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My son has a dept problem and does not know whether an IVA or a Bankrupcy is best. I understand that he cannot not live with me at a reduced rent . Having to live in a rented flat means he will not have enough money left over. What a strange system we have.Is this true?
He brings home £1250 p.m. and his out goings almost = that. If he lived at home and i charged him £400 p.m. all in he would have £300-400 to pay into an IVA .
Whats the answer if there is one.
thanks
David or (Bank of Dave)

Hi sve and welcome to the forum

Your son ought to be able to pay the rent that you have agreed to charge him whilst in an IVA. If he feels that an IVA is an appropriate solution for him, I suggest that he contacts an insolvency practitioner directly to see whether an IVA is a viable option. Has he also considered bankruptcy proceedings?

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