I work in the states would I qualify for an IVA?

[richard.od]

Thank you so much for your help. It was worth an investigation anyway. So I guess I will try and have talks with the bank and see what I can sort out. Thank you again for your help.

Richard

[richard.od]

Could you let me know what criteria you need in order to qualify for an IVA?

[MelanieGiles]

You would need to have at least three lines of credit - which could come from at least two separate banks. ie you could have two accounts with Lloyds and one with Barclays and this would fit the appropriate criteria. Most IPs will also not take cases on if the debts are lower than £15,000 and disposable income is lower than £250 - but this is not a hard and fast rule and you may find firms who will take cases on at a lower level.

[pbeck]

Melanie, did you manage to check the case law on expat insolvencies ?

[richard.od]

Hi how does bankruptcy work? I am not too concerned about my credit score in the UK if it effects it. What are the implications and what is the criteria for qualifying for that.
Thanks

[MelanieGiles]

Not yet Philip - been very busy this week!

Bankruptcy is also an option for you Richard, and you can file from overseas but will need to appoint someone with power of attorney over here. An application is made to Court, and providing the judge is satisfied that you meet the criteria - ie that you are insolvent and cannot pay your debts as they fall due, an order will be made following which the Official Receiver will be appointed to act as your Trustee. If you have no assets, your bankruptcy is likely to be pretty painless and you will be discharged after one year.