: A deal between you and your creditors, overseen by an insolvency practitioner. Less stigma, less chance of losing your home, but involves paying some of your debts in one go or over a number of years
'

Can't be a nice thing to go through though.

Milan.

[wendigo100]

I hope AtW doesn't see that "misleading" histogram.