Hi
I have debts in excess of 125,000 due to business failure.
I can raise 25,000 in next few weeks by self liquidating.
I am a resident in the republic of ireland but have lived in the UK in the past and I have rented property in the UK for past 6 months.
Can i use an IVA to settle these debts finally with this payment?
I am currently on job seekers and have no personal assets what so ever?
I am single with no children or dependents.
any help would be greatly appreciated
thanks
chris
I'm afraid I've no idea on this one. I would recommend that you speak to an expert - visit www.iva.com for a list of companies and reviews and give one or two a ring for some free advice as to all the options open to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi Chris
Welcome to the forum,
If you are on JSA you will not have any disposable income for an IVA, you might want to consider bankruptcy as an option.
As Kallis has said ring a few different companies as see what they advise.
If life is what you make it, I must have been in a strange mood when I made mine
Im not an expert so i dont know if im rite in what im saying, but an iva is paying your creditors for at least 5 years on a minimum payment
per month. If you only have the one debtor it might be worth doin a settlement with them, call there bluff tell them you'll go bankrupt see what response you get from them. If you have more than one debtor Bankruptcy could be an option, with you holding no assist and having no children might be the easy way out. You could still rent with a bankruptcy against you depends on your lanlord
You can do a full and final IVA at the outset Beano, it does depend on how many creditors etc.
A word with an expert is essential I think.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I think the fact that you are resident of the ROI will prevent you from using a full and final IVA option.
Do speak with several companies to be sure
Good luck
I'd be happy to look at a case with these facts if you can demonstrate that you fit the bankruptcy criteria for the UK. The law is going to radically change in the ROI this year as well, so it may be good to take advice from an IP firm who is experienced in dealing in the Irish marketplace.
We would also be happy to look at a case such as this as we have offices in both Northern and Southern Ireland and can operate in both jurisdictions. We are also familiar with the Personal Insolvency Bill which was published last month and it's advantages and disadvantages.
The main issue here though seems to be your Centre Of Main Interest or COMI. If you are claiming JobSeekers in the North an IVA/Bankrupcty could be the best option using UK law rather than waiting for the introduction of new legislation in the Republic.
