is the wizard really correct in this instance?

5 posts Page 1 of 1
Post Reply
 
 

alex.h

User avatar
Posts: 1
Joined: Mon Sep 17, 2007 9:53 am
Location:
Post by alex.h » Mon Sep 17, 2007 9:54 am
Quote
Hello,

I am one of 4 people being chased for repayment of a debt totalling just under £29,000 (we are all being chased for the full value of the debt - as it was a business overdraft/loan).

I have checked the figures through the IVA wizard and was surprised to find that since there is only 1 creditor, I do not qualify to attempt entry into an IVA, but if there were 3 creditors, I would?

Rather than going down the bankruptcy route, I would prefer to pay something back - is the wizard really correct in this instance?
Top
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:
Post by MelanieGiles » Mon Sep 17, 2007 9:57 am
Quote
Hi alexh and welcome to the forum

To propose an IVA you need to have at least two creditors with three lines of credit, so I am sorry but you do not qualify if you only have one debt. Have you tried to negotiate ongoing payment terms with the bank?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp
Regards, Melanie Giles, Insolvency Practitioner
Top
 
 

iva_squirrel

User avatar
Posts: 647
Joined: Mon Apr 17, 2006 10:32 am
Location: United Kingdom
Post by iva_squirrel » Mon Sep 17, 2007 10:05 am
Quote
Hi alex.h and welcome,

An IVA is not suitable for you if you only have one creditor but you can still try to negotiate a debt managment plan with your creditor.

Regards,
Michelle P.
Top
 
 

Oliver

User avatar
Posts: 1854
Joined: Sun Sep 11, 2005 12:15 pm
Location:
Post by Oliver » Mon Sep 17, 2007 11:23 am
Quote
If you have 1 creditor then you will need to come to an arrangement with them to pay the money back as it would be unlikely that they would accept an IVA.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp
Best Regards
Oliver
Top
 
 

iva experts

User avatar
Posts: 1271
Joined: Thu Apr 20, 2006 5:31 pm
Location:
Post by iva experts » Mon Sep 17, 2007 4:38 pm
Quote
Welcome to the Forum Alex,

Unforunately the wizard is correct, an IVA would not be suitable for you as you only have one creditor. However you can still look into a Debt Management Plan to pay off your debt.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/
Best Regards,
Michelle Pontes
IVA Experts
http://www.iva-experts.co.uk/
Top
Post Reply
5 posts Page 1 of 1
Return to “postbag for september”