If i have 10000 debt is it worth just building my credit rating & getting upto 20000 debt then goin bankrupt?

If i have 10000 debt is it worth just building my credit rating & getting upto 20000 debt then goin bankrupt?

I have already decided my best option is going bankrupt as an IVA messes up your credit rating just as much doesn't it??

Also I was wandering if I had 15000 debt how much of that do you think would actually be paid off of that? what would the monthly payment be you think on a 1400 a month job?? thanks

please help i am so stressed

Update:

how much of 15000 would i pay off if i went for an IVA... surely an IVA is better isn't it??

3 Answers

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  • CatDad
    Lv 7
    1 decade ago
    Favorite Answer

    Please note that the vast majority of people who answer live in the USA and are unfamiliar with UK law...you might want to post in a UK finance forum.

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  • 3 years ago

    submitting financial disaster does not resolve your complications, fairly if the companies which you're including interior the financial disaster deliver their representatives to combat your financial disaster declare. If no person exhibits up and it truly is uncontested, the debt is erased and the corporation claims it with the government as a corporation loss. yet you many times run the prospect of a representative showing up and battling it, and finally that debt won't be got rid of in any respect. A financial disaster 13 financial disaster will stay on your credit checklist for 10 years. till then, you're fairly lots dealt with such as you have the plague whilst it includes attempting to purchase something on credit. sometimes, even though it is going to nevertheless be on your checklist, lenders will start to stress much less a pair of financial disaster as quickly because it hits the 7 12 months mark, yet you will nevertheless be charged larger costs of interest on regardless of you choose for to purchase. additionally, remember which you cant declare your residing house and vehicle into the financial disaster with the aid of fact those are issues that the lenders can (and could) merely do away with from you.

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  • 1 decade ago

    it is never worth going bankrupt

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