Hi,
I am currently considering an IVA, my financial situation has changed considerably since myself and my partner split up. I am currently studying to be a Chartered Accoutant and am hoping to qualify next year if I go through the process of an IVA will this stop me being able to qualify?
Thank you.
Welcome to the forum. Your chosen career path could be affected by your decision on how to resolve your debt issues - however, and IVA is not as definate as bankruptcy would be. Speak with several IP's who will be able to offer you advice and support to help you make the right decision.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Entering into an IVA will not prevent you from continuing to study and eventually qualify as a Chartered Accountant. Does your firm ask you to sign an annual declaration of creditworthiness? If so, you may find that you will need to disclose the IVA, so I would have a confidential chat with your HR department to find out if this is likely to cause you a problem internally.
Once you have this information, I would have a chat with an insolvency practitioner to see what options there are available to you, and to explore the advantages, disadvantages and implications of each one - bearing in mind that you are starting out on a good career where you are likely to earn a lot more money over the next five years.
The ICAEW will normally not prevent anyone from qualifying as a CA who enters into an IVA unless the reasons for your debt are incompatible with the ethics and standards in the profession that you are attemting to qualify for. If it because of student debt or other reasons such as divorce, or split up from partner that has caused the debt then you should have no problems and as Melanie stated your future earning capacity will be a plus point for your creditors assessment of the IVA proposal.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Good luck with your chosen career - I hope you qualify.
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
