70% of my debt is with my employer (big bank). Very worried

[Floyd.k]

70% of my debt is with my employer (big bank) HR have said IVA ok. Does anyone have any experience of this? Very worried

[Adam Davies]

Hi and welcome

If HR have said it will be ok then that is a big step in the right direction, I would however look to get conformation by email or letter
Speak with an experienced Insolvency Practitioner about your case as your employer [creditor] will have the option to reject any IVA proposal as they hold more than 25% of your debt

Regards

[nelly74]

Yes and it was ok but only 5% of debt was with employer. Have strict reviews every 3 months but nothing to hide anymore so all ok. I do not have access to client funds in my role though. Good luck.

[Shining]

Hi and welcome, good luck with your IVA and hoping your employer stays to their word. As Andy says get it in writing even and e-mail is a good reassurance.

[Michael Peoples]

This is not uncommon and most banks are supportive. Speaking to HR was the correct thing to do.