www.iva.co.uk

Hello, i have a couple of questions,
i owe 84800. pounds to 6 creditors.
I was dismissed from my very successful job after 2 years on the sick. After 5yrs i am no better and maintaining this level of debt is not helping, as my income is greatly reduced. I do not owe my house as that had to be sold. I am thinking of an IVA - but i would like to move aboard in the next year or so, would this cause a problem? if i still have a british bank account and still agree to pay my monthly amount?
Also can they chase me for assests i have aboard?
And also, 22000 of my debt is with my bank, would there be any benefit to clearing this, would that help me with my bank, or would it not make any difference?
thanks

Hi and welcome
You can continue to contribute to an IVA if you move abroad.
I do not quite understand your last statement regarding clearing 22k of debt from your bank.You must be careful not to prefer one creditor over another if you are then contemplating entering into an insolvency agreement.
As you have no assets then it may pay you to contemplate bankruptcy as this would draw a line under your debts before you move abroad.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Hi kerryj

There are a number of factors to consider in order to decide whether an IVA would be the right solution for you. Are you currently working with a regular income? You state that you do not own your house but refer to assets abroad - do you have any assets at all?

In assessing your ability to do an IVA or any alternative an IP would look at your total assets less total liabilities and also your income and expenditure to see if you have any surplus to contribute to your creditors.

If you have no assets and no surplus income it may be that bankruptcy would be the best option for you (considering the size of your debt and that you may be unable to commit to a 5 year IVA) - have you considered this? A good place to start looking into bankruptcy is the government website www.insolvency.gov.uk which has information guides on this subject.

I think it would help you to speak to someone about this and they will go through all the details for you and provide specific advice to suit your individual circumstances.

Hope this helps

Jane Finch
Insolvency Practitioner


AccumaGroup - A large insolvency practitioner service based in Manchester.
www.accumagroup.com

There is no problem with entering into an IVA and then moving abroad - I have a few clients who are no longer living in the UK who adequately maintain their payments and correspond with me via e-mail - but as the other posters have said you must consider all options available to you before deciding upon one route.

What assets are you likely to have abroad, which you fear might be chased?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi Kerry,

Have you spoken to any debt solution companies regarding your current situation? I would advise that you contact at least 2 or 3 companies before making a final decision.

From the information you have provided, it would seem the bankruptcy may be the best option for you. This would resolve your debts at lot faster than an IVA would. Especially as you mentioned you have a reduced income, what is your disposable income (income minus living expenses)?

You mentioned clearing your £22,000 debt to your bank, With what funds would you do this?

Best Regards. IVA Experts

Yes you could enter into a workable IVA if you are planning to work abroad. However, it is important not to rule out the other debt solutions available to you.

Also you mentioned assets abroad?!! These would need to be divulged to your creditors if you have any.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Ok, what would be my best solution,
i owe,
approx: 18000 to my bank (8000 loan 10000 on credit cards)
egg card 11000 egg loan 16000(27000), mbna x 2 cards 11000 on each (22000)capital one 9000, john lewis 7300, barclaycard 3000.
I don't own anything in the uk.
I have a frozen private pension, and an endowment worth approx 15000.
I own with my husband a property in europe.
My bank knows that i have a property aboard, as money is trf there every month to pay the mortgage and bills, normally from our joint account.
I thought i owed 22000 to my bank but its 18000, the reason i thought about paying off my bank, is because they are the only ones who know about my property aboard.
help!!

How much is the property in Europe worth, and how much is the outstanding mortgage - I assume that you are a 50% owner? A Trustee in bankruptcy will pursue assets abroad as they would form part of the bankruptcy estate were you to follow that route.

Also what is your income and expenditure position - do you have any surplus money which could be offered to creditors on an ongoing basis.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Melanie,
if i could arrange an IVA would they chase the property abroad?

You would have to declare the asset in your statement of affairs, and make some form of offer towards the equity. The supervisor of an IVA has no power to pursue assets, but will rely upon you making a very truthful declaration of your financial position.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

i'm pretty sure this property was bought in my husband name as he was working and i wasn't, i'm going to check though.
does an iva take into account his assets as well as mine?