Anonymous：

My husband and I are in an awful lot of debt and after much debate I know insolvency is going to be my only option. Now I have to figure out which one is going to be the best. I've read as much as I can on both IVA and Bankruptcy and need to make a decision soon. We own a home so losing the house to bankruptcy scares me but I'm worried that I'll fail an IVA and end up in bankruptcy anyway. I keep reading stories about people failing IVAs and about how hard they are. My husband thinks we should go with an IVA as he’s quite proud and doesn’t want anyone to find out, but I’m not so sure. How can we decide?

Which Insolvency?

Before making a final decision, you and your husband should first talk to a financial advisor.  The Debt Advice Trust can be a good source also.  Talk to a bankrupcty expert as well, you may be able to include your house in the bankruptcy.  It does not necessarily mean you have to surrender your house.  Every situation is unique. There are times when you can use bankruptcy to save your house.  The main thing to do is to become completely informed about your options.  Many times, whether you go with a bankruptcy or another option, the individuals credit is still affected one way or the other.  Whatever option that you and your husband choose, when it is all settled, you will be greatly relieved.  Get all the information regarding all options and go with what will be best for the two of you.

The DAT offers advice and

The DAT offers advice and solutions for whatever level of debt you have. There counsellors are caring and well endeavor to give you the best advice for your situation.

Insolvency

You should contact the Debt Advice Trust Hotline at 0800 954 6518.They will be able to advise you on your current situation and if an IVA is an option, they can put you in contact with those companies that handle IVAs.

Hi there,

When we're talking about insolvency, bankruptcy is considered to be the last resort. I know you wrote that you and your husband have read about Bankruptcy and Individual Voluntary Arrangements (IVAs) but have you talked to someone about it?

Before you decide on either Bankruptcy or IVA, you should talk through your debt with a financial advisor. They can give you advise on what solution would be the most suitable for you and your husband. The Debt Advice Trust helpline is run by debt professionals who can answer your questions on Bankruptcy and IVAs without pushing you into a decision.

I'm facing an IVA myself so

I'm facing an IVA myself so understand your confusion! We are undergoing the proposal period now. I know it's going to be a tough few years but it seems like the best option for us...

Maybe if you explained your debt some more someone could help you? Like how much you owe?

My husband is quite proud too, but if bankruptcy is going to be the best option to help you get out of debt, then I don't think you should let the stigma prevent you from doing it.

For some, bankruptcy can be

For some, bankruptcy can be the only option to get out of debt. For one, as soon as the judge signs the papers it will be a hell of a weight off your shoulders. I would suggest contacting the Debt Advice Trust and talking to some one there. They all know what they are talking about and can give you helpful advice. Make sure you look into all options before choosing.

Bankrupcy Should be Your Last Option

Anyone who thinks bankruptcy is an option, should think again.  They only people who benefit from it are people who are in debt well over the normal range of debt.  IVA has a 15,000 base for debt and for bankruptcy this is considerably higher.  It doesn't solve debt problems.    If your debt is in the highest arena then bankruptcy  should be the last option.