Can you have an IVA for 400,000 pounds?

[106]

Can you have an IVA for 400,000 pounds?

[emma_t]

Hi 106 and welcome to the forum

I am affraid I am not an expert so do not know the answer to your question, but an expert will be along soon to answer.

It might help if you provide a bit more info on your situation;

are you a home owner/do you have any assets?
is the £400,000 all unsecured?
how many creditors do you have?
what is your disposible income(after paying all secured credit and living expenses a month- do not include unsecured repayments in this figure)?

I am sure this information will help get a more accurate picture for one of the experts

[aguise]

Welcome from me too. Emma is right there are a lot of factors to consider. The payment to an iva depends on your disposable income ( what is left after paying your living needs, (not including the unsecured debts) I do not think ther is a limit on how much the debts can be, but you would need to be able to offer most likely at least 25p for every pound owed. I will not try to answer more . As Emma suggests if you can give a bit more info then the technical experts can hopefully advise on ways forward.
All the best Ang

Emma are you coming to Birmingham ?

[emma_t]

Has a date been set yet Ang as I really hope to come but will need to know date before I can confirm due to work.

If I have enough notice I can 'work around'[;)] any date as would love to come
Emma x

[emma_t]

Ignore me I have just seen the date[:I][:I][:I]

I will let you know tommorrow x

[Adam Davies]

Hi
There is no upper limit to how much unsecured debt can be included in an IVA.
Regards

[carlmcmullen]

HI 106,

As andy and the others said there is no upper limit on the amount of debt you can include in an IVA.

That is alot of debt though !! Would i be right to assume you are self employed ? Are the debts trade debts ? Would the Inland Revenue be included in that £400,000

Can you post a little more information about your situation.

[Reviva UK]

Hi there
the same principle applies to larger debts as with smaller debts. The IVA has got to be realistic for you otherwise it just won't work.

In fact sometimes the % return for creditors might actually be lower than with a smaller debt IVA.

You are in a great place to get some friendly non judgemental advice and find an IP to work with.

Good luck

[MelanieGiles]

Well I once did one for £30 million, so this sum pales into insignificance!! As Andy has already said - no upper limits!

[Soulgrowth]

Wow Melanie! That makes us all feel better [:)]

Debbie

[emma_t]

30 million[:0]

I suppose its all relative though and that person must have been earning a lot of money or had a very successful business...

[Lisa2009]

[:0] WOW [:0]
What could you possibly spend that ammount on?

[MelanieGiles]

It was a very complicated business case, where the return was very low, and one major high street bank was the main benefactor. I don't come across them every week!

[buttercup]

wow 30 million I do feel a bit better that was a whopper

[Reviva UK]

Melanie you put me to shame.

Largest for me is 1.1M and the argest number of credit cards is 48.

I hadn't realised that there were so many different credit cards - most are really MBNA but advertised as the club or society etc.

Amazing that a bonk with such a big office in Chester struggles to realise that 1 client has 130k plus on their credit cards.

Long live the database.