Hi,
I wonder if you can help me , I have just been given a creditors meeting date of 17th of February.
Total debt is £34,000, it is interlocking with my husband, my portion is c£16k(inc. I,Revenue amount) husband is c£18k.
The main creditor is the Inland Revenue c£10k and the other amounts are made up of largely 5 credit card/loans and smaller amounts.
My concern is that the Inland Revenue is c.30% of the debt and I am well aware of the 75% rule!
Nobody on the forum has really mentioned the Inland Revenue as a creditor so I feel quite alone.I have heard that they generally like to go for Bancruptcy instead? I myself have been threatened with this action and came close to it in the but got the relevant Returns in just on time to enable me to disprove their figures - however the stress over this period caused me to look at my options and I came across the IVA forum and was pleased to find that I had options.
I have been reassured by Tenon that the Inland Revenue are generally agreeable to IVA's but I would be grateful to receive another expert opinion on this this matter as although I am thrilled to finally have a date I am becoming increasingly concerned about it's outcome.
You must ensure that all outstanding tax and VAT returns are up to date, as if there is anything outstanding this will generally constitute an automatic rejection from HMRC. I am sure that your chosen IP will have explained this to you in advance.
