I am abroad and unable to pay IVA. What should I do ?

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Mintaim

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Post by Mintaim » Sat Jul 04, 2015 9:24 pm
hi
started iva in june 2013 total debt 30k settle in 11p per pound monthly payment 100 pounds. first year is ok no problems then i have to move abroad due to some family peoblems i got a payment break for 6 months as i have no income. i lost my job have no property .still unable to pay iva payment duo to no income.i am still abroad what should i do please advise.
 
 

Foggy

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Post by Foggy » Sat Jul 04, 2015 9:28 pm
Contact your IP and explain the situation and see what they advise. They might agree to ask the creditors to agree to a longer break.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Adam Davies

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Post by Adam Davies » Sun Jul 05, 2015 6:23 am
Hi

Do you have a family member who could offer a lump sum ? You may find that 5k would be accepted by your creditors
Your creditors may not agree to extend your payment break again and your IVA could fail

Regards
Andam Davies
 
 

Michael Peoples

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Post by Michael Peoples » Mon Jul 06, 2015 9:29 am
I would think that the IVA will fail unless as Andy says you can make a settlement offer. When you do eventually return yuou could propose a new IVA but creditors would want a full explanation about the previous failure.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

Lisa Thomas

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Post by Lisa Thomas » Mon Jul 06, 2015 10:00 am
Your IP could propose full and final on basis of payments made to date or extend a bit more to give you time to find new job etc, but unless this happens or you can come up with a settlement per Andy's suggestion your IVA will likely fail and I'm afraid you will be back too square one. In those circumstances Bankruptcy might be the best option for you.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk
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