Please advise what will be the best solution

[paul.j]

Hello
I am £32.ooo in dept. I would like to go for IVA but tere is few things on my mind I would like to get advise on.
Firstly I have change my employment recently, I am looking for another job but at the moment just working for agency.
In October I am having operation on my hand which will make me out off work for few weeks and as I understud from all the conditions while applying for IVA that will make it difficult.
I have best frend in long term emplyment who offered that if posible and they reduce my dept with IVA he quarante to pay my monthly reduced dept payments in case I am off work again but I am not sure if that is possible solution.
I do not now for how long I have to be emplyed in one company before I can apply for IVA( I have been in regular employment for many years before)
I am also living with dad and is my biggest concern that this will not affect him and his property.
I was concidering bancruptcy but I am scared that will my thad and his property or his pention.
Also I do not want him to cope with the Baliff visits as his older person and might not cope with this kind of stress well.
Please advise what will be the best solution in my case.
Many thanks in advance.
Kind regards

Paul

[lily]

Hi and welcome

With so much being uncertain right now I am not sure that an IVA is the answer for you.

I know bankruptcy sounds scary and it is still daunting but there are one or two misconceptions about the process.

If you are not named on the mortgage then you have no fears about your Dad losing his house. Baliffs do not enter your home and take goods like freezers, washing machines or computers. Only assets worth thousands of pounds are taken. (ie cars over 3.5K or huge plasma TV's and antique furniture etc)and only then if they are in your name. I am assuming that the debts are in your name, not your fathers, therefore you are the only one liable for the debts and only your assets can be considered. Your fathers pension will not be considered.

The only other altervative is a Debt management programme but since your income is uncertain for the future this may not be feasible either.

Please post back with your thoughts if we can help you any further. I know its a stressful time and difficult to see a solution but there will be one, I promise.

lily

[Skippy]

Hi Paul and welcome to the forum. I agree with Lily that from what you have said an IVA may not be the best way forward for you due to your work situation. As she says bankruptcy isn't as scary as people think and will mean that you no longer have the worry of your debts.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi Paul
It,s hard to advise with limited info but would not write off your chances of an IVA just yet.If your friend can guarantee payments then it may help your case.
You need to work out your disposible income and seek advice from several companies before deciding the route to take.
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

[kpw]

Hi
An IVA in your present circumstances would be unwise. With the best will in the world relying on a friend maintaining IVA payments long term would not be advisable.A DMP will enable you to take control of your debt situation, by making arrangements with your creditors until such time as yor situation is more certain and then consider an IVA.
Best of luck

[veekay]

hi paul, I would just like to say that nearly 2 years ago I owed £30k ish and my only solution was bankruptcy. I must admit when I first looked into it I was petrified but I thought anything was worth more than sleepless nights so thats what I did.

If you do decide to go ahead and declare yourself bankrupt, please do not worry, there are so many people who can offer you advice and trust me, its worth any hassle you may get when at the end you are debt free. Most people I know had no problems so I am sure you won't either, whatever you decide.

[paul.j]

Thank you all for your advice.Is really kind of you to take the time and trouble to reply.
At the moment I think I will continue with the DMP and as soon as I find a permament job than I will go for an IVA.
Please does anyone know how long I will have to be in a permament job to apply for an IVA, do I need to wait to the end of probation period? or as soon I will get any regular payments.
Once more many thanks for oyur advice.

[MelanieGiles]

You can apply for an IVA as soon as you get a permanent job, but most IP's would like to see three months history of earnings to be on the safe side.

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

[Adam Davies]

Hi
Mel,I,m sure that I read that you can apply for an IVA even if you are not working if a third party has agreed to fund it for you ?
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

[paul.j]

Thank you once more.
I am going to concider an IVA and ask any company who might do it with the third party to guarantee if not I will wait untill my situation is more clear.
I have just one more question which I have mentioned at the beggining.
It is my biggest concern not to worry my dad as he is older person and I do not want to trouble him as it is my problem .I live with him for a while and my fear is that if I apply for IVA people will be comming and knockig to the door to check If I have something valuable.
Is there any way that he will not know what is happenin or it is must to have someone comming to the house to have a look.
I cannot afford to move at the moment with the payments I have to pay .
Please advise how the proccess looks like and if I have to tell him what to get ready for.
Many thanks, I really appreciate your help and advise

[Adam Davies]

Hi
No one will come to the house and your father will not know.The only thing that you will need is a letter confirming the rent that you pay.
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

[MelanieGiles]

If it's a lump sum, Andy, then that is fine. But most reputable insolvency practitioners would be very wary of putting a case forward where the commitment to pay is with a third party. Too risky, and no recourse if the third party refuses to pay.

Paul - no-one will need to come to your house unless you want them to. Most IPs will conduct telephone interviews these days, so long as you are not self-employed.

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

[Adam Davies]

Hi
No,I,ve read posts on here that have stated that it,s fine if a third party[family member]pays the monthly amount for you.
I,ll see if i can find them.
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