www.iva.co.uk

Hello,

I am one of 4 people being chased for repayment of a debt totalling just under £29,000 (we are all being chased for the full value of the debt - as it was a business overdraft/loan).

I have checked the figures through the IVA wizard and was surprised to find that since there is only 1 creditor, I do not qualify to attempt entry into an IVA, but if there were 3 creditors, I would?

Rather than going down the bankruptcy route, I would prefer to pay something back - is the wizard really correct in this instance?

Hi alexh and welcome to the forum

To propose an IVA you need to have at least two creditors with three lines of credit, so I am sorry but you do not qualify if you only have one debt. Have you tried to negotiate ongoing payment terms with the bank?

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

Hi alex.h and welcome,

An IVA is not suitable for you if you only have one creditor but you can still try to negotiate a debt managment plan with your creditor.

Regards,
Michelle P.

If you have 1 creditor then you will need to come to an arrangement with them to pay the money back as it would be unlikely that they would accept an IVA.

Best Regards
Oliver

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

Welcome to the Forum Alex,

Unforunately the wizard is correct, an IVA would not be suitable for you as you only have one creditor. However you can still look into a Debt Management Plan to pay off your debt.

Best Regards,
IVA Experts
http://www.iva-experts.co.uk/