Hi,I am a financial adviser

[mathew_r]

Hi,

I am a financial adviser and have just left my current company because I didn't agree with their practices. Therefore I am technically unemployed - I am trying to get registered with another company but my previous company are making it very difficult. Anyway my situation:

MY wife earns £1400 per month and as I said I'm earning 0

Loans:
£10000 £250/mth - wifes name
£3600 - tax bill due
£20300 - £310/mth -my name
£7000 - o/d - £320/mth
£10300 - car loan - secured against car
£4500 - 137/mth

We also have:
property with no equity
2nd property with parents - £15k equity
residential 75% mortgage, 25% owned by builders so no equity.

Up until now this was always affordable but if I can't get a new job I expect to earn approx £1400.

My questions:

If I do IVA will that mean the car gets reposessed.

Will we still get to keep properties?

Given the details listed are we likely to get an IVA instead of Bankruptcy?

Will I still be able to work in financial services?

my son goes to private school - will they insist I take him out?

I also pay money to my parents for a loan they gave us - will I be allowed to continue with this?

I've tried finding the answers to these questions on your site but have been unsuccessful.

Thanks in advance

[Welsh Boy]

mathew-r

I can only answer the work part of your query.

You need to contact the FSA and explain your position to them, I am sure they will understand. Best of luck. Tony

[kallis3]

As to the rest:

You are usually allowed to pay for a vehicle outside an IVA until the payments are finished, when they will go to the IVA.

You wouldn't have to sell your house in an IVA, but you will be expected to release part of any equity in year 4. As to the other property, I don't know what would happen about that.

You may find that unless there are special circumstances why your son needs to stay in private school that you may have to take him out.

The loan to your parents can be incuded in the IVA. I'm not sure, but if you leave it out, then I think you have to agree to make no more payments to them until the IVA has finished.

I recommend that you speak to a professional. Visit www.iva.com for a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.

[Max]

Kallis3 has advised you where to look for reviews of IPs. I would just like to add that your affairs are a little complicated (to me at any rate); my IVA was difficult and somewhat unusal and had educational issues within it - not the same as you but educational issues nevertheless. Several companies told me I had no chance of an IVA. Melanie Giles took me on board and got the proposals past at first attempt. A rather longwinded way of suggesting to you that you approach Melanie - she is very skilled with the complex and unusual.

[MelanieGiles]

You have a number of questions that on the face of it are relatively easy to give answers to, but to advise propertly it would be better if you contacted an insolvency practitioner directly. There may be special circumstances for an number of your areas of expenditure, and this needs more discussion than is possible on a public forum.

Do remember that IVAs are not meant to change your lifestyle unduly, but creditors will want to see that you are providing the best return possible to them.