Hi W.H. and welcome to the forum. I am so sorry about your company. Unfortunately these are difficult times for everyone. You should speak to your IP imeediately. It will be possible for him to return to your creditors and ask them to agree to an extended payment break to give you time to find a new...

Hello Worriedjack As the others say you can have a bank account and debit card. Can I ask why you are winding up your company? - is that insolvent too?. There is no reason why you cannot be the director of a limited company while you are in an IVA. If the company is to continue its bank account will...

Hi Daddy Long First of all congratulations on your new job. I am sure that your IP will have no problems with you moving and working abroad - his main concern will be that you make the payments as agreed and that you maintain contact with him. I am not an expert on offshore accounts but would sugges...

Hi Susey The clause actually means that if you can earn 10% on top of your normal salary (as stated in your original income and expenditure) in overtime, bonuses commission etc. Anything over and above that you will need to pay half of it in. For example if your basic salary as stated in your propos...

Hi and welcome to the forum

Is your UK address your place of residence (i.e. rented or owned by you) or have you lived in the UK in the last three years? If so then you could well qualify for an IVA.

Hi. I believe that the correct place for you to lodge your complaint is with the Financial Omubsdman at the FSA. If you have not during the period you have been in an IVA, but have continued to tell them that you are, received a copy of their complaints policy, I would be tempted to bypass Barclays ...

Hi and welcome to the forum. Am I correct in my assumption that your house is currently on the market and you have found a buyer who is offering less than the mortgage with First Choice? If you have a buyer for the property, then as long as the selling price is reasonable, they should be pursuaded t...

Jan and Lulu are perfectly right. Unless your circumstances have changed and you can no longer afford the payments to your IVA you will have to stick it out to the bitter end. But not long to go now. If you do not maintain the payments then it is likely that your IVA will fail and you will probably ...

You should all receive a a copy of your annual report. It is a matter of best practice as well as a requirement of the law.

Hi Kallis. Thank you for that.

Have been really busy since Christmas.

Will try and keep posting on the form though when I get time. I do feel it helps people to know that they have somewhere to look for free unbiased advice.

Hi Justin.

You are also responsible for the tax due on your profits in the tax year 08/09.

The creditors have very set view on what they will or will not accept as the Insolvency Practitioner's fees for acting as Nominee and Supervisor of an IVA. You can rest assured that whichever IP you choose to have act for you, your creditors will get much more that your IP gets in fees.

Hi I really think it depends on your proposals. Some have a provision in them that a percentage of any overtime needs to be paid into the arrangement others do not. Though now all proposals that are drafted in line with the IVA Protocol do stipulate that 50% of any additional income (over and above ...

Hi and welcome to the Forum In answer to your questions The TV would not be considered a luxury. Yes your bank account is frozen but only on a temporary basis whilst the Official Receiver checks the balance. He is basically looking to see if there is a substantial sum of money in the account - he wi...

So sorry UpToMyNeck. That is rotten news. I am sure Melanie will be able to help you find a solution. Depending on what your partner does for a living, and your joint circumstances, it may be possible to amend the proposals to state what has happened and provide for the payments to your IVA to start...