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Nicola-mod, Moderator
Category: Bankruptcy Law
Satisfied Customers: 21
Experience:  Moderator
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i have had what i was told a iva for 5 years the company has

Customer Question

i have had what i was told a iva for 5 years the company has now been taken over and they have told me i was on a debt management plan and i have to start anew iva for 5 to 20 years this cant be right surely i have paid faithfully for 5 years and am disabled i just cant afford it any more the man said i should just go bankrupt
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Alex J. replied 4 years ago.

Alex J. :

Hi, Thank you for your question and welcome, my name is Alex J. Bankruptcy is an option as it will generally only last one year and will wipe the slate clean. The only problem is you will have the following difficulties post bankruptcy (1) Being a company director, (2) applying for credit for 6 years and (3) Holding any fiduciary position for example in charge of finances of a charity. If you have any assets these will be sold for the benefit of your creditors. How much is the debt? At this stage for the sake of wiping the slat clean a one year bankruptcy order I agree will be better than a 20 year IVA, you will no longer have the debts hanging over your head and will also no longer pay the IVA fees. I look forward to hearing from you. Kind regards AJ

JACUSTOMER-9no4rxr7- :

what about the company which has lied to me for 5 years

JACUSTOMER-9no4rxr7- :

i find it hard to believe registered companys can behave like this

Expert:  Nicola-mod replied 4 years ago.

It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!