Some important Q

[amir]

Hello
My Q,s are:
1-If I apply for Iva the creditors will be send bailiff to my home?
2-I separated with my wife (we didn’t married in UK) and this about 2-3 years ago, applying for IVA will be effect to her?
3-for £45000 debt (shame) [:I] My expense in a month include the rent is £700 and the company I am working there they deduct tax and they pay me cheque or cash sometimes daily sometimes weekly and sometimes monthly( a month around £1200 my Q is for prove my income creditors I will be in trouble?because dosnt show in bank statement but can be confirm by company and payslip and HMRC.
4-Usually what they need for prove my income?
5-If I leave this job and move to working as a minicab driver (for make more money) what they need to show them my income because will be self employed. I heard self employed will be rejecting in IVA.
6-In IVA process are they check where I spend the money (I lost some of money in casino and I spend some in some business which I lost all).
7- After clear the debt I am able to back to normal to get mortgage.. Etc.
8-I have one property (share) in other country (not European) and I have this one from my father but for some reason I am not able to get any money until next 2 – 3 years. Should I tell IVA or creditors?
If I don’t tell them and next years I receive money for this property should I pay all money for debt even more than agreement for 5 years period?
Example: with £45000 if they agree for pay back £15000 and the money come for my property more than this they will take all or just I should clear £15000.
If I receive this money after 5 years they will back to me for money?

Thank you, look forward to receive reply
Regards
Amir

[jpj]

Hi Amir,welcome to the forum.

1.If you apply (and get) an IVA you are protected from the bailiffs (half the point of going into an IVA)

2.Your IVA shouldnt affect your wife, often husband and wives do seperate IVAs. if you own a house together it can affect only your share of the equity.
3.As long as you have payslips im sure you will be ok.

5. I am self employed and have an IVA.

6.No they wont check where you spent the money,but if you do have a gambling problem that could affect paying your IVA as regards to you paying it each month.

7. it depends what you mean by a normal mortgage. Your iVA stays on your credit file for 6 years,after that time you can get more competative quotes gradually,but there are several good mortgage brokers on this site that offer competative quotes even during an IVA! you can change jobs,but you will need to prove that you will still be able to pay your IVA.

8.You have to declare all your worldwide assets!, But if your share abroad is worth more than your £45,000 debt(and depending if you have any equity here in the uk) then you are not technically insolvent.
In your IVA you will have to pay over ALL the value you receive from the property up to the £45,000 plus statutory interest.
They may put an equity release clause in for year 4 just in case you havent sold the property by then.
You could always go on a DMP (debt management programme) for 2 years then use the funds from the property sale abroad to offer a settlement of say 50% to all your creditors.
Or do an IVA,sell the property in 2 years time and use the money to offer a "full and final settlement" on your iVA.

Hope the above helps. Im sure some of the experts will be along soon to give you even more help if you need it!

Good luck with your IVA

[MelanieGiles]

These are complex issues to discuss on the forum, and this poster is better served by seeking direct contact with an insolvency practitioner before proceeding further.

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