I am thinking of an IVA

[mariad]

I am a British citizen but a US Resident, moved to the USA 2 1/2 years ago to get married (my husband is American). When I lived in England, I had a high-paid career and alot of disposable income, but since moving to US I couldn't work for first year due to the laws, so was using my savings to pay my credit card debts.

I owe 40,000 GBP over 7 credit cards. I have been doing my best to keep up with payments but I am really struggling - my income is 1/5th what it was in the UK, and also the exchange rate from dollars to pounds is terrible - about 2-1 - so it makes it even harder. I am worried because the cards are registered at my parents' address even though I haven't been on the electoral register there for 3 years. I am thinking of an IVA on these circumstances. I can probably afford to pay 300-400 pounds per month maximum over 5 years. I don't own property or assets in UK -

my questions are:
A) will an IVA effect my parent's ability to obtain credit or home even though the debts are in my name and unsecured?
B)Will an IVA in the UK effect my ability to renew my Green Card status in the USA?
Thank you in advance.

[Sarah]

Hi and welcome to the forum!

I am very sorry to hear of your circumstances but ther are people that can help.

With regards to your first questions this is the very same question that I had asked and no it does not effect your parents it is all done on your individual credit ratings so you will not have to worry about that as long as it is on your name.

I am not really able to help with the second question but I am sure that someone on here can.

Chin up!

[MelanieGiles]

Hi mariad

As you have lived in the USA for 2 1/2 years, you would not really be able to propose an IVA in the UK - unless you have a permanent UK base (and not just your parents address).

I suggest that you look to the US insolvency legislation. Chapter 13 of the US Bankruptcy Code would be particular relevant to your circumstances, as it follows UK IVA proceedings quite closely. This is unlikely to affect your Green Card status.

Hope this helps.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk