Bankruptcy

[zenie]

Nah I just meant in general?

 

[madzone]

Nah I just meant in general?

Oh, I see - I think you can't be a director of a ltd company or something

 

[bouncer_the_dog]

For a year. Your credit rating is screwed for at least 6 years.

 

[Throbbing Angel]

I cannot recommend these guys highly enough

http://www.cccs.co.uk/

please phone them madz, it is free, quick and simple.

Bkrptcy should be the last resort, but can take a weight off, discuss it with them, they don't judge.

>Don't pay anyone for the same advice - robbing bastards

an IVA is just you spreading your debts over a longer period, with lots of restrictions, a knackered credit rating, no disposable income and people constantly asking you if your income has changed so they can squeeze another fiver a month out of you

talk it over with the CCCS

 

[aqua]

ah CCCS, they're the ones a few friends of mine have used I think

 

[Looby]

I cannot recommend these guys highly enough

http://www.cccs.co.uk/


an IVA is just you spreading your debts over a longer period, with lots of restrictions, a knackered credit rating, no disposable income and people constantly asking you if your income has changed so they can squeeze another fiver a month out of you

talk it over with the CCCS

This is very good advice, IVAs are not the fabulous solution they are claimed to be.

The income and expenditure is a lot more generous in bankruptcy than it is in an IVA. The official receiver even allows you a monthly amount for holidays and birthday presents and they don't take all your disposable income just part of it.
With an IVA you commit to 5 years with no disposable income at all. If you get a lodger, earn a bonus, do overtime, 50% goes to them.

 

[chymaera]

If you were made bankrupt are you still allowed to run a business?

No, (But it does not stop some people trying it on)

 

[Looby]

No, (But it does not stop some people trying it on)

You can still be self employed but the official receiver may put restrictions in regarding running limited companies.

 

[chymaera]

It's not me, it's my man

Madz, you really do need professional advice about this. You MAY be able to get a 1/2 hour free advice session from a solicitor. (Try Ross Pascoe at Nalder's in Truro.)

 

[bouncer_the_dog]

Depending on your income you can qualify for free legal advice from CAB.

 

[JerryLundegaard]

Depending on your income you can qualify for free legal advice from CAB.

CAB are shit. As I and several other people have said, go to CCCS.

 

[May Kasahara]

CAB are shit. As I and several other people have said, go to CCCS.

Considering that bureaux are pretty much independent franchises, I don't think you can reasonably dismiss every single one as shit. Different bx will have different strengths and weaknesses - I'm sure some are rubbish, but not all.

Besides, there's nothing to stop madzone speaking to both organisations. Best to get as much info and advice as possible with something like this, especially if it's free.

 

[bouncer_the_dog]

CAB are shit. As I and several other people have said, go to CCCS.

They gave me good advice, I have no negative experiences of them.

 

[timebomb]

If you're totally in the shit and can't see it ever paid off it's worth considering. My boyfriend did it and the only real problem he's has is getting a decent bank account afterwards, he got a building society account without a switch card fairly easily though. They never took any of his personal things, PC, furniture, etc.

If you own a house or plan to buy one at some stage it might not be the best idea though.