Question reference assets

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nomoredosh

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Post by nomoredosh » Sun Jun 22, 2008 7:54 pm
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Hi everyone, we are just about to enter into an IVA and we are at the stage where we are waiting for a proposal to be sent out to us. Reading through the literature about IVA's today it states that we have to declare all assets. We have a few shares with Standard Life and my husband has a motorbike worth around £500. Do we declare these as assets and what is the chance of them making us sell them. If we do have to then thats life, but just wondering?
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TheMatrix

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Post by TheMatrix » Sun Jun 22, 2008 8:00 pm
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You will most likely have to sell your shares, I had to sell my endowment policy when I took out my IVA and make all the proceeds from the sale available to creditors at the start.

The bike should be ok though. Still put them all down as assets, your IP will then advise further.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
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luluj

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Post by luluj » Sun Jun 22, 2008 8:31 pm
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Shares will definately have to be sold - not the ideal climate to do so at present, but essential! The motorbike should be ok to retain -nobody visits to check your assets!

Remain focused and all will be ok !
Sharing from experiences of dealing with debt

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nomoredosh

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Post by nomoredosh » Sun Jun 22, 2008 8:33 pm
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Oh well,just as I suspected. Good news about the bike though, not really worth much just more sentimental!
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Soulgrowth

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Post by Soulgrowth » Sun Jun 22, 2008 9:13 pm
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I had a few Barclay shares ... ironic really as they were one of my main creditors ... they were included in my IVA. Is the bike your main form of transport, if so this should be excluded.

Debbie
Debbie
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MelanieGiles

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Post by MelanieGiles » Sun Jun 22, 2008 11:05 pm
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All assets will have to be declared on the statement of affairs which is presented as part of your IVA proceedings.
Regards, Melanie Giles, Insolvency Practitioner
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