10 years ago I went bankrupt, can I get IVA?

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GaryV: Posts: 1; Joined: Thu Jul 05, 2007 4:44 pm; Location: United Kingdom

by GaryV » Thu Jul 05, 2007 11:49 pm

Currently have £56k in debts through ploughing money into my business. Considering an IVA, however 10 years ago I went bankrupt, will this have any effect in obtaining an IVA ? Debts are built up via bank loans, bank overdraft and credit cards.

MelanieGiles Industry Expert

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by MelanieGiles » Thu Jul 05, 2007 11:51 pm

Hi GaryV

No - your previous bankruptcy does not preclude you from entering into an IVA now, but your IP ought to disclose this to creditors within the proposal documents. I have personally presented a few similar proposals in the past with little difficulty.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Regards, Melanie Giles, Insolvency Practitioner

iva_squirrel

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by iva_squirrel » Fri Jul 06, 2007 10:42 pm

Good evening GaryV,

As Melanie says your previous bankruptcy would not stop you from entering into an IVA. Could you tell us who your creditors are and are you a home owner?

Kind regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

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