Please I need some advice!

[banther]

Hi this is my first post and I really need some advice.

This is my situation:

I am currently in about £20000 of debt and have been thinking of an IVA for a while. However, I am desperate to move to Canada to live with my girlfriend (who is Canadian and already lives in Canada by the way, so I already have a place to live etc.) but the debt is holding me back and bringing me down big time! I have already read on this forum that it is possible to move abroad whilst in an IVA as long as you keep up the repayments etc. but what if I enter into an IVA over here and then move to Canada and my income is less then over here (which it probably will be)? What would then happen to my IVA? Would it be possible for me to do this? And what if I dont know how much I will earn until I get there? I believe my outgoings and rent etc will be similar to what it is now so that wont change much but my income will no doubt shrink.

What I am asking in a nutshell is:

Can I move to Canada after entering into an IVA?
If I earn less over there can my repayment be reduced as my expendible income will no doubt reduce?
How do I go about this?
And how long does it usually take from starting the process to making the first repayment?

Thanks
Dave

[aguise]

Hi banther

All unsecured credit has to be included in an iva. As to how long you have had the loan quite often depends on the creditor some will not consider if less than twelve months old but others will accept. If you dont mind giving more info of who creditors are and how old the loan is, if you own property, amount of debts and what you would have left to pay into an iva after living expenses (dont include debt payments.) Then everyone will advise.

Ang

[banther]

This is a list of my creditors:

The Funding Corporation Loan £6500
Cahoot flexible loan £4000
Cahoot credit card £3000
Citi credit card £2000
Barclaycard £1000
JD Sports store card £1000
Capital One credit card £1000
Overdraft £1550

Total £20050
Monthly minimum debt payments approx £600

Left after living expenses (without debt payments) £725

But my biggest question is that I desperatly want to move to Canada and because of this I dont know what my income will be over there etc. It will no doubt be less than I earn now so how can I go about this?

Regards

[banther]

P.S. I don't own property

[MelanieGiles]

Hi banther

One of the key things I look for in a client, who is looking to put forward an IVA, is an element of certainty. In your case, where you have relatively low debts, there is little certainty about your financial future at present.

Salaries in Canada do tend to be lower than in the UK, and I would not recommend you entering into any form of agreement over here whilst you have not future job. A Debt Management Programme will probably be more flexible for you, and can adapt to changes within your budget better than an IVA.

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

[aguise]

Sorry abnther my post was meant for bulletproof being dipsy aagain.

Ang

[aguise]

Cant spell now either.

Ang