Could anyone confirm an IVA may be a good option

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major eyeswater

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Post by major eyeswater » Thu Jul 31, 2008 12:12 pm
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Hi I am currently in a DMP, with a total debt jointly with my wife, of £90k. We are paying £750 per month, however, we are about to move abroad, and our available income to continue paying will drop dramatically to around £400, which will increase the timescale of the DMP to a very long period (15-20 years). It seems that an IVA may be a good option here. Could anyone confirm that?

Also, having just sold my small business, I have approximately £10k available, which I was going to pay off most of the business loan and overdraft with. Would I be best advised to wait to see whether an IVA would be approriate, and then include this lump sum within the proposal?
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abc

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Post by abc » Thu Jul 31, 2008 12:21 pm
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Would recommend that you speak to an insolvency practitioner as based on your basic information it would initially appear that an IVA is an option for you both. Would recommend that you do not use the £10,000 is discharge any debt as they could be used as you sugguested to offer creditors with the contributions of £400 per month.
Alan Coleman
Licensed Insolvency Practitioner with over 20 years experience and specialist for IVAs for self employed people

www.jmmarriott.co.uk
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MelanieGiles

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Post by MelanieGiles » Thu Jul 31, 2008 12:22 pm
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I am sure that I answered this post yesterday - or am I going potty?
Regards, Melanie Giles, Insolvency Practitioner
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Vincent Bond

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Post by Vincent Bond » Thu Jul 31, 2008 12:29 pm
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It does seem that from the figures you have mentioned that an IVA could work, but bear in mind as mentioned above you should not really favour any of the debts at this stage - the £10,000 lump sum would be an attractive offer to your creditors along with the £400 monthly payments when considering your IVA.
Last edited by Vincent Bond on Thu Jul 31, 2008 12:31 pm, edited 1 time in total.
Vincent Bond - Debt Management Plans and IVAs
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size5

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Post by size5 » Thu Jul 31, 2008 12:29 pm
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Yes you did Mel, I suspect that it has been posted again in error.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

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major eyeswater

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Post by major eyeswater » Thu Jul 31, 2008 12:57 pm
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hi all, yes, its a duplicate. When I originally posted via the query form, I got "page doesn't exist" error message, and subsequently posted direct to the forum.

sorry for any confusion, and thanks all for your kind attention.
Last edited by major eyeswater on Thu Jul 31, 2008 12:57 pm, edited 1 time in total.
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Lisa2009

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Post by Lisa2009 » Thu Jul 31, 2008 12:58 pm
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Good luck major on whatever route you decide to take xxx
http://mrsskint.blogs.iva.co.uk/ 'Our Story'


Nil carborundum illegitimi
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major eyeswater

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Post by major eyeswater » Thu Jul 31, 2008 12:59 pm
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thanks Mrs Skint. Great avatar btw!
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